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Mortgage loans from Banco Nación: Adorni gave key information that anticipates that properties could increase - Infobae
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Créditos hipotecarios del Banco Nación: Adorni dio un dato clave que anticipa que las propiedades podrían aumentar
El Banco Nación fue uno de los primeros en anunciar créditos hipotecarios y el único que ofrece un tope anti inflación
www.lanacion.com.ar
June 06, 2024
Banco Nación was one of the first to announce mortgage loans and the only one that offers an anti-inflation cap
By Candela Contreras
Manuel Adorni, spokesperson for the Presidency of Argentina, spoke about the mortgage loans granted by 15 banks in the country
The return of UVAs mortgage loans to Argentina continues to revolutionize the real estate market with the help of 15 banks . In this case, the program of the most important banking entity in the country, Banco Nación , since it came into effect on May 20, “ has already received more than 16,200 applications ,” as announced this morning by the presidential spokesperson, Manuel Adorni.
The spokesperson stated that the entity's loan line, “+Hogares con BNA”, “projects to deliver 40 thousand credits in total.” The objective is clear: to facilitate access to housing for those who dream of having their own home .
After five years without mortgage loans in Argentina , the announced loans excite the real estate sector since, by increasing the demand for properties because a greater number of people will be able to access their own roof, an increase in housing prices will be generated . mainly in areas where available options are scarce .
“We are going to cooperate with the governors to leverage all the credits of all the financial entities in Argentina,” announced Daniel Tillard, the president of the entity. Applications are available on the entity's website for those who wish to apply for the loan, for which US$4 billion will be allocated . In turn, the president of the bank announced that “privileging will be given to jurisdictions with tax treatment that does not make mortgage loans and instruments more expensive.”
Competition between banks is becoming increasingly stronger and means that none of them want to be left out of a market that promises to be reactivated with these measures. The key fact about the line announced by the Nation is that, unlike the rest of the entities, it has a key benefit for clients who collect their salaries at the bank: “Families that request the loan will be able to contract an option that has a “cap against inflation ,” said Tillard.
The return of UVAs mortgage loans to Argentina revolutionized the real estate market
The initiative arises because they are loans that are updated based on the evolution of inflation , an issue that generates fear of demand due to the possibility that the installments will skyrocket. However, specialists clarify that it is not only important to look at this variable but also at the ups and downs that people's real salaries go through , which, ultimately , is what will determine whether a person can face the commitment . “ The key is for the salary to grow more than inflation ,” explains Federico González Rouco, an economist specialized in housing, and recognizes that today salaries - which since December have collapsed by 25% compared to inflation - in the country are at a historical floor, which is why if the economy grows they should rebuild themselves .
“ Mortgage credit is the true expression of social justice, without it only 5% of the inhabitants who have their own home are able to acquire a property, while the remaining 95% do so by inheritance and not because they managed to buy it,” Tillard stated.
How the “anti-inflation” cap works on the installments payable
The difference that this entity offers in relation to the other banks that announced their loans, is that clients who receive their salaries through Banco Nación (employees in a dependency relationship, retirees and pensioners), when they request loans for single housing and permanent occupation, they may contract an option that will allow them to put a cap on the fee : “The cap results from applying an adjustment to the loan through the salary variation coefficient and, only if that adjustment is less than the fee adjusted by UVA , the limit will occur,” explains the president of the BNA.
The difference in the amounts will be transferred to the end of the loan updated by UVA , and once the payment schedule is finalized, the resulting balance will be rescheduled. This can be paid with a personal loan or with a mortgage extension. Tillard announced that this option will have a premium of 1.5% per year. But, "only after 180 days of disbursing the loan, applicants will be able to choose this option," he concluded, thus giving debtors time to decide if they want to take that alternative or not.
González Rouco exemplifies this option: a person requests a 30-year UVA mortgage loan with an annual rate of 4.5% . For its part, the bank calculates two installments in parallel with the same initial value : one adjusted by UVA and another by the average salary (CVS). The fee that the user pays adjusts monthly according to UVA and contracts the “insurance” offered by the entity , so they pay a sort of “surcharge” of 1.5% and can choose month to month - if the UVA fee is higher to the CVS fee-, what fee does it pay. If you choose to pay the CVS fee, the unpaid balance is accumulated at the end of the loan and is paid off with a personal loan or a mortgage extension.
Therefore, the credit goes from having a rate of 4.5% to 6% annually. “This means, in a 30-year loan, almost 20% extra payment. In other words, to define whether it is worth it or not, we must take into account that it comes with a high cost,” concludes Rouco.
Banco Nación's mortgage loans have an "anti-inflation" cap
Requirements and conditions to access the mortgage loan from Banco Nación
- The maximum amount is $105,000 UVAs (about US$90,000 -at the MEP value- or approximately $90,000,000.
- The financing is up to 75% of the sale value of the home to be purchased, which must not exceed a total of 140,000 UVAs (about US$120,000 -at the MEP value-).
- Payment method in UVAs.
- The rate is 4.5% for the bank's clients.
- The ratio of the fee to the applicant's income must not exceed 25%.
- The term to request the loan is 5, 10, 15, 25 and up to 30 years.
- The credit is intended for the purchase, exchange, construction, renovation and expansion of homes throughout the country as well as for the acquisition of a second home.
- The maximum age to request it is not to exceed 85 years at the time of finishing the payment schedule
- Income from the cohabiting family group or from non-cohabiting co-debtors can be added.
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