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Mortgage loans: How much do you have to earn to be able to apply for new loans - La Nacion Propiedades
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Créditos hipotecarios: cuánto hay que ganar para poder solicitar los nuevos préstamos
El Banco Hipotecario y el Banco Ciudad anunciaron créditos de hasta $250 millones; cuáles deben ser los ingresos de quien solicita y los montos de las cuotas a pagar
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April 28, 2024
Banco Hipotecario and Banco Ciudad announced loans of up to $250 million; What should be the income of the person applying and the amounts of the fees to be paid?
By Candela Contreras
The fee should not exceed 25% of the income of the applicant and/or their family group
The dream of accessing one's own home is once again hopeful for Argentines . After five years of the almost non-existence of mortgage credit in the country , two banks announced lines of loans for the acquisition, construction, renovation, improvement and expansion of homes , which reignite the real estate market: Banco Hipotecario and Banco Ciudad .
In addition, a private bank, Supervielle, also announced that it is adding its own line of mortgage loans and in the first days of May it will announce the conditions and requirements to request it through its website.
The Banco Ciudad credit reaches financing of up to $250 million for a term of up to 20 years , in UVAs plus an interest rate of 5.5% TNA (Annual Nominal Rate) with a rate benefit of 3.5% for those who Buy a home in the downtown area . It can be requested starting Monday, April 29.
While on the Mortgage side, it is also a line of credit in UVAs with a rate of 8.5%. For those who are clients of the bank and have assets, there is a benefit of 50% of the fee during the first year, that is, 4.25% for 12 months . It is officially launched on the market during the month of May, with a date yet to be confirmed.
For real estate market experts, it is a rebirth of the years 2016 to 2018, when the UVA credit emerged and many people started to apply for this loan.
For those who were waiting for this possibility and dream of being able to buy their home, it is important to know what monthly income they must have to access them , since, in both cases, the fee should not exceed 25% of the applicant's income and/or or your family group.
The fee should not exceed 25% of the person requesting the mortgage loan
How much do you have to earn to request the 2024 mortgage loan?
To withdraw it at the Mortgage Bank
An example of a fee for clients and non-clients of Banco Hipotecario would be like this: for every $100,000,000 over 30 years , you must have a monthly income of $3,128.00 and a fee of $782,000 will be paid , with an Annual Nominal Rate of 8.5 %. With this same monthly income, bank clients who receive their salary there will pay a fee of $505,000 with a preferential rate of 4.25% the first year. That is to say, the applicant's income does not vary in both cases, clients or non-clients. What varies is that clients will pay less in fees for the first 12 months due to the bonus they access.For his part, Federico González Rouco, an economist on the Empiria team, Hernán Lacunza's consulting firm, who recently wrote the book The Dream of Owning Your Own Home , explains that - converted to dollars - for every $50,000,000 - which would be around US $50,000 loan (not the value of the home) - the installments would be $400,000 and a blank income of $1.6 million is needed in the debtor household. In the case of a couple, the income of both can be added and request the loan together and, therefore, request more money. Thus, “ to buy something for US$125,000, you need income of approximately $3.2 million. We are talking today about four average salaries .”
In the event that it is necessary to request the maximum amount offered by the entity, which is $250 million , the monthly installments at the beginning for non-clients would be $1,955,000, while the requested monthly income must be greater than $7,820,000 .
For those who want to order at Banco Ciudad
In concrete numbers, for Banco Ciudad clients who want to request a loan of $100,000,000, with a rate of 5.5% and to pay over 20 years, they need to have income of $2,760,000 per month and also have savings that cover 25 Remaining % of the value of the property, since this financing covers 75% of the total. In this case the fee to pay per month will be $690,000. On the other hand, if the maximum amount granted by the entity is requested, which is $250 million, the value of the fee will be $1,724,000 and a minimum income of $6,896,000 will be needed.In the event that you want to acquire a property in downtown Buenos Aires, an example of calculating the monthly fee would be the following: for every $100 million requested over 20 years, the initial monthly fee is $581,490, with one income per month $2,325,960 .
Likewise, with respect to the fee-income relationship, if the person, family or group of borrowers have an income of $1,930,000, they can access, as an example, a loan of $70 million, with an initial fee of $482,000. In the case of requesting the maximum amount of $250 million , the fees would be $1,450,000 , and the income to be demonstrated must be $5,800,000 .
For those who carry out a transaction to purchase a single family home with permanent occupation in the downtown area, the interest rate is 3.5%. The other requirements regarding being a client of the bank with proof of earnings, maximum amount of $250 million (up to 75% of the sale value of the property), the terms (10, 15 and 20 years) and the percentage of salary that must not exceed the fee (25%), are those already detailed in the previous line of credit.
On the other hand, these loans have the possibility of requesting an extension of the term if the amount of the installment to be paid exceeds 10% of the value of the installment resulting from having applied to that loan a capital adjustment by the Variation Coefficient of Salaries (CVS) since its disbursement. In these cases, the original term of the loan may be extended by up to 25%.
In the downtown area the interest rate of Banco Ciudad is 3.5%
Requirements to access credits
For the Mortgage Bank option:
The amounts and requirements to buy, build, finish or expand a house that the Mortgage Bank sets as a condition to request this loan are the following:- The credit is up to $250 million in a single disbursement in the case of a home purchase. For construction the amount is the same but with an advance payment and two disbursements against progress of the work. In the case of termination or expansion, it is up to $125 million in a single disbursement.
- They finance up to 80% of the home to buy or build. Up to 50% in case of completion of work . And 100% for expansion .
- The credit must be used for the purchase, construction, completion or expansion of a first or second home.
- It has a rate of 8.5% . The first 12 installments for clients with bank credit have a rate of 4.25% , which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
- The maximum payment term is 360 months (30 years).
- The capital is adjustable by UVA .
- The monthly fee payable cannot exceed 25% of the applicant's income.
Requirements to access credit from Banco Ciudad
By the option of Banco Ciudad
This credit is for AMBA, Córdoba, Mendoza, Tucumán or Salta:- The maximum loan amount is $250 million (up to 75% of the sales value of the unit to be acquired).
- Those who already collect or migrate the accreditation of their salary to Banco Ciudad can access it .
- The credit is to buy, renovate, improve or expand a permanent or non-permanent first or second home in all areas of influence of Banco Ciudad (AMBA, provinces of Córdoba, Mendoza, Tucumán and Salta).
- The general line has an interest rate of 5.5% .
- The terms are for 10, 15 and up to 20 years.
- The fee should not exceed 25% of the income of the applicant and/or their family group.
To buy a house in the Buenos Aires downtown
For those who carry out a transaction to purchase a single family home with permanent occupancy in the downtown area, the interest rate is 3.5% . The other requirements regarding being a client of the bank with proof of earnings, maximum amount of $250 million (up to 75% of the sale value of the property), the terms (10, 15 and 20 years) and the percentage of salary that must not exceed the fee (25%), are those already detailed in the previous line of credit.It is important to indicate that the downtown area is the one located within the perimeter that includes San Juan, Entre Ríos, Callao, Sta. Fe, Leandro N. Alem, and Paseo Colón avenues, on both sidewalks. The Buenos Aires Government's plan to promote the reactivation of the downtown area includes tax benefits for developers who convert offices into homes or facilities for those who move to the downtown area as tenants. Now add this line of credit for those who want to buy a home in that area.
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