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Mortgage loans: now if your salary is not enough to qualify, you can still buy - La Nacion Propiedades
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www.lanacion.com.ar
August 20, 2024
Through competition, banks improve qualification conditions and lend more money
Banco Ciudad launched a new mortgage loan aimed at young people: it allows adding income from guarantors, with a maximum of up to six people Archive
There are now 21 banks offering their mortgage credit lines , something that until a few months ago seemed unthinkable for the real estate market. In this context, competition between entities takes center stage and banks are looking for ways to differentiate themselves and attract more clients to grant their loans.
Both Banco Ciudad and Banco Nación increased the maximum amount to be granted to $350 million, previously it was $250 million, in their mortgage credit lines . The director of Banco Nación, Alejandro Henke, in the framework of the Real Estate expo held last week, said that "properties have increased their prices in recent months, so we realized that in the time period that a person requested the loan, presented the documentation, the property was appraised and the loan was granted, the sale value had increased. That is why we decided to increase the maximum amount to $350 million."
For its part, Banco Ciudad launched a new line of loans with a new mobility aimed primarily at young people: it allows adding income from guarantors, with a maximum of up to six people .
This initiative aims to allocate loans to those who do not have income or who do not have enough to access the required mortgage loan . In this way, they can gather up to a maximum of two holders per loan and each one can present up to two guarantors , where at least the latter must be active in order to be able to compute the income for the loanable amount. The applicant can provide income if he has it, together with the guarantor ; then the monthly payment of the installment is by debit from the account of the holder and the deed is made in the name of the applicant(s).
For the new generations, the dream of owning a home has not only become an increasingly unattainable goal . In a scenario where salaries are losing month after month against inflation and in the face of a real estate market that is slowly trying to replenish the supply of credits lost in recent years. “Today, 40% of Argentines between 25 and 34 years old still live with their parents,” explains Federico González Rouco, author of the book, El sueño de la casa propia . “From the first announcement of a mortgage loan, a huge expectation was aroused within the market and among those interested in being able to access a home,” agrees José Rozados, director of Reporte Inmobiliario.
Mortgage loans: 21 banks now have linesJJ-stockstudio - Shutterstock
Regarding the fine print of the entity's initiative, credit holders and guarantors may commit up to a maximum of 25% of their income to cover the installment . This benefit, which involves the incorporation of the guarantor figure, allows access to mortgage financing for those who , for example, are studying or have just begun their work activity and want to be owners of their first home, by being able to add income with other people. Also, another example may be that of a couple that adds income from both, plus two guarantor incomes each , gathering up to six incomes for the credit rating. This possibility, in addition to increasing access to mortgage credit, also allows improving the credit rating to obtain higher amounts .
Since the launch of its line of credit on April 29, Banco Ciudad has granted more than 50 loans and another 100 loans are about to be signed . In addition, some 400 families with approved loans are looking for property. To date, more than 27,000 inquiries have been received .
One thing to keep in mind in these lines is that 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 Salary Variation Coefficient (CVS) since its disbursement. In these cases, the original term of the loan may be extended by up to 25% .
Who can be a guarantor? The guarantor can be any person over 18 years of age with demonstrable income , and must meet the same requirements as the applicant: if they have income from employment, they must prove it to the bank; self-employed workers, registered responsible persons and micro-entrepreneurs can also apply. The maximum age that the loan holder can be at the end date of the loan is 70 years , and in the case of the guarantor it is 80 years .
The maximum amount of the mortgage loan is $350 million FreePik
In particular, the Young Line , intended for the purchase of a first home, is aimed at people under 30 years of age who have their salary in the bank and have their parents as guarantors. This program finances up to 90% of the value of the home and allows the income of the parents to be added, who act as guarantors or subsidiaries, although the home remains in the name of the child.
www.buysellba.com
Source:
Créditos hipotecarios: ahora si no te alcanza el sueldo para calificar podés comprar igual
Por la competencia, los bancos mejoran las condiciones para calificar y prestan más dinero
www.lanacion.com.ar
August 20, 2024
Through competition, banks improve qualification conditions and lend more money
Banco Ciudad launched a new mortgage loan aimed at young people: it allows adding income from guarantors, with a maximum of up to six people Archive
There are now 21 banks offering their mortgage credit lines , something that until a few months ago seemed unthinkable for the real estate market. In this context, competition between entities takes center stage and banks are looking for ways to differentiate themselves and attract more clients to grant their loans.
Both Banco Ciudad and Banco Nación increased the maximum amount to be granted to $350 million, previously it was $250 million, in their mortgage credit lines . The director of Banco Nación, Alejandro Henke, in the framework of the Real Estate expo held last week, said that "properties have increased their prices in recent months, so we realized that in the time period that a person requested the loan, presented the documentation, the property was appraised and the loan was granted, the sale value had increased. That is why we decided to increase the maximum amount to $350 million."
For its part, Banco Ciudad launched a new line of loans with a new mobility aimed primarily at young people: it allows adding income from guarantors, with a maximum of up to six people .
This initiative aims to allocate loans to those who do not have income or who do not have enough to access the required mortgage loan . In this way, they can gather up to a maximum of two holders per loan and each one can present up to two guarantors , where at least the latter must be active in order to be able to compute the income for the loanable amount. The applicant can provide income if he has it, together with the guarantor ; then the monthly payment of the installment is by debit from the account of the holder and the deed is made in the name of the applicant(s).
For the new generations, the dream of owning a home has not only become an increasingly unattainable goal . In a scenario where salaries are losing month after month against inflation and in the face of a real estate market that is slowly trying to replenish the supply of credits lost in recent years. “Today, 40% of Argentines between 25 and 34 years old still live with their parents,” explains Federico González Rouco, author of the book, El sueño de la casa propia . “From the first announcement of a mortgage loan, a huge expectation was aroused within the market and among those interested in being able to access a home,” agrees José Rozados, director of Reporte Inmobiliario.
Mortgage loans: 21 banks now have linesJJ-stockstudio - Shutterstock
Regarding the fine print of the entity's initiative, credit holders and guarantors may commit up to a maximum of 25% of their income to cover the installment . This benefit, which involves the incorporation of the guarantor figure, allows access to mortgage financing for those who , for example, are studying or have just begun their work activity and want to be owners of their first home, by being able to add income with other people. Also, another example may be that of a couple that adds income from both, plus two guarantor incomes each , gathering up to six incomes for the credit rating. This possibility, in addition to increasing access to mortgage credit, also allows improving the credit rating to obtain higher amounts .
Since the launch of its line of credit on April 29, Banco Ciudad has granted more than 50 loans and another 100 loans are about to be signed . In addition, some 400 families with approved loans are looking for property. To date, more than 27,000 inquiries have been received .
One thing to keep in mind in these lines is that 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 Salary Variation Coefficient (CVS) since its disbursement. In these cases, the original term of the loan may be extended by up to 25% .
Who can be a guarantor? The guarantor can be any person over 18 years of age with demonstrable income , and must meet the same requirements as the applicant: if they have income from employment, they must prove it to the bank; self-employed workers, registered responsible persons and micro-entrepreneurs can also apply. The maximum age that the loan holder can be at the end date of the loan is 70 years , and in the case of the guarantor it is 80 years .
Requirements and conditions to access the new mortgage loans from Banco Ciudad
To buy a house in AMBA, Córdoba, Mendoza, Tucumán or Salta- Those who already receive or migrate their salary accreditation to Banco Ciudad can access it
- The credit is to buy, refurbish, improve or expand a first or second permanent or non-permanent home in all areas of influence of Banco Ciudad ( AMBA, provinces of Córdoba, Mendoza, Tucumán and Salta )
- The maximum loan amount is $350 million (up to 75% of the sales value of the unit to be acquired, and for the modality in which the applicant presents a guarantor, the maximum financing amount is up to 65%)
- The general line has an interest rate of 5.5% and a specific line for the microcenter, which has a preferential fixed rate of 3.5%
- The capital is adjustable by UVA
- Terms are up to 20 years
- The fee must not exceed 25% of the applicant's and/or his/her family group's income.
- The credit can be pre-cancelled in advance
The maximum amount of the mortgage loan is $350 million FreePik
Another bank that offers affordable lines for the youngest
Banco Macro was the first to have a line specifically aimed at young people . Fernando Gómez Sánchez, representative of the entity, in the framework of the mortgage loan seminar, stressed that the company wants “all people throughout the country to be able to access housing.” In this sense, the bank offers various lines of credit , including options for the first and second home.In particular, the Young Line , intended for the purchase of a first home, is aimed at people under 30 years of age who have their salary in the bank and have their parents as guarantors. This program finances up to 90% of the value of the home and allows the income of the parents to be added, who act as guarantors or subsidiaries, although the home remains in the name of the child.
Other requirements and conditions
- The line of credit has no maximum amount
- It has a term that can reach up to 20 years
- The loan must be used for a first or second home
- Capital is adjusted by UVA
- A nominal annual fixed rate of 5.5% is offered to those clients who credit their salary to the Bank. Those who do not receive their salary from the entity will be charged 7%.
- For clients with a salary plan , the credit installment cannot exceed 30% of their income . For those who do not credit their salary to the bank, the installment cannot exceed 25% of their salary.
www.buysellba.com
