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Mortgage loans: what happens if I take out a loan with my partner and separate in the middle of paying the installments? - Infobae
Source:
www.lanacion.com.ar
June 07, 2024
If the couple who requested the mortgage loan decides to separate, there are several possible scenarios; who should be responsible for the payments?
Candela Contreras
Mortgage credit: pooling salaries between, for example, a couple is beneficial for access to credit, but what happens if they separate while paying the installments?Shutterstock
One of the most significant decisions and the most difficult purchases that a person makes in their financial life is the acquisition of a property , something almost impossible for the Argentine middle class in the current economic context. But today, with the announcements of the return of the UVA mortgage loan , the dream of owning your own home is once again hopeful .
Argentina has not had credit to buy a house for five years, which is why the launch of the new UVAs loans on the market stirred up the hornet's nest: the Mortgage Office started on April 23 , and, less than a month later, there are already 16 entities who added their proposals: Hipotecario, Supervielle, Macro, Santander, Ciudad, Galicia, Nación, BBVA, Crediccop, Del Sol, ICBC, Brubank, Patagonia, Bancor (Córdoba), Banco de Corrientes and Banco Provincia del Neuquén. The objective is clear: to facilitate access to housing for those who dream of having their own home and for the entities to take advantage of this opportunity to retain customers.
“From the first announcement of mortgage loans, enormous expectations were aroused within the market and among those interested in being able to access a home,” said José Rozados, director of Real Estate Report, within the framework of the seminar held by the College. of Notaries of the city of Buenos Aires . “Credit generates a market in areas where there is none today. While the qualification to request the new lines of loans are acceptable in terms of income and installment values,” he adds. This last point is more relevant because the more income a client has, the greater the credit they can request , so pooling salaries between, for example, a couple is beneficial.
What you need to know if you take out a mortgage loan with your partner and then separateShutterstock - Shutterstock
“ Mortgage credit as a housing policy is fundamental and elementary , but also as a development and social inclusion policy. Therefore, such a product needs long-term financing,” Rozados highlighted. This, in turn, is one of the main problems that can arise, because being long-term, family conflicts exist in all families and, many times, they can become the reason for losing the dream of owning their own home. .
Some questions that may arise at that moment are: can I lose the house that we are paying for with a mortgage loan ? or Who has to take care of the fees if I take it out with my partner and then separate ?, among others.
But what happens if the person who wants to keep the property does not qualify credit to be able to take care of the continuity of the credit ? In this case he will have to sell the property and simultaneously pay off the debt.
There are already 16 banks that announced their mortgage credit lines
The amounts are usually up to $250 million, although there are cases without a limit such as: the Galicia line, BBVA, Macro, Supervielle and Santander. Furthermore, in general they finance between 75% and 80% of the value of the property, although there is only one entity that lends 100%: the Bank of Córdoba (Bancor), with a limit of $90,000,000. Macro finances 75% of properties up to $350,000,000, 60% of those over $350,000,000 and 90% if the person taking the loan is under 30 years old with parents who guarantee the loan and acquires their first home. In the case of the Nación, it is clarified that it is up to 75%, as long as the value of the property does not exceed 120 million pesos.
Financing terms range between five and 30 years and annual rates vary between 3.5% and 9.5%. On a month-to-month basis, the fees are adjusted for inflation and the amounts will depend on each entity, but the key is that the fee committed by the policyholder (or policyholders) represents between 20% and 30% of the income. monthly . There is a case in which this percentage can be extended to 35% if the person is a client of the entity (Banco de Neuquén). In all lines, the interested party can add the family income . Therefore, a couple can unify their income and apply for the loan together, and therefore, ask for more money .
www.buysellba.com
Source:
Créditos hipotecarios: ¿qué pasa si saco un préstamo con mi pareja y me separo en medio del pago de las cuotas?
Si la pareja que solicitó el crédito hipotecario decide separarse, existen varios escenarios posibles ;¿quién debe hacerse cargo de las cuotas?
www.lanacion.com.ar
June 07, 2024
If the couple who requested the mortgage loan decides to separate, there are several possible scenarios; who should be responsible for the payments?
Candela Contreras
Mortgage credit: pooling salaries between, for example, a couple is beneficial for access to credit, but what happens if they separate while paying the installments?Shutterstock
One of the most significant decisions and the most difficult purchases that a person makes in their financial life is the acquisition of a property , something almost impossible for the Argentine middle class in the current economic context. But today, with the announcements of the return of the UVA mortgage loan , the dream of owning your own home is once again hopeful .
Argentina has not had credit to buy a house for five years, which is why the launch of the new UVAs loans on the market stirred up the hornet's nest: the Mortgage Office started on April 23 , and, less than a month later, there are already 16 entities who added their proposals: Hipotecario, Supervielle, Macro, Santander, Ciudad, Galicia, Nación, BBVA, Crediccop, Del Sol, ICBC, Brubank, Patagonia, Bancor (Córdoba), Banco de Corrientes and Banco Provincia del Neuquén. The objective is clear: to facilitate access to housing for those who dream of having their own home and for the entities to take advantage of this opportunity to retain customers.
“From the first announcement of mortgage loans, enormous expectations were aroused within the market and among those interested in being able to access a home,” said José Rozados, director of Real Estate Report, within the framework of the seminar held by the College. of Notaries of the city of Buenos Aires . “Credit generates a market in areas where there is none today. While the qualification to request the new lines of loans are acceptable in terms of income and installment values,” he adds. This last point is more relevant because the more income a client has, the greater the credit they can request , so pooling salaries between, for example, a couple is beneficial.
What you need to know if you take out a mortgage loan with your partner and then separateShutterstock - Shutterstock
“ Mortgage credit as a housing policy is fundamental and elementary , but also as a development and social inclusion policy. Therefore, such a product needs long-term financing,” Rozados highlighted. This, in turn, is one of the main problems that can arise, because being long-term, family conflicts exist in all families and, many times, they can become the reason for losing the dream of owning their own home. .
Some questions that may arise at that moment are: can I lose the house that we are paying for with a mortgage loan ? or Who has to take care of the fees if I take it out with my partner and then separate ?, among others.
What happens to the mortgage loan installments if I took it out with my partner and then separate?
Market specialists clarified that if two people who requested a mortgage loan together decide to end the relationship, there may be several possible scenarios : that neither wants the property and it is sold in equal shares or that one of the parties decides to keep the property. In this last case, it is the one that the bank spokespersons emphasized: "If one of the parties wants to keep the property, they must demonstrate that they qualify creditably to be able to continue taking charge of the installments , and they are pre-qualified again," explained Delia Zanichelli, chief clerk at Banco Nación . Once this step is verified, a sale is made with acknowledgment of mortgage , a new deed is made and the person leaving is released from his obligation, so that the owner assumes 100% of the debt. That is, the person who will keep the property is responsible for the rest of the mortgage completely.But what happens if the person who wants to keep the property does not qualify credit to be able to take care of the continuity of the credit ? In this case he will have to sell the property and simultaneously pay off the debt.
What happens if the person with whom I took out the credit dies?
Now, in the event of the death of one of the parties, the scenario is different : when the credit is granted, both people are covered by life insurance linked to the mortgage. That is, if one of the two dies, the insurance settles the debt, as long as the coverage scheme appears in the policy and there are no delays in payments . One thing to keep in mind is that the remaining amount will depend on each person's income and what each person was contributing to the total payment: “If the person who dies paid 30% of the mortgage payment "The insurance will continue to recognize only that amount," explained Laura Foti Correas, commercial coordinator of branch management at Banco Ciudad.
There are already 16 banks that announced their mortgage credit lines
What are the banks that allow you to add income?
Each of the 16 banking entities that offer lines of mortgage credit has its own conditions and requirements for the application. These differ in the modalities and contracts, so it is essential to analyze the rates, amounts and deadlines in each case. In addition, not all people can request a loan from all banks , since it will depend on various factors , such as: monthly income, age at the time of requesting the loan, if it is monotributist, the term that each one offers. for payment, among others.The amounts are usually up to $250 million, although there are cases without a limit such as: the Galicia line, BBVA, Macro, Supervielle and Santander. Furthermore, in general they finance between 75% and 80% of the value of the property, although there is only one entity that lends 100%: the Bank of Córdoba (Bancor), with a limit of $90,000,000. Macro finances 75% of properties up to $350,000,000, 60% of those over $350,000,000 and 90% if the person taking the loan is under 30 years old with parents who guarantee the loan and acquires their first home. In the case of the Nación, it is clarified that it is up to 75%, as long as the value of the property does not exceed 120 million pesos.
Financing terms range between five and 30 years and annual rates vary between 3.5% and 9.5%. On a month-to-month basis, the fees are adjusted for inflation and the amounts will depend on each entity, but the key is that the fee committed by the policyholder (or policyholders) represents between 20% and 30% of the income. monthly . There is a case in which this percentage can be extended to 35% if the person is a client of the entity (Banco de Neuquén). In all lines, the interested party can add the family income . Therefore, a couple can unify their income and apply for the loan together, and therefore, ask for more money .
www.buysellba.com
