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New mortgage loans: Guide for young people - Infobae
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Nuevos créditos hipotecarios: guía para jóvenes que aspiran a comprar su primera vivienda
Recomendaciones y aspectos a considerar antes de concretar la operación, con especial atención a los menores de 30 años. Qué tipos de inmuebles suelen ser los preferidos
www.infobae.com
June 01, 2024
New mortgage loans: Guide for young people who aspire to buy their first home
Recommendations and aspects to consider before carrying out the operation, with special attention to those under 30 years of age. What types of properties are usually preferred
By José Luis Cieri
A young couple tours a property before deciding to purchase (Illustrative Image Infobae)
Buying your first home is a major milestone in anyone's life, and for young people it can be an exciting and complex challenge. With the reintroduction of mortgage loans, there are new opportunities, but also issues to consider before taking this big step.
Currently, inquiries increase daily and more than 250,000 families or people have already registered in different banking entities since the end of April. A source from Banco Macro confirmed that, as of this week, they had already received 18,500 inquiries, most of them from young people interested in accessing financing of up to 90% of the value of the home.
From the real estate market they argue that, depending on the budget and what must be requested from the bank, there are different preferences and aspects to take into account.
Juan Manuel Vázquez Blanco , economist and general manager of Fabián Achával Propiedades, told Infobae that young people generally look for 2-room apartments in the city of Buenos Aires. “Since the pandemic, demand has grown for shared common work spaces, as well as balconies and/or terraces, to facilitate home office .”
Neighborhoods such as Colegiales, Chacarita, Villa Crespo and Almagro, outside the traditional ones, have now become some of the most chosen options for this age group.
“They are mainly looking for apartments of up to USD 70,000, which adjust to their payment capacity,” said Oscar Puebla , architect and Real Estate expert.
Advantages and disadvantages of UVA credits
Using a UVA mortgage loan has its pros and cons. The main advantage is the high percentage of financing that these loans offer.
In addition, young buyers, particularly those under 30 years of age, can benefit from the stamp duty exemption for single residences and permanent occupancy, the exempt amount of which has been updated to $24,889,350; “However, it is important to mention that UVA mortgage loans are linked to inflation, which can generate uncertainty around the installments and the income necessary to cover them,” said Vázquez Blanco.
Ideal home
For credit purchases, it is essential to consider current and future financial capacity.Vázquez Blanco exemplified: “If a young couple has USD 30,000 in hand, they can access apartments for around $80,000. There are 1,066 2-bedroom units available in Almagro, Barrio Norte, Palermo, Belgrano, Chacarita, Colegiales and Villa Crespo for less than that value.”
The image illustrates a couple fixing up an empty apartment, recently acquired on the real estate market. Specialists maintain that they usually choose units with two rooms (Illustrative image Infobae)
In this scenario, they will need USD 28,800 to enter and will take out a credit for USD 60,000 covering the additional amount and the expenses of the operation (approximately USD 10,000). Dues will start at $557,175 and could reach $774,000 in December, with necessary income starting at $2,191,400 in June and reaching $3,065,000 in December to not affect the 25% dues-to-income ratio. This exercise is based on an accumulated inflation of 45% until December and a rate of 5.5 percent.
Puebla stated: “The first thing is that they do not waste time, since the properties have not yet increased their value so much after a very pronounced fall that stopped at the end of 2023. Since the fee is adjusted with inflation and the outlook is favorable , the moment is now".
Tips
From the sector they argue that the main advice is to look for alternatives outside the traditional neighborhoods, especially properties with 1 to 3 rooms.Vázquez Blanco stressed the importance of considering the economic and personal scenario before making a decision. “It depends on whether you prefer a scenario with uncertainty regarding the fee and income due to high inflation, but with low prices, or wait for inflation to slow down to have greater predictability about the fee, but possibly pay higher prices for the products.” real estate in the future.”
Legal
The acquisition of a home with a UVA mortgage loan involves various legal considerations that young people under 30 years of age must take into account.Apart from the economic and financial analysis, it is essential that future debtors know the legal regulations that protect their rights. “The Civil and Commercial Code of the Nation, Law 24,240 on Consumer Protection and an extensive Communication A from the Central Bank protect users of financial services,” said Mariano Esper , a lawyer specialized in real estate and business issues.
It is necessary to have done things well before, to sign with peace of mind (Freepik)
It is important that these rules are followed to avoid future conflicts.
Esper expanded: “These are mandatory throughout the country and protect housing loan takers. It is common to find cases of entities that do not comply with these regulations, so it is crucial that interested parties know about them to demand compliance."
A relevant legal aspect is the regulation of the total or partial prepayment of the credit taken. “The contract cannot prohibit this possibility, and according to the Central Bank Communication, the total prepayment of the credit does not authorize the bank to charge commissions if at least 25% of the original term of the financing or 180 days has elapsed since its granting,” he added.
Furthermore, the bank cannot unilaterally modify the conditions agreed upon in the loan, except for those aspects expressly provided for in the contract. Under no circumstances can the bank charge commissions or costs for services not actually provided.
To avoid future legal problems, it is essential to request a complete copy of the contract before signing it. Esper concluded: “By article 38 of Law 24,240 on Consumer Protection, anyone can ask the bank for a complete copy of the proposed contract to read it carefully and get advice on any questions.”
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