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New mortgage loans: what those interested should know about the fine print of these loans - Infobae
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Nuevos créditos hipotecarios: qué deben saber los interesados sobre la letra chica de estos préstamos
A pocos días de su lanzamiento, las propuestas generan un revuelo sin precedentes, al registrar más de 120.000 consultas en los bancos. Un claro indicador del interés y la necesidad imperante por acceder a la vivienda propia
www.infobae.com
May 08, 2024
A few days after their launch, the proposals generate an unprecedented stir, registering more than 120,000 queries in the banks. A clear indicator of the interest and prevailing need to access one's own home
By José Luis Cieri
The resurgence of mortgage loans would revolutionize the real estate sector and hundreds of Argentines could become owners of their homes (Illustrative Image Infobae)
The news about the launch of new mortgage loans aroused massive interest among potential buyers and shook the real estate market. Financial institutions such as Banco Ciudad , Banco Hipotecario , Nación , ICBC and Banco Supervielle, among others, were ready to offer various credit options for the purchase, construction and renovation of homes.
These lines of credit, aimed at individuals with the savings capacity and solvency to assume long-term payment commitments, up to 15, 20 or 30 years, were well received. The Mortgage Bank reported around 120,000 inquiries in the last 15 days and around 35,000 people expressed interest, evidencing fervent enthusiasm on the part of those interested.
Iván Kerr , who held the position of Secretary of Housing of the Nation during the administration of Mauricio Macri, shared with Infobae his perspective on the recent offer of mortgage loans, pointing out the importance of this opportunity given the scarcity of credit options in years previous. “I think people are aware of the importance of taking advantage of this opportunity and will do whatever it takes to sign up and achieve it. Generally young people can pay the fee but it is more difficult for them to have the required 20% advance payment. Parents become a fundamental help there. We must offer a prior savings mechanism so that more families can meet the advance payment.”
Currently, the market offers a wide range of properties for sale, in addition to registering a decrease in prices compared to five years ago.
For those interested in purchasing their first home, it is crucial to consider the location, analyze the cost of expenses and request a copy of the Property and Administration Regulations to avoid future inconveniences.
The image illustrates a couple fixing up an empty apartment, recently acquired on the real estate market. It reflects the process of converting a property into a home, and now with the new mortgage loans this option becomes more viable (Illustrative image Infobae)
Enrique Abatti , lawyer specializing in real estate law and president of the Chamber of Property Owners of the Argentine Republic, emphasized the importance of the advice of a real estate broker, especially for those looking to buy a second property, whether as an investment, for rent or as a residence. Rest. As with the purchase of a first home, it is essential that the property is easy to market or rent in the future, taking into account the same precautions mentioned above.”
Ideal for those who have the advance payment
The new mortgage loans designed to facilitate the purchase of a home present advantageous conditions for those who have accumulated an initial capital of 20% of the value of the property they wish to acquire, adding the need to consider an additional approximate 6% to cover the related financial costs. to the credit and real estate commissions derived from the transaction.Fernando Álvarez de Celis , executive director of the Tejido Urbano Foundation, said that “this type of financing is aimed at benefiting those who, in addition to having savings, have the ability to access complementary resources outside the traditional banking system, such as support family or friends. This system not only recognizes and rewards previous savings efforts, but also introduces a mechanism for realistic evaluation of the economic capabilities of applicants, as opposed to the limited options they faced in the market, where they opted for lower value goods. , as vehicles, emerged as an alternative to the inaccessibility of housing.”
Practicality and recommended homes
It is crucial to select properties that meet the requirements to be financed through mortgage credit, avoiding making advance payments, such as deposits or real estate commissions, until the banking entity has carried out and approved the appraisal of the property.Kerr added: “I advise banking entities to maximize the use of online and digital platforms, making it easier for applicants to upload and manage required documents, thus streamlining the entire operation.”
The choice of a home depends significantly on the individual needs and personal motivations of those looking for a new home.
It is key to listen to and understand what buyers need to offer advice aligned with market trends, ensuring the value of the investment and its future resale.
Sebastián Orlandi , from Flamma Real Estate, recommended the importance of guiding clients not only by listening to their preferences but also by offering guidance on resilient trends in the market, such as interconnection. “The proximity to nature, or the concept of a 15-minute city where everything you need is within reach. It is also key to buy in expanding areas and those with future appreciation potential, distinguishing areas that have already reached their peak value to avoid less promising investments. “That not only meet your current needs but also represent a solid long-term investment.”
For sellers and buyers
Those who can buy as owners who offer their properties for sale suitable for credit must keep several aspects in mind to be successful.Kerr highlighted the importance of the buyer paying attention to the type of currency in which the credit fee is calculated, emphasizing that it will be based on UVA and not pesos. It must be verified that the property of interest has a property title duly registered in the corresponding Registry. At the moment, well developments do not qualify as a viable option due to the lack of deeds.
“To incorporate these developments into credit purchase options, it would be necessary to enact legislation that allows future mortgages on assets or the registration of sales promises, practices already implemented in other countries,” he said.
Before starting the process of applying for a mortgage loan, it is crucial to ensure that the declared income is sufficient to meet the bank's requirements, which generally establish that the installment should not exceed 25% to 30% of said income.
Abatti stressed the importance of considering the additional costs involved in purchasing a home, such as property and debtor insurance, deed expenses, utility bills, municipal taxes such as ABL and real estate taxes. “In addition, if the property is used, the costs of possible repairs or improvements must be taken into account.”
Regarding the documentation required by banking entities, you need to present pay stubs, an AFIP income report, proof of income validated by an accountant, along with credit history and inhibition reports (Freepik).
The seller of a property has to be calm and know that his property is going to be appraised by a bank.
“You can sell with a ticket and then write later when the mortgage is granted. It will take some time until the banks become agile with the issue again. We come from years of zero access to credit and it will take time to automate processes again,” Kerr said.
It is estimated that the seller of the property must take into account that the banking procedures to grant the credit and the subsequent deed and collection generally take no less than 40 days.
Abatti clarified: "And during that time your unit will be out of the offer, therefore, if with the money you receive you plan to buy another property, you must accommodate the times between the sale and the purchase."
It is important to prepare the necessary documentation before selling a property, highlighting that it is essential to have the deed of purchase and sale of the property and any other document relevant to the department.
Orlandi highlighted the value of having the plans for it, and in the case of a PH, it is crucial to have the co-ownership regulations. “On the other hand, although as a buyer you do not need to prepare as much documentation, it is essential to decide in whose name the purchase will be made.”
Case
As an example, to buy an apartment for about USD 100,000 at Banco Hipotecario, of which USD 20,000 must come from the interested party's savings and the bank will provide the remaining USD 80,000, you must have a salary of $2,500,000 to qualify and An initial payment of $625,600 per month must be paid.Favorable impact
This is a first initiative, but to revolutionize the real estate market, the participation of more agents in the financial sector, both banking and non-banking, is required.
Those from the Mortgage Bank allow you to expand how to renovate your home. This drives the construction sector (Illustrative image Infobae)
Abatti maintains that this dynamic also significantly boosts the construction industry, a key pillar of the country's domestic economy. "For expansion or renovation, this sector activates the participation of more than 50 unions, directly or indirectly benefiting a wide spectrum of the population and the State, which sees its collection increased from the current high taxes."
A future reduction and simplification of these taxes is necessary to alleviate the burden borne by society.”
“In addition, if the economy stabilizes, many more Argentines can opt for credit. It is almost impossible for a country without mortgage credit to solve its problem of access to housing,” concluded Álvarez de Celis.
