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New mortgage loans: Which homes can qualify to buy, renovate or expand - Infobae
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Nuevos créditos hipotecarios: cuáles son las viviendas que pueden calificar para comprar, refaccionar o ampliar
Las líneas de crédito UVA recientemente lanzadas posibilitan adquirir, refaccionar o ampliar viviendas bajo condiciones flexibles, adaptándose a las necesidades actuales de habitabilidad
www.infobae.com
April 25, 2024
The recently launched UVA credit lines make it possible to acquire, renovate or expand homes under flexible conditions, adapting to current habitability needs.
By José Luis Cieri
Mortgage loans emerge as a key alternative to the impossibility of accessing one's own home that affects many citizens, aggravated by the increase in rental costs and the loss of purchasing power.
The launch of the new mortgage credit lines by Banco Hipotecario and Banco Ciudad , which could be joined by other public and private banks in the short term, marks a turning point for those interested in acquiring, building or improving their home.
To qualify for these credits, properties must meet a series of essential requirements that guarantee the viability of the process.
These include the owner's willingness to sell under the credit conditions, the absence of legal impediments on the property, such as observed titles, unfinished succession processes or previous mortgages, and the presentation of the required documentation, which includes the last title of property, the co-ownership regulations for apartments or PH and the measurement plan.
The characteristics of the property do not limit eligibility for credit, opening a wide range of possibilities for applicants. They include used homes, brand new and in the well stage (under construction).
“However, the financing is established up to a limit that will be for units whose price does not exceed the sum of $312,500,000, since the line finances up to $250,000,000, which must represent 80% of the value of the property. In dollars, it would be about USD 250,000 maximum that the line will finance to those who can justify being able to pay the fee and have the remaining 20% (plus expenses),” Javo González , from Rizoma, explained to Infobae.
Currently there are almost 20,000 two-room apartments for sale, of which 60% are worth less than USD 250,000, which apply for the new credits
In this sense, the other limit is set by the necessary relationship between the fee and the income of those seeking access.
“The ratio must be 25%; To give exactly the same example that the Banco Hipotecario page provides, for every $1,000,000 financed, the person must demonstrate and have an income of $31,280 and the fee would be $7,820,” González explained.
For example, if a person or family requests USD 40,000, which is the minimum proposed by the line, the fees today would be $202,400, so those who can demonstrate income of around 809,600 pesos will be able to access it.
It is important to clarify that there are lines not only for acquisition but also for construction with the same financing limits, and also for completion and expansion, with slightly smaller amounts, of financing of up to 125 million pesos.
The proposals are ideal for those looking to add a bedroom, remodel the kitchen, make structural changes such as knocking down walls to join spaces, or build from scratch on their own land.
Ideal properties
The Mortgage Holder's first line of credit is aimed at the construction or purchase of a first or second home. Those interested will be able to access up to $250 million, with financing of up to 80% of the value of the property. During the first year, the UVA rate will be 4.25% for clients who receive their salaries in said entity, rising to 8.5% in subsequent years. The maximum repayment period is 30 years, and applicants must have 20% of the value of the property to be acquired.For example, in the Mortgage, these credits will be available from May 15, offering options for both the acquisition and the expansion and renovation of properties.
“To access the credit, people must have been in a dependency, self-employed or monotributist relationship for 1 year, and up to 25% of the cohabiting couple's net income is taken,” explained Diego Gatto , from Banco Hipotecario.
For departments to qualify, they must not have writing problems or inhibitions.
And in the City, credit proposals will begin to be offered starting next Monday, April 29. It is proposed to finance up to $250,000,000 over 20 years, with UVA + rate of 5.5%, below the usual 8.25%. Up to 75% of the value of the property will be financed. The fee-income ratio should not exceed 25% of the individual or family income, available for any type of housing.
Opinions
Sebastián Dbsie , from SD Propiedades, highlighted: “The credit is also used to buy a first or second home, either for habitation or as a real estate investment. In the case of investment, VAT must be added to the interest on the loan.”Despite credit's flexibility in application, many properties for sale are currently not “creditworthy” due to ownership status issues or because the owner does not wish to sell with mortgage financing.
Who can access
The credits will be granted to workers in a dependency relationship, the self-employed, monotributistas and also retirees. The age range that applicants must have is from 18 years to 65 years, and the credit must be canceled before the age of 75.The income quota ratio is up to 25% of the net income of the applicant(s), always subject to a credit evaluation.
Credit or rent is appropriate
Deciding between paying a 30 or 20-year mortgage loan or a rental depends on the buyer's financial capacity. For example, for a property of USD 50,000, an initial USD 10,000 would need to be disbursed.Dbsie pointed out: “Although the payment of a mortgage loan could be somewhat higher than a rent, acquiring your own property justifies the effort. Although 30 years sounds like a long time, these conditions make it easier to acquire your own home, something that for many would be impossible if you saved during that period. “It is a way to invest and own property at a reasonable cost.”
Panorama
Access to your own home has become impossible for thousands of Argentines in recent years and loans represent an opportunity.“The sharp increase in rents also does not leave room for savings for a home in a context of strong loss of purchasing power,” said Vanesa Ibarra , of Salguero Propiedades.
According to Zonaprop, the average price of a 40 m2 studio apartment is USD 97,248, a two-room apartment of 50 m² is USD 116,539, and a three-room apartment of 70 m² is USD 160,480.
“With around 69,000 apartments and nearly 8,000 PH for sale in CABA, the possibility of becoming an owner is essential. Although the loan installments are slightly higher than rent, this means acquiring your own home,” Ibarra concluded.
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