BuySellBA
Administrator
New UVA mortgage loans: Everything property buyers and sellers need to know - Infobae
Source:
Nuevos créditos hipotecarios UVA: todo lo que tienen que saber los compradores y vendedores de propiedades
A poco del lanzamiento de las nuevas propuestas de financiación para acceder a la vivienda propia, las partes deben estar atentas a aspectos claves del mercado inmobiliario
www.infobae.com
April 26, 2024
Shortly after the launch of the new financing proposals to access home ownership, the parties must be attentive to key aspects of the real estate market
By José Luis Cieri
Applying for a mortgage loan is a common need due to the lack of own funds that allow access to one's own home (Photo: Freepik)
The announcement of new mortgage loans generated great expectations in the real estate market. Proposals such as those of Banco Ciudad will be available starting next Monday, while Banco Hipotecario will launch its lines from May 15, offering options for purchase, construction and renovation to those who have savings and the ability to repay installments. terms of up to 20 or 30 years maximum.
Banco Supervielle, as well as other private entities, will announce this initiative in the coming days.
The sector is optimistic about this opportunity, which promises to boost a growing market and which registered, according to data from the College of Notaries of the City of Buenos Aires, an increase of 18.3% in real estate operations in March, marking the best start of the year in the last six .
Alejandro Bennazar , former president of the Argentine Real Estate Chamber and president of the Institute of Real Estate Business, Innovation and Technology (Rebiti), told Infobae that “this is the injection that the market needed to expand. Hundreds of queries were registered in real estate agencies and developers from people interested in the scope of the new credit options. The market shows signs of stability and a slight increase in selling values. Those investing in property now could benefit as property values are likely to increase in the medium term.”
In recent months, the sector attracted operations mainly by individuals who have savings in dollars and seek to invest in less risky assets, such as properties.
Hugo Koifman , from Branson Real Estate, highlighted that properties, especially finished ones, are registering an increase in sales. “This is because many buyers resumed their plans motivated by lower inflation and new loans, given a better economic context,” he highlighted.
What to keep in mind: Buy side
For potential buyers and borrowers of loans , it is crucial to begin gathering all proof of income as soon as possible, both for employees in a dependency relationship and for monotributists.Applicants must have extra funds, in addition to credit, for real estate expenses (3% or 4%) and financing costs (3% to 5%) of the value of the property.
It is recommended to consult with an accounting professional to plan properly and have all the necessary documentation, considering that requirements may vary between different banks.
A couple carefully reads the conditions necessary to qualify for a mortgage loan (Illustrative image Infobae)
Buyers, faced with the emergence of a new credit tool, must carefully evaluate their ability to manage credit in the long term. It is advisable to carry out simulations based on previous experiences with UVA credits and consider both positive and negative testimonials to make informed decisions.
It is vital to analyze the sustainability of credit and the potential evolution of the market. Buyers should also be alert to the entry of more banking entities into the credit market, which could lead to competition and possibly better financing conditions. During the evaluation and purchase process, it is essential to ensure that the selected property meets all the requirements as “suitable for credit.”
Those who aspire to access a mortgage loan must be prepared to present exhaustive documentation that includes both personal data (DNI and CUIT/CUIL) and detailed employment information. Sebastian Dbsie , from SD Propiedades, advised that “the latter is essential to demonstrate the ability to pay, including justification of income, seniority at work and, depending on the case, certifications that prove the employment status whether in a dependency relationship, as self-employed, monotributistas or retirees”.
Applicants must be between 18 and 65 years old, ensuring that they pay off the loan before reaching 75 years of age. The fee should not exceed 25% of net income, which will be determined based on a credit evaluation. The orderly and timely presentation of each document will facilitate and expedite the application process.
It is key to ensure that these are suitable for credit and evaluate factors such as interest rates, terms, payment capacity and extra costs, for an informed and viable choice in the future.
What is advised to those selling the property
For their part, sellers must maintain realistic expectations regarding the sales price and consider the sustained decline in prices over the last five years and the recent stabilization.“It is important to verify if your property qualifies as suitable credit with the help of a real estate agent. This prior review can position your property with a considerable advantage in the market once the lines of credit and those to come officially begin. It is not advisable to delay the search and preparation of the necessary documentation, since any setback can result in a competitive disadvantage,” explained Javo González , from the Rizoma real estate agency.
Complete and orderly documentation offers a significant advantage in applying for credit (Photo: Getty)
With a wide range of properties on the market, it is essential to value correctly to attract first-time buyers with credit capacity.
From the seller's perspective, the current availability of mortgage loans represents an opportunity, but also requires meeting certain documentary requirements.
It is essential that the seller has completely updated property documentation, including the property title without embargoes, approved plans and, in the case of properties subject to condominium regimes, the corresponding regulations.
“These requirements are not only preparatory to the bank's evaluation, but also crucial to determining whether the property is eligible as mortgage collateral,” González concluded.
www.buysellba.com
