BuySellBA
Administrator
Short terms and specific purposes - La Nación
Source:
www.lanacion.com.ar
September 26, 2023
Melisa Reinhold
In Argentina, mortgage loans are almost extinct. Despite being one of the most popular lines in other countries around the world, most local banks decided to remove them from their portfolio, as a result of high inflation and the lack of predictability on the horizon. Instead, they replaced them with other lines of personal financing, with shorter terms, smaller amounts and very specific purposes: there are loans to move to downtown Buenos Aires, for the purchase of sustainable appliances and even to create a credit history. In each case, the fine print is hidden. Fundamental information to know when going into debt with the bank. While loans at a subsidized rate by the Government restrict Argentines from purchasing dollars for savings, in private banks you can find loans with a real financial cost of up to 862% per year. In a survey carried out by LA NACION, in which the most important banks in Argentina were consulted, all the personal loans offered in the country were gathered. A market in which demand is in free fall, hand in hand with the rise in interest rates to historic levels and the lack of predictability that families have when it comes to borrowing.
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RETIREES. Anses credits allow a maximum amount of $400,000
Holders of the Universal Pension for the Elderly. Another line of personal credits from Anses is aimed at holders of the Universal Pension for the Elderly and the Non-Contributory Pension for Old Age. In this case, a minimum amount of $5,000 and a maximum of $150,000 may be requested, with an annual nominal interest rate of 29%. The total financial cost is 36.04% if a term of 24 installments was requested, 37.03% for 36 months and 37.55% for 48 months. The beneficiary must be less than 92 years old at the time the loan ends, reside in the country and the fee cannot exceed 20% of monthly income. Those who request the loan will be excluded from purchasing dollars for savings.
CREDITS
The Government also offers credits at a subsidized rate for those people who receive the Non-Contributory Pension for Mothers of Seven Children. $150,000 can be borrowed, with a nominal annual rate of 29% per year. The total financial cost is 30.61% for 24-month loans, 31.44% for 36 months and 31.88% for 48 months. In all cases, inflation greatly exceeds the cost of credit, although it excludes the applicant from purchasing dollars.
Pensioners of the Reparatory Regime for Political Prisoners
In March of last year, Anses incorporated the holders of the Reparatory Regime for Political Expresses to the credit line at a subsidized rate. The maximum amount to request is $150,000, with a nominal annual rate of 29%. The total financial cost rises to 36.04% if the loan is for 24 months, 37.03% for 36 months and 37.55% for 48 months. The requirements are to live in Argentina and be less than 92 years old at the time the loan ends. The beneficiaries are excluded from the purchase of savings dollars.
War veterans
Those who have an Honorary Pension for War Veterans can request a credit from Anses for a maximum of $400,000 as long as the applicant resides in the country, is under 92 years of age at the time of finalizing the loan payments and their income has a monthly ratio of 30% to the installment. The annual nominal rate is 29%. Meanwhile, the total financial cost varies depending on the term: in 24 months it is 36.04% annually, in 36 months it is 37.07% and in 48 installments, 37.55%. They will also not be able to buy dollars for savings.
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HOME. Home renovation is included in some of the loan options
Meanwhile, at Banco Ciudad they have the Ciudad Vivienda line available, for up to $10 million, for acquisition, renovation, improvement and expansion of a single permanent and non-permanent home. The term is 20 years and with a combined rate: the first 12 months it remains at a nominal rate of 115.5% (CFT of 187.28%) and then adjusts for Badlar+1050 points. The second is UVA Salary Plan, for $30 million (US$82,080) and for 20 years. The fee adjusts for inflation, plus a financial cost of 7.79% annually and 6.73% if the house is located in downtown Buenos Aires. Finally, at Banco Nación the loan line is intended only for the expansion, renovation or completion of the sole or permanent home. The amount is smaller, $8 million (about US$22,000), which is disbursed in two parts: the first cannot exceed 50% of the construction budget and the second will be made based on the progress of construction.
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BUENOS AIRES CENTER. Credits for those who rent in the area are up to $290,000
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CARS AND MOTORCYCLES. The collateral line, marked by the increase in interest rates
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OPTIONS FOR CONSUMPTION. The bank lends the value that the user pays in fixed installments with the debit card.
The Mortgage Bank also offers this line, with a financial cost that reaches 543.10% and a term of up to 12 installments. At Banco Galicia, you can finance consumption of up to $200,000 made in the last 30 days, payable in 3 or 6 installments with a CFT of 686.73%.
Melisa Reinhold
www.buysellba.com
Source:
Plazos cortos y fines específicos. Con los créditos hipotecarios en extinción, cuáles son los préstamos que existen y qué esconde la letra chica
Plazos cortos y fines específicos. Con los créditos hipotecarios en extinción, cuáles son los préstamos que existen y qué esconde la letra chica
www.lanacion.com.ar
September 26, 2023
With mortgage loans in extinction, which loans exist and which the fine print hides
Melisa Reinhold
In Argentina, mortgage loans are almost extinct. Despite being one of the most popular lines in other countries around the world, most local banks decided to remove them from their portfolio, as a result of high inflation and the lack of predictability on the horizon. Instead, they replaced them with other lines of personal financing, with shorter terms, smaller amounts and very specific purposes: there are loans to move to downtown Buenos Aires, for the purchase of sustainable appliances and even to create a credit history. In each case, the fine print is hidden. Fundamental information to know when going into debt with the bank. While loans at a subsidized rate by the Government restrict Argentines from purchasing dollars for savings, in private banks you can find loans with a real financial cost of up to 862% per year. In a survey carried out by LA NACION, in which the most important banks in Argentina were consulted, all the personal loans offered in the country were gathered. A market in which demand is in free fall, hand in hand with the rise in interest rates to historic levels and the lack of predictability that families have when it comes to borrowing.
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Workers in dependency relationship
With the objective of “motorizing consumption” and giving families “the possibility of getting rid of debt” with credit cards, the Anses credit came into effect for workers in a dependency relationship who earn less than $700,875 gross. Up to $400,000 can be requested, with a subsidized rate of 50% nominal annual rate, to be returned within a period of two, three or four years. Unlike other loans, the money is deposited on the credit card. In this way, the Government ensures that the money is used to pay off debts and that the money is not withdrawn in cash to make a fixed term or buy dollars. The beneficiaries are excluded from both the purchase of savings dollars and MEP, until they finish paying the fees. A specific case, as Anses sources detailed to LA NACION: if a worker asks for $400,000, to be paid in 48 installments, he will have three months of grace. The first installment will include loan insurance, paying a total of $23,550. The remaining 47 installments will be equal, for $19,550. As requirements, the Government asks that you be of legal age and not reach retirement age at the time of canceling the loan, not exceed situation two of the Central Bank's Debtors Center and not be a casual, discontinuous, seasonal or house worker. individuals.CREDITS FOR
Old people
Retirees and pensioners. Last July, Anses announced that it would increase the maximum amount available of its line of subsidized credits for retirees and pensioners of the Argentine Integrated Pension System (SIPA). Currently, beneficiaries can obtain a loan between $5000 and $400,0000. The nominal rate is 29% annually, very far from the 178% inflation that economists project for this year, according to private estimates. By adding expenses and insurance, the total financial cost (that is, what will actually have to be paid) is 36.04% if the loan was taken out within a period of 24 months, 37.03% if it was 36 months and 37.55% in 48 months. The three requirements are: reside in the country, be less than 92 years old at the time of finalizing the loan payments and that the payment does not exceed 30% of monthly income. Credit holders will not be able to buy dollars or any other type of foreign currency.
RETIREES. Anses credits allow a maximum amount of $400,000
Holders of the Universal Pension for the Elderly. Another line of personal credits from Anses is aimed at holders of the Universal Pension for the Elderly and the Non-Contributory Pension for Old Age. In this case, a minimum amount of $5,000 and a maximum of $150,000 may be requested, with an annual nominal interest rate of 29%. The total financial cost is 36.04% if a term of 24 installments was requested, 37.03% for 36 months and 37.55% for 48 months. The beneficiary must be less than 92 years old at the time the loan ends, reside in the country and the fee cannot exceed 20% of monthly income. Those who request the loan will be excluded from purchasing dollars for savings.
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Specials
For mothers of seven childrenThe Government also offers credits at a subsidized rate for those people who receive the Non-Contributory Pension for Mothers of Seven Children. $150,000 can be borrowed, with a nominal annual rate of 29% per year. The total financial cost is 30.61% for 24-month loans, 31.44% for 36 months and 31.88% for 48 months. In all cases, inflation greatly exceeds the cost of credit, although it excludes the applicant from purchasing dollars.
Pensioners of the Reparatory Regime for Political Prisoners
In March of last year, Anses incorporated the holders of the Reparatory Regime for Political Expresses to the credit line at a subsidized rate. The maximum amount to request is $150,000, with a nominal annual rate of 29%. The total financial cost rises to 36.04% if the loan is for 24 months, 37.03% for 36 months and 37.55% for 48 months. The requirements are to live in Argentina and be less than 92 years old at the time the loan ends. The beneficiaries are excluded from the purchase of savings dollars.
War veterans
Those who have an Honorary Pension for War Veterans can request a credit from Anses for a maximum of $400,000 as long as the applicant resides in the country, is under 92 years of age at the time of finalizing the loan payments and their income has a monthly ratio of 30% to the installment. The annual nominal rate is 29%. Meanwhile, the total financial cost varies depending on the term: in 24 months it is 36.04% annually, in 36 months it is 37.07% and in 48 installments, 37.55%. They will also not be able to buy dollars for savings.
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Disability
Another line of personal credits from Anses is intended for people who collect a Non-Contributory Disability Pension. The maximum loan amount was set at $150,000, with a nominal annual rate of 29%. For charges and insurance, the financial cost is 32.17% if the term is 24 months, 33.05% for 36 months and 33.51% for 48 months.CREDITS FOR
Living place
After the failure of UVA credits, today these credits are almost non-existent. “The macroeconomic situation does not favor access to new financing and restricts the supply of private banks,” said Guillermo Barbero, partner at First Capital Group. Some entities, however, offer options. Banco Provincia is one of them. It lends up to US$250,000 at the official exchange rate ($365.50), which today would be equivalent to $91 million. The money can be used for the purchase, renovation, expansion, construction or completion of homes and the applicant has a period of 20 years to return it. Today, the financial cost is 136.17% annually. However, to access that amount, you must face an initial fee of $6,749,106 (fee plus interest). There is a similar credit for the purchase of land, premises and garages, but the financial cost amounts to 161.44%. At Banco Hipotecario, UVA credits are still valid (adjusted for inflation, plus a financial cost of between 14.6% and 17.01% annually). Up to $20 million are offered for the acquisition or construction of a house (US$54,720 to the official) and $10 million for expansion and completion (US$27,360). The money is delivered in pesos, but by resolution of the Central Bank, beneficiaries can access the official dollar without taxes, at $365.50. The term is 30 years.
HOME. Home renovation is included in some of the loan options
Meanwhile, at Banco Ciudad they have the Ciudad Vivienda line available, for up to $10 million, for acquisition, renovation, improvement and expansion of a single permanent and non-permanent home. The term is 20 years and with a combined rate: the first 12 months it remains at a nominal rate of 115.5% (CFT of 187.28%) and then adjusts for Badlar+1050 points. The second is UVA Salary Plan, for $30 million (US$82,080) and for 20 years. The fee adjusts for inflation, plus a financial cost of 7.79% annually and 6.73% if the house is located in downtown Buenos Aires. Finally, at Banco Nación the loan line is intended only for the expansion, renovation or completion of the sole or permanent home. The amount is smaller, $8 million (about US$22,000), which is disbursed in two parts: the first cannot exceed 50% of the construction budget and the second will be made based on the progress of construction.
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Move to downtown
At Banco Ciudad, there is a loan line for those tenants looking to live in the central area of the city of Buenos Aires. The money, for up to $290,000, must be used to cover the initial expenses of the move and others related to the permanent property contract. The rate is 95% nominal annual and the financing cost, with VAT, is 199.93%.
BUENOS AIRES CENTER. Credits for those who rent in the area are up to $290,000
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Pledges
When purchasing a zero-kilometer motorcycle or car, Argentines can study some options in case they cannot pay the money in full. At Banco Provincia, they offer a credit for up to 100% of the value of the motorcycles enrolled in the program, with a limit of $5 million for those who collect their assets at the bank (otherwise, it is reduced to $1 million). The term is 24 months, with a nominal rate of 105% and a financial cost of 173.62%, similar to the inflation projected for 2023. On the other hand, Banco Santander offers a loan of up to $14.1 million for the acquisition of motorcycles and cars with zero kilometers or up to two years old. The amount drops to $9.2 million for those vehicles three to five years old.
CARS AND MOTORCYCLES. The collateral line, marked by the increase in interest rates
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Natural disasters
For those people who have been affected by natural phenomena, Banco Provincia de Buenos Aires has a special line for up to $300,000. The purpose is for clients to repair material damage suffered as a result of natural phenomena in properties, both residential and commercial. The beneficiary has a period of 48 months to return the money, with a one-year grace period and a nominal rate of 92% per year. The financial cost is 142.65%.CREDITS FOR
Sustainable purchases
With the aim of promoting sustainable purchases, some financial entities decided to implement a special line of credit focused on the environment. For example, BBVA lends up to $22 million for the acquisition of sustainable goods and services, related to renewable energy (solar panels), sustainable mobility (bicycles and skateboards), energy efficiency, health and education, among others. The client can choose to pay within a period of between six and 60 months, with a total financial cost of 390% per year. A similar line exists at Banco Provincia, designed for the purchase of green line appliances, where 100% of the invoice is financed for up to $5 million. The term is 24 months, with a nominal rate of 90% and a real cost of 138.18% per year. “The financing is for technologies that promote rational and efficient use of energy, as well as the generation and use of energy from renewable sources,” they explained.CREDITS FOR
Private home workers
To encourage banking access among private home workers, both Banco Nación and Provincia Banco offer a special line. In the Nation, the money can have free use and cancel pre-existing debt - whether bank or not - to be paid within a period of 36 months. The maximum amount to be requested may be $200,000 for those who work more than 16 hours a week, and $100,000 for those who work between 12 and 16 hours. The annual financial cost varies between 278.21% and 332.63%, depending on whether the fees are collected from the financial institution or if it is an external client. At Banco Provincia, the maximum amount to request is $150,000, to be paid in 36 months. The interest rate is subsidized by 60% annually, which determines a financial cost of 79.59%, well below projected inflation.CREDITS
Salary advance
One of the most popular loans in private banking is salary advances since the amounts are low and, therefore, the risks are lower. At BBVA the limit to request is 50% of the salary, for up to $500,000, with a nominal rate of 153%. The financial cost, which includes capital, interest, VAT and amortization system, is 455.98% annually. At Banco Galicia, if the client needs money and has a few days left to collect, they can request an advance with a period of 45 days to return it. Of course, it has a nominal rate of 206% and a financial cost that amounts to 862.90%, well above inflation. Similar is what Banco Macro offers, where the maximum credit amount is $500,000, with a nominal rate of 123% and a financial cost of 306.74%.CREDITS
Traditional Personals
The credit that all banks have in their portfolio is traditional personal. However, financing costs, terms and amounts can vary abruptly from one financial institution to another. In each case, at BBVA you can request up to $6 million online and $22 million in person, with terms of between six and 60 months. The financial cost is between 526.74% (24 months) to 416.12% (60 months). At Banco Galicia, they lend up to $9.6 million for free consumption. Repayment periods range from six to 72 months, depending on the customer profile (both income and user behavior matter) and the annual financial cost is 632.41% with VAT. In Macro, the amount to be granted is between $5 million (online) and $10 million (in-person), with a maximum term of 60 months and a financial cost of 383.87%. Santander offers loans of up to $2 million that can be at a fixed rate (with a financial cost of 451.95% annually) or adjusted for inflation (the value of the purchasing unit plus a financial cost of 11.44% annually). “Argentina's inflationary processes over time show that it is possible for inflation to reach high levels. Keep in mind that the value of the installment will increase at the same rate as inflation and that your salary or income may not increase in the same proportion,” they warn on the website, if you opt for the UVA credit. At Banco Provincia they lend up to $5 million, for a period of up to 72 months. The interest rate varies depending on the client. Retirees can obtain a nominal rate of 114% (financial cost of 199.87%), public employees 120% (CFT of 213.84%) and private sector workers 128% (CFT of 237.44%). At HSBC, loans range from $3 million to $16 million, depending on the type of client, with financial costs that reach 342.86% annually. While, At Banco Supervielle the limit is $3,380,000, with a maximum term of 36 months and a financial cost of 341.35% per year. At Banco Hipotecario the credit limit is $4.2 million to be paid in 60 installments. The nominal rate is 148.2% and the financial cost is 522.7%. Finally, at ICBC they have a traditional loan line for up to $7 million online and $25 million over the counter, with terms of 12 to 96 months. Nominal rates vary between 151% and 168%, with a total financial cost of between 447.77% and 553.97%, respectively. At ICBC they have a traditional loan line for up to $7 million online and $25 million over the counter, with terms of 12 to 96 months. Nominal rates vary between 151% and 168%, with a total financial cost of between 447.77% and 553.97%, respectively. At ICBC they have a traditional loan line for up to $7 million online and $25 million over the counter, with terms of 12 to 96 months. Nominal rates vary between 151% and 168%, with a total financial cost of between 447.77% and 553.97%, respectively.CREDITS
Credit history
In order to create a first link with the financial system, at Banco Provincia there is a loan of up to $5.9 million for entrepreneurs who do not have any type of credit history at the Central Bank (BCRA), that is, they have never They could have had some financial product, such as another bank loan or a credit card. The money must be used for working capital and must be returned within a period of up to 36 months, with a nominal rate of 85% and a financial cost of 132.74%.CREDITS FOR
Professionals or merchants
Beyond business loans, there are also some lines intended for the self-employed and monotributistas. At Banco Provincia, they offer up to $5 million to professionals or independent merchants to use for personal expenses. The repayment period is 72 months, with a financial cost that varies from 127.33% (in the case of clients, who are not informed in the BCRA debtor center) to 213.84%. In Galicia they have in their portfolio a “flexible loan” of up to $9.6 million for monotributistas and self-employed workers. The first installment can be paid 90 days after receiving the money, with a total financial cost of 632.41% per year.CREDITS FOR
Students
At Banco Ciudad, they created a line for students. which covers both students in their last year of high school, as well as those who are in vocational training and job training courses, a tertiary, university or postgraduate degree. In all cases, the applicant must be over 18 years old. If you meet the requirements, you can access up to $5 million, with nominal rates of 69% and a financial cost of 124.23%.CREDITS
Consumption with debit
The payment is designed to make payments with the debit card, but pay the amount in fixed installments. A logic similar to credit cards. “You select the purchase you made and that you want to quote, and the bank immediately returns the amount to your account. Then, you can pay it in up to three installments, at a fixed rate. It is, finally, a personal loan for qualified clients,” they explained in Supervielle. In this entity, the total financial cost is 331.99%.
OPTIONS FOR CONSUMPTION. The bank lends the value that the user pays in fixed installments with the debit card.
The Mortgage Bank also offers this line, with a financial cost that reaches 543.10% and a term of up to 12 installments. At Banco Galicia, you can finance consumption of up to $200,000 made in the last 30 days, payable in 3 or 6 installments with a CFT of 686.73%.
Melisa Reinhold
www.buysellba.com
