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UVA mortgage loans: They authorize the purchase of the MEP dollar at the time the deed is signed - La Nacion
Source:
www.lanacion.com.ar
June 07, 2024
The modification introduced by the CNV will allow anyone who takes out a loan in pesos to buy MEP dollars immediately for real estate operations.
By Candela Contreras
Mortgage loans: the parking of the MEP dollar for purchase and sale operations was eliminated
Mortgage loans continue to be in the news : in this case because the Government decided to eliminate parking for the purchase of the MEP dollar in real estate operations . This means that whoever takes out a UVA loan in pesos to buy a property will be able to access the dollars immediately .
This news is key because until now - due to the dollar clampdown - whoever accessed a loan had to "negotiate" to pay for the property in pesos with the seller, who had to wait at least 24 hours to access the dollars .
The MEP dollar is recognized as the “stock market dollar”, a financial modality that allows the acquisition of bonds with pesos, and then sell them in dollars. This process requires 24 hours of parking , which means that on the day of the deed, the seller of the property could not immediately access the foreign currency to make the payment simultaneously with the signing of the deed.
Those in the real estate market saw this obstacle as a problem since, through this process, no one would agree to sign a sale without the dollars in hand , which is why they anxiously awaited the change.
“ The development of mortgage credit is important for Argentines and for the capital market .” Through general resolution 1004, UVA mortgage loans are exempt from parking to make operations viable,” reported the president of the National Securities Commission (CNV), Roberto Silva.
Along the same lines, the president of the College of Notaries of the City of Buenos Aires, notary Jorge De Bártolo, considered “the resolution to be very correct” and recognized that in Argentina, a week can be equivalent to a year in exchange terms: “the Simultaneity of times in credit management is vital for the notary to save time with the study of titles and corroborate that the property to be acquired is in perfect condition. That is why we propose that the notarial role begins in that minute 0 in which the credit is requested. And a secure title is a secure credit.”
Mortgage loans: there are already 16 banks that offer their loan lines
In this way, as of June 10 , the modifications introduced for mortgage loan operations are the following:
In this sense, agents must verify compliance with the established conditions prior to managing any of the aforementioned operations , keeping the supporting documentation in the clients' respective files.
The purchase and sale of the MEP dollar can be carried out through financial intermediaries or directly from the home banking of certain banks. Once you have an account on a platform that allows the purchase of MEP dollars, you can proceed to purchase the bond which, with this modification, will be sold automatically.
Mortgage loans: starting June 10, the MEP dollar parking will be eliminated
This news comes in a week in which a new bank announced its mortgage credit line . Unlike the existing offer until now, Credicoop offers two types of modalities in the offer of loans for the acquisition of first and second homes:
1) with the UVA line with a fixed rate of 5.5% (for those who accredit their assets in the bank) and 6.5% (without accreditation). It will be valid from Monday, June 10.
2) in the traditional modality, in pesos with a variable rate and French amortization system , which is currently 36% (Badlar Private Banks rate -32%- + 4 points). It is already operational.
“Based on the particularities that arise for our users regarding the need to access their home in a context of growing increase in the cost of rentals, from Banco Credicoop and although we have reservations about the convenience of to go into debt with these instruments , we have decided to relaunch the offer of mortgage loans,” the entity communicated to LA NACION .
Both lines of credit are variable with the difference that UVA loans have a fixed rate , which depends on each bank, in the case of Credicoop it is 5.5% (for those who prove their salary) and 6.5% ( for those who do not have a salary account) and what varies, in this case, is the fee when adjusted for inflation. While in the case of opting for the traditional credit line (Badlar Private Bank Rate published by the BCRA), the rate is variable, since as mentioned before, it is adjusted depending on the data published by the BCRA and generates direct the variation in the quotas.
On the other hand, market sources told LA NACION that Banco Provincia would be about to announce a mortgage credit line with a modality similar to the traditional Creedicoop line.
www.buysellba.com
Source:
Créditos hipotecarios UVA: autorizan la compra de dólar MEP en el momento en que se firma la escritura
La modificación introducida por la CNV permitirá que quien saque un crédito en pesos pueda comprar dólares MEP en forma inmediata para las operaciones inmobiliarias
www.lanacion.com.ar
June 07, 2024
The modification introduced by the CNV will allow anyone who takes out a loan in pesos to buy MEP dollars immediately for real estate operations.
By Candela Contreras
Mortgage loans: the parking of the MEP dollar for purchase and sale operations was eliminated
Mortgage loans continue to be in the news : in this case because the Government decided to eliminate parking for the purchase of the MEP dollar in real estate operations . This means that whoever takes out a UVA loan in pesos to buy a property will be able to access the dollars immediately .
This news is key because until now - due to the dollar clampdown - whoever accessed a loan had to "negotiate" to pay for the property in pesos with the seller, who had to wait at least 24 hours to access the dollars .
The MEP dollar is recognized as the “stock market dollar”, a financial modality that allows the acquisition of bonds with pesos, and then sell them in dollars. This process requires 24 hours of parking , which means that on the day of the deed, the seller of the property could not immediately access the foreign currency to make the payment simultaneously with the signing of the deed.
Those in the real estate market saw this obstacle as a problem since, through this process, no one would agree to sign a sale without the dollars in hand , which is why they anxiously awaited the change.
“ The development of mortgage credit is important for Argentines and for the capital market .” Through general resolution 1004, UVA mortgage loans are exempt from parking to make operations viable,” reported the president of the National Securities Commission (CNV), Roberto Silva.
Along the same lines, the president of the College of Notaries of the City of Buenos Aires, notary Jorge De Bártolo, considered “the resolution to be very correct” and recognized that in Argentina, a week can be equivalent to a year in exchange terms: “the Simultaneity of times in credit management is vital for the notary to save time with the study of titles and corroborate that the property to be acquired is in perfect condition. That is why we propose that the notarial role begins in that minute 0 in which the credit is requested. And a secure title is a secure credit.”
Mortgage loans: there are already 16 banks that offer their loan lines
In this way, as of June 10 , the modifications introduced for mortgage loan operations are the following:
- Minimum holding period in the portfolio (parking): operations are exempt from the requirement to comply with a minimum holding period for the securities in the portfolio before being able to sell them.
- Prior information regime (scheduling): the need to comply with the prior information regime, known as scheduling, is eliminated to be able to sell securities with settlement in foreign currency and in local jurisdiction (MEP).
- Restrictions on sales against foreign currency: restrictions on the sale of securities against foreign currency are eliminated in cases where the holder has open financing through sureties, repos, or other types of financing through operations in the capital market.
In this sense, agents must verify compliance with the established conditions prior to managing any of the aforementioned operations , keeping the supporting documentation in the clients' respective files.
The purchase and sale of the MEP dollar can be carried out through financial intermediaries or directly from the home banking of certain banks. Once you have an account on a platform that allows the purchase of MEP dollars, you can proceed to purchase the bond which, with this modification, will be sold automatically.
Mortgage loans: starting June 10, the MEP dollar parking will be eliminated
This news comes in a week in which a new bank announced its mortgage credit line . Unlike the existing offer until now, Credicoop offers two types of modalities in the offer of loans for the acquisition of first and second homes:
1) with the UVA line with a fixed rate of 5.5% (for those who accredit their assets in the bank) and 6.5% (without accreditation). It will be valid from Monday, June 10.
2) in the traditional modality, in pesos with a variable rate and French amortization system , which is currently 36% (Badlar Private Banks rate -32%- + 4 points). It is already operational.
“Based on the particularities that arise for our users regarding the need to access their home in a context of growing increase in the cost of rentals, from Banco Credicoop and although we have reservations about the convenience of to go into debt with these instruments , we have decided to relaunch the offer of mortgage loans,” the entity communicated to LA NACION .
Mortgage loans: how does the rate that is not adjusted for inflation work?
The variable rate line has a current TNA adjustable by the four-month daily average of the Badlar Private Banks rate - which is currently 32.3750 - plus four basis points, that is, around 36%. This refers to the rate published by the Central Bank and is established for fixed-term deposits greater than one million pesos in private banks.Both lines of credit are variable with the difference that UVA loans have a fixed rate , which depends on each bank, in the case of Credicoop it is 5.5% (for those who prove their salary) and 6.5% ( for those who do not have a salary account) and what varies, in this case, is the fee when adjusted for inflation. While in the case of opting for the traditional credit line (Badlar Private Bank Rate published by the BCRA), the rate is variable, since as mentioned before, it is adjusted depending on the data published by the BCRA and generates direct the variation in the quotas.
On the other hand, market sources told LA NACION that Banco Provincia would be about to announce a mortgage credit line with a modality similar to the traditional Creedicoop line.
www.buysellba.com
