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What requirements are needed to obtain the new UVA mortgage loans - La Nacion Propiedades
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Qué requisitos se necesitan para sacar los nuevos créditos hipotecarios UVA
Luego de 5 años de casi no tener oferta en la Argentina, el Banco Hipotecario y el Banco Ciudad lanzaron en estos días nuevas líneas de crédito hipotecario; todo sobre los requisitos que se necesitan para solicitar cada uno
www.lanacion.com.ar
April 25, 2024
After 5 years of almost having no offer in Argentina, Banco Hipotecario and Banco Ciudad launched new mortgage credit lines these days; everything about the requirements needed to apply for each one.
After five years of almost no mortgage credit offering in Argentina, two banks are launching into the market with loan possibilities
Yesterday, Banco Ciudad announced the launch of new mortgage loans for the acquisition, renovation, improvement and expansion of homes, adding to the bet made by Banco Hipotecario on Tuesday, which came onto the market with a new line of mortgage credit, after For five years there was almost no access to it in the country.
The loans arise in a context in which there is practically no mortgage credit offer in Argentina. “ They are the first to come out after a long time of almost no credit .” It existed, but there was little. The Bank of Córdoba came with something, but it was very specific for that province. On the other hand, many banks were very reluctant to provide mortgage credit , since the possibility that Alberto Fernández's government would modify the conditions was very latent, something that was discussed every few months," said Federico González Rouco, economist at the consulting firm. Empiria, led by Hernán Lacunza, former Minister of Economy, when Banco Hipotecario announced the new line of credit this Tuesday.
The Banco Ciudad loan announced yesterday reaches financing of up to $250 million for a term of up to 20 years, the capital is adjusted by UVA, with an interest rate of 5.5% TNA (Annual Nominal Rate) and a rate benefit 3.5% for those who buy housing in the downtown area. They can be requested starting Monday, April 29.
In the case of Banco Hipotecario, it is a line of credit in UVA with a final rate of 8.65% . For those who are clients of the bank and have assets there, there is a benefit of 50% of the fee during the first year, that is, the rate will be 4.4% final for the initial 12 months. It is officially launched on the market during the month of May, it is for up to $250 million , for a maximum term of 30 years and with financing of up to 80% of the property. Below are the requirements for each:
Mortgage credit is one of the ways to access your own home
Banco Ciudad: requirements and conditions to access new mortgage loans
To buy a house in AMBA, Córdoba, Mendoza, Tucumán or Salta
- Those who already collect or migrate the accreditation of their salary to Banco Ciudad can access it.
- The credit is to buy, renovate, improve or expand a permanent or non-permanent first or second home in all areas of influence of Banco Ciudad ( AMBA, provinces of Córdoba, Mendoza, Tucumán and Salta ).
- The maximum loan amount is $250 million (up to 75% of the sales value of the unit to be acquired).
- The capital is adjustable by UVA
- The general line has an interest rate of 5.5%
- The terms are for 10, 15 and up to 20 years.
- The fee should not exceed 25% of the income of the applicant and/or their family group.
To buy a house in the Buenos Aires downtown
For those who purchase a single, permanent family home in the downtown area, the interest rate is 3.5%, with a capital adjustable by UVA. The other requirements regarding being a client of the bank with proof of earnings, maximum amount of $250 million (up to 75% of the sale value of the property), the terms (10, 15 and 20 years) and the percentage of salary that must not exceed the fee (25%), are those already detailed in the previous line of credit.
It is important to indicate that the downtown area is the one located within the perimeter included by the Sustainable Urban Development Fund program (Fodus) and that includes San Juan Avenue, Entre Ríos Avenue, Sta. Fe Avenue, Leandro N Avenue. Alem, Avenida Paseo Colón, on both sidewalks. The Buenos Aires Government's plan to promote the reactivation of the downtown area includes tax benefits for developers who convert offices into homes or facilities for those who move to the downtown area as tenants. Now add this line of credit for those who want to buy a home in that area .
The two lines of credit will be available starting next Monday, April 29, through the Banco Ciudad website and in all the entity's branches.
Guillermo Laje, president of Banco Ciudad, stated that "our objective with these new loans is to collaborate with the numerous family and personal development projects in housing, offering competitive products in a segment of the market in which we are a reference."
If an example of a monthly payment calculation is created , the equation would be the following: for every $10 million requested over 20 years to acquire a home in the downtown area of CABA, the initial monthly payment is $58,149. Likewise, with respect to the fee-income relationship, if the person, family or group of borrowers have an income of $1,930,000, they can access, as an example, a loan of $70 million, with an initial fee of $482,000.
On the other hand, these loans have the possibility of requesting an extension of the term if the amount of the installment to be paid exceeds 10% of the value of the installment resulting from having applied to that loan a capital adjustment by the Variation Coefficient of Salaries (CVS) since its disbursement. In these cases, the original term of the loan may be extended by up to 25%.
In the case of Banco Ciudad, for those who carry out a transaction to purchase a family home, single and permanently occupied in the downtown area, the interest rate is 3.5% + UVAs
Mortgage Bank: requirements and conditions to access new loans
Banco Hipotecario announced on Tuesday a line of credit for the purchase, construction, completion or expansion of a house, which is officially launched on the market during the month of May. The credit is open to those who want to request it, whether or not they are clients of the bank , but those who are clients and have a salary account there will have a benefit during the first year. The requirements that the Mortgage Bank sets as a condition to request this loan are the following:To buy a house
- The credit is for up to $250 million in a single disbursement.
- They finance up to 80% of the home . Whoever requests it must have the remaining 20%, which is paid in advance.
- The credit must be used for a first or second home.
- It has a rate of 8.5%. The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
- The maximum payment term is 360 months (30 years).
- The capital is adjustable by UVA.
- The monthly fee payable cannot exceed 25% of the applicant's income.
To illustrate, Rouco says that for every US$50,000 loan (not the value of the home), a 25-year term, installments of $400,000 will be requested, and a blank income of $1.6 million from the debtor household is required. In the case of a couple (debtor household) the income can be added and request the loan together and, therefore, request more money. In that case, “to buy something for US$125,000, you need income of approximately $3.2 million. Today we are talking about four average salaries.”
In addition to the fact that this line of credit can be requested for the purchase of a first or second home , it is also granted for the construction, completion and expansion of homes.
For construction of a house
- The credit is for up to $250 million with an advance payment and two disbursements against progress of the work.
- They finance up to 80% of the construction budget.
- The credit must be used for the construction of a first or second home.
- It has a rate of 8.5%. The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
- The maximum payment term is 360 months (30 years).
- The capital is adjustable by UVA.
- The monthly fee payable cannot exceed 25% of the applicant's income.
For construction, in the case of Banco Hipotecario, the credit is for up to $250 million with an advance and two disbursements against progress of the work.
For finishing a house
- The credit is for up to $125 million in a single disbursement.
- They finance up to 50% of the construction budget .
- The credit must be used to complete the first or second home.
- It has a rate of 8.5%. The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
- The maximum payment term is 360 months (30 years).
- The capital is adjustable by UVA.
- The monthly fee payable cannot exceed 25% of the applicant's income.
For house extension
- The credit is for up to $125 million in a single disbursement.
- They finance up to 100% of the budget without exceeding 35% of the value of the current guarantee.
- The credit must be used to expand the first or second home .
- It has a rate of 8.5%. The first 12 installments for clients with bank credit have a rate of 4.25%, which means a 50% promotion in the first year (with the total financial cost: final rate of 8.65%; 4.4% final the first year for salary accounts).
- The maximum payment term is 360 months (30 years).
- The capital is adjustable by UVA.
- The monthly fee payable cannot exceed 25% of the applicant's income.
An example of a fee for clients and non-clients of Banco Hipotecario would be like this: every $1,000,000 for 30 years, those who are clients and credit their salary there will pay a fee of $5,050 with a preferential rate of 4.25% the first year; Those who are not clients of the bank will pay a fee of $7,820 in that same period.
The credit that the Mortgage Bank will grant must be used for a first or second home.
Mortgage credit in Argentina
If the mortgage credit numbers in our country are analyzed, today it is practically zero and has always maintained very low figures. At the best moment, which took place in 2001, the mass of mortgage credit represented 5% of GDP, that is, all the debt that the country had represented 5% of what is produced in a year in Argentina.“Anyone has the idea that at that time we were in a very good time, but in international comparison it was not fabulous at all. Today Chile has 27% to 28%; United States , 75% to 80%. And at the best moment we only had 5% ,” says Rouco. Added to that, today the credit in the country is almost zero; If the pandemic is not taken into account, February was the month with the least mortgage credit in 22 years.
Regarding what will happen with the new line of credit that Banco Hipotecario has now launched, Rouco, who recently wrote the book The Dream of One's Own House , edited and published by Tejido Urbano, adds that it is a good sign, but that there will be We have to see from now on how demand evolves: “ It will not be a boom, but a process, but it is good that this process starts and this measure represents its beginning.”
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