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Without dollars under the mattress: The two banks that provide the most financing to buy a house - La Nacion Propiedades
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Sin dólares bajo el colchón: los dos bancos que dan mayor financiamiento para comprar una casa
En un entorno económico incierto, hay dos entidades bancarias que ofrecen una opción más viable en sus líneas de créditos hipotecarios para quienes no tengan los dólares bajo el colchón
www.lanacion.com.ar
June 10, 2024
In an uncertain economic environment, there are two banking entities that offer a more viable option in their mortgage credit lines for those who do not have the dollars under their mattress.
By Candela Contreras
Mortgage loans: there are two banks that offer the possibility of accessing the loan without having dollars under the mattress
In a challenging economic context, where inflation and financial uncertainty are commonplace , young people who dream of not being tenants for life face a complex panorama when trying to access their first home. With limited savings, the search for banking entities that offer accessible financing becomes a priority for those who want to become independent.
“Such a product needs long-term financing, and as a housing policy, mortgage credit is fundamental and elementary . But also as a policy of development and social inclusion ,” said José Rozados, director of Reporte Inmobiliario, within the framework of the seminar held by the College of Notaries of the city of Buenos Aires .
For many young people, saving the amount necessary for a significant down payment on the purchase of a property is an almost titanic task . However, in this scenario, some banking entities , of the 16 that launched their UVAs mortgage loans, developed lines of credit that seek to facilitate access to owning their own home with low savings.
Saving the necessary amount of advance to access a mortgage loan can be a headache
“If it is possible to maintain low and stable inflation and the property market can operate in dollars , the sector will accompany the growth of the economy,” analyzes Martín Boquete, director of Toribio Achaval.
For new generations, the dream of owning your own home not only became an increasingly unattainable goal. The possibility of achieving economic independence also receded. In a scenario where salaries lose month after month in the face of inflation and in the face of a real estate market that slowly seeks to rebuild the supply lost in recent years, it is estimated that 40% of Argentines who are between 25 and 34 years old still live with His parents.
This reality affects between 2 and 2.5 million young people, according to estimates by economist and real estate market specialist Federico González Rouco, taking as reference the latest data from the Permanent Household Survey (EPH) carried out by Indec. Although it is a phenomenon that is observed in other parts of the world, the Argentine statistics double that of countries such as Germany, the Netherlands or France.
“Housing is a global problem, because millennials and centennials want to live in urban centers and that drives up property prices in general. But the fact that 40% of young people cannot emancipate themselves is a lot, even when compared to almost any country where one would go to live. If you were born in the 80s or 90s, you didn't have much time to save: there were emerging crises, global crises, recession, hyperinflation, devaluation, now pressure on the rental market. Almost their entire lives they experienced economic stagnation or decline and they reach the age of 35, which is the age where one plans to buy a first home, where they want to move and many cannot , ”says the economist.
Mortgage loans accessible to the youngest or those who have little savings
Among the available options, several banks emerged as the most committed to accessible financing, mainly for the youngest. Below are those that offer the most favorable conditions :
Banco Macro has a line of mortgage loans aimed particularly at young people
Macro Bank
Banco Macro positioned itself as the only one that has a line aimed particularly at young people . Fernando Gómez Sánchez, representative of the entity, within the framework of the mortgage credit seminar, highlighted that the company wants “all people throughout the country to be able to access a home.”
In this sense, the bank offers various lines of credit , including options for first and second homes.
In particular, the Young Line , intended for the purchase of a first home, is aimed at those under 30 years of age who credit their salary in the bank and have their parents as guarantors. This program finances up to 90% of the value of the home and allows the income of the parents to be added, who act as guarantors or subsidiaries, although the home remains in the name of the child.
The other requirements and conditions:
- The line of credit has no maximum amount
- It has a term that can reach up to 20 years
- The loan must be used for a first or second home.
- Capital is adjusted by UVA
- A nominal annual fixed rate of 5.5% is offered for those clients who credit their salary to the Bank. Those who do not receive their salaries in the entity, the rate will be 7%.
- For clients with a salary plan , the credit installment may not exceed 30% of income . For those who do not credit their salary in the bank, the fee may not be above 25% of the salary.
Mortgage loans: there are already 16 banks that offer their loan lines
Bancor
For its part, the Bank of the province of Córdoba presented its financing program , which stands out for offering up to 100% of the purchase of the property , both for construction, expansion or completion of homes. This line is available for both couples and singles, and allows the income of both parents to be added.The initial loan is $17,000,000 (20,000 Grapes), with a fee close to $115,000 and with required income of $470,000 for the entire family group.
Requirements and conditions:
- 100% of the purchase of the property or construction and expansion or completion is financed .
- Per applicant (who are clients of the bank) a maximum of $90,000,000 or 100,000 UVAs is granted to date .
- The term for financing is between 5 and 20 years.
- The capital is adjustable by UVAs with a rate of 4.90% throughout the term.
- The maximum fee/revenue ratio percentage is 25%.
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