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In the midst of a context in which inquiries are skyrocketing – there are more than 80,000 in the 12 banks that offer loans – and the return of mortgage loans in Argentina caught the real estate market attentionthose who dream of owning their own home debate which is the best alternative and what it depends on.
Argentina has not had credit to buy a house for five years, that is why The launch of the new UVAs loans on the market stirred up the hornet’s nest: the Hipotecario started on April 23and, In less than a month, there are already 12 entities that have added their proposals: el Hipotecario, Supervielle, Macro, Santader, Ciudad, Galicia, Nación, BBVA, Del Sol, ICBC, Bancor (Córdoba), Banco de Corrientes and Banco Provincia del Neuquén. The objective is clear: to facilitate access to housing for those who dream of having their own home and for the entities to take advantage of this opportunity to retain customers.
The same former Secretary of Housing of Mauricio Macri’s government, Ivan Kerr, recognized that the reintroduction of accessible mortgage loans represents an opportunity to revitalize the real estate market to proportionate a solution towards the much postponed ‘dream of owning your own home’ for many Argentines.”
When discussing why Argentines have to “coexist” with a credit system that is updated by inflation – like the UVA – specialists affirm that in the current Maro context it is the only viable path because, for example, a line With a fixed rate it would imply that this reaches 100 percent. Furthermore, UVA, They allow the initial payment to not be so high (as is the case with fixed rate loans). And on the other hand, It is not necessary to have a high average income to apply for it. This UVA system, with specific variations in its contexts, was adopted by several countries, such as Mexico, Colombia and Chile more than 60 years ago, when they were also going through moments of inflation. That is, for a country like Argentina, with a year-on-year inflation of almost 290%, without an indexed unit, there would be no credit.
For their part, the conditions of the different entities differ in the modalities and contracts, which is why it is essential analyze the rates, amounts and deadlines in each case. Besides, not all people can apply for a loan in all banksgiven that It will depend on various factorssuch as: monthly income, age at the time of requesting the loan, if it is a monotributista, the term that each one offers for payment, among others.
The amounts are up to $250 million, although there are cases without limit such as: the Galicia line, BBVA, Macro, Supervielle and Santander. Furthermore, in general They finance between 75 and 80% of the value of the property, although there is only one entity that lends 100%: the bank of Córdoba (Bancor), with a limit of $90 million. Macro finances 75% of properties up to $350,000,000, 60% of those over $350,000,000 and 90% if the person taking the loan is under 30 years old with parents who guarantee the loan and acquires their first home. In the case of the Nación, it is clarified that it is up to 75%, as long as the value of the property does not exceed 120 million pesos.
Financing terms vary between 5 and 30 years and annual rates vary between 3.5 and 9.5%. On a month-to-month basis, fees are adjusted for inflation and the amounts will depend on each entity, but the key is that the fee committed by the policyholder represents between 20 and 30% of monthly income. There is a case in which this percentage can be extended to 35% if the person is a client of the entity (Banco de Neuquén).
To provide an easy and quick response to the uncertainty that exists among those who want to apply for a loan and where to do it, it arises a platform that works as a free mortgage loan search engine and simulator.
The platform is called “MiCreditoHipotecario” and aims to answer key questions to take into account before requesting a loansuch as: What is the maximum amount I can request with my salary? What loans do monotributistas accept? What loans adapt to my profile?
All macroeconomic variables, such as the price of the dollar and the value of UVA, are automatically obtained from official services such as the Central Bank of the Argentine Republic (BCRA), and other reliable entities.
One thing to keep in mind is that can be ordered depending on interests: by lower/higher installment, total amount and higher or lower advance.
Besides, within the details of the credit that is selecteddisplays a graph generated from the values that were selected: evolution of payment, amortization and pre-cancellation costs.
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