Hear
The return of UVAs mortgage loans Argentina continues revolutionizing the real estate market with the help of 15 banks. In this case, the program of the most important banking entity in the country, the Nation Banksince it came into effect on May 20, “already received more than 16,200 applications”, this was announced this morning by the presidential spokesperson, Manuel Adorni.
The spokesperson stated that the entity’s loan line, “+Hogares con BNA”, “it plans to deliver 40 thousand credits in total.” The objective is clear: facilitate access to housing for those who They dream of having their own house.
After five years without mortgage loans in Argentinathe loans announced excite the real estate since, as demand for properties increases because a greater number of people will be able to access their own roof, will generate an increase in housing prices, mainly in areas where available options are scarce.
“We are going to cooperate with the governors to leverage all the credits of all the financial entities in Argentina,” announced Daniel Tillard, the president of the entity. Applications are available on the entity’s website for those who wish to apply for the loan, and for which will allocate US$4 billion. In turn, the president of the bank announced that “privileging will be given to jurisdictions with tax treatment that does not make mortgage loans and instruments more expensive.”
The Competitiveness among banks is becoming stronger and it means that no one wants to be left out of a market that promises to be reactivated with these measures. The key fact about the line announced by the Nation is that, unlike the rest of the entities, it has a key benefit for clients who collect their salaries at the bank: “Families that request the loan will be able to contract an option that has a cap against inflation”Tillard said.
The initiative arises because they are loans that are updated based on the evolution of inflationan issue that generates fear of demand due to the possibility of quotas skyrocketing. However, specialists clarify that it is not only important to look at this variable but also at the ups and downs that the market goes through. real salary of the people who, ultimatelyis what will determine whether a person can face the commitment. “The key is that the salary grows more than inflation“, explains Federico González Rouco, an economist specialized in housing, and recognizes that today salaries – which since December have collapsed by 25% compared to inflation – in the country are at a historic low, which is why If the economy grows they should rebuild.
“Mortgage credit is the true expression of social justice, Without it, only 5% of the inhabitants who have their own home are able to acquire a property, while the remaining 95% do so by inheritance and not because they managed to buy it,” said Tillard.
The differential that this entity offers in relation to the other banks that announced their loans is that clients who receive their salaries through Banco Nación (employees in a dependency relationship, retirees and pensioners), when they apply for loans for sole and permanent occupancy housing, They will be able to contract an option that will allow them to put a cap on the fee: “The cap results from applying an adjustment to the loan through the salary variation coefficient and, only if this adjustment is less than the quota adjusted by UVA, will the cap be produced,” explains the president of the BNA.
The difference of The amounts will be carried over to the end of the loan updated by UVAand once the payment schedule is finalized, The resulting balance will be rescheduled. This can be paid with a personal loan or with a mortgage extension. Tillard announced that this option will have a premium of 1.5% per year. But, “only after 180 days of disbursing the loan, applicants will be able to choose this option,” he concluded, thus giving debtors time to decide if they want to take this alternative or not.
González Rouco exemplifies this option: A person requests a 30-year UVA mortgage loan with an annual rate of 4.5%. For its part, The bank calculates two installments in parallel with the same initial value: one adjusted by UVA and another by the average salary (CVS). The fee paid by the user adjusts monthly according to UVA and hire the “insurance” offered by the entity, so you pay a sort of “surcharge” of 1.5% and you can choose month by month – if the UVA fee is higher than the CVS fee – which fee you pay. If you choose to pay the CVS fee, the unpaid balance is accumulated at the end of the loan and is paid off with a personal loan or a mortgage extension.
Therefore, The credit goes from having a rate of 4.5% to 6% annually. “This means, in a 30-year loan, almost 20% extra payment. In other words, to define whether it is worth it or not, we must take into account that it comes with a high cost,” concludes Rouco.
