The return of mortgage loans to the real estate market, in a context of enormous structural housing deficit, rent values that went through the roof and deceleration of inflation, aroused great interest in society, despite experiences not so distant.
However, there are many variables to take into account when thinking about taking out a loan with a variable installment – in this case, adjusted for inflation (UVA) –, with a lag of approximately 45 days between the time of settlement and that of the daily index prepared by the Central Bank of the Argentine Republic with the latest data reported by Indec.
Firstly, the first lines established for the family group a maximum relationship between the credit installment and the total verifiable income of 25%; and, in the case of the purchase of a home, you must have prior savings, since banks only lend up to 75% of the value of the property.
The first lines established for the family group a maximum relationship between the credit installment and the total verifiable income of 25 percent.
Then the term variable begins to play. Is it advisable to take out a 30-year mortgage loan, for example? Or is the best alternative a shorter period of time? Here, the details of each line so that interested parties can observe the differences in amounts, rates, terms and income required.
As for the terms, they can be requested for 10, 15 or 20 years and the maximum loanable amount is $250 million. Infobae He asked Banco Ciudad for an exercise with the different terms for loans of 50 and 100 million pesos. Here, the results:
As can be seen, the best term option, in this case, would be 15 years, since although it requires a little more income, the fee does not decrease in a large proportion if 20 years is chosen, which does happen when comparing 10 years. and 15 years.
To take out a loan of $50 million with the general line (5.5% annual rate plus UVA) and choose a 10-year term, the necessary family income amounts to almost $2.2 million and the initial payment to $543,452; If it is extended to 15 years, the necessary income drops to $1.6 million and the fee 409,367 pesos.
Finally, at 20 years, the necessary income is $1.4 million and the monthly payment starts at $344,769. Meanwhile, if the objective is to borrow $100 million (today equivalent to USD 100,000) over 20 years, the family will need to prove income of $2.8 million and the monthly payment of 689,520 pesos.
So far, only the Ciudad and Hipotecario banks are the most advanced and are already receiving registrations through their websites and cell phone apps. Also provincial banks, such as Corrientes, and since this Friday, Supervielle announced the details of its new line. In turn, ICBC anticipated that it will do so in the coming days.
In the case of the City, it has already received 10,000 registrations that are being processed for analysis, qualification and subsequent approval of the loan. The Hipotecario, for its part, had 25,000 registered as of Thursday, but they will begin to be contacted in mid-May, sources from the entity said.
The City launched two exclusive lines for those who credit salaries in the entity or migrate them there. One allows you to acquire a first and second home in all areas of influence of Banco Ciudad (AMBA, provinces of Córdoba, Mendoza, Tucumán and Salta); and the other is for the acquisition of a family home, unique and for permanent occupation in the Buenos Aires Microcenter. In the first case, the interest rate is 5.5% plus UVA, while in the second, 3.5% plus UVA. The lines are also used for renovation, improvement and expansion of homes.
The loans are pre-cancelable and also have the possibility of requesting an extension of the term, if the amount of the installment to be paid exceeds 10% of the installment value resulting from having applied to that loan a capital adjustment by the Capital Coefficient. Variation in Salaries (CVS) since its disbursement. In these cases, the original term of the loan may be extended by up to 25%, the entity reported.
The Mortgage Bank announced that its lines are for the purchase of a first or second home, construction, renovation, completion and/or expansion. In this case, the maximum loanable amount is $250 million, the terms reach 30 years and the interest rate is 8.5% per year plus UVA, not only for those who credit salaries in the bank but for all interested parties; and applies to the entire country. The advantage that those who collect their salaries from the entity will have is that they will receive a subsidized rate during the first year, down to 4.5% annually.
Although a longer term allows credit for lower income, the reduction in the payment between 20 and 30 years is not significant (Mortgage)
The entity also carried out an exercise, at the request of this medium, around a loan of $100 million for 10, 15, 20 and 30 years. And the conclusion is that, although a longer term allows for lower income to be accredited, the reduction in the quota between 20 and 30 years is not significant. While, to take out a loan of that amount for 20 years, considering the rate of 8.5% per year plus UVA, the minimum income must be $3.5 million and the initial payment of $880,540, if that same person decided to go for After 30 years, income should be $3.1 million and the initial payment would drop to 781,630 pesos.
Unlike the City, which finances up to 75% of the value of the property, the Mortgage lends up to 80% of the value of the property. “In the last 40 years, most loans were taken for 15 and 20 years, even having the possibility of a term of 30. The longer term is convenient when they are subsidized loans, such as Procrear, which in inflationary contexts goes away. liquefying,” said sources from the entity, while adding that the loans granted are also pre-cancelable.
However, if the prepayment option is made before 25% of the life of the loan has expired, the borrower must pay a penalty equivalent to 3% plus VAT on the capital owed. If you exceed that deadline, there are no sanctions.
Both entities agreed that although the process of analyzing the documentation, qualifying and approving the loan is quick – approximately 15 days –, the process of reviewing the notarial documentation takes longer. If everything is in order, the beneficiaries will be able to deed and obtain the loan in about three weeks.
If the prepayment option is made before 25% of the life of the loan has expired, the borrower must pay a penalty equivalent to 3% plus VAT (Mortgage)
Banco Supervielle enabled its line for clients and non-clients who are looking to purchase a home, or are thinking about expanding or renovating their property. In this case, they will be UVA loans with no limit on the amount and with terms of up to 30 years. For those who receive their salary at the bank, the rate will be 4% annually for the first 12 months and then 5% annually, while for those who do not, the rate will be 8% annually.
“Mortgage loans allow us to return to our natural function as a bank, which is to capture savings and channel them for long-term investment projects, or, as in this case, financing for home acquisition, generating a virtuous circle of boosting economy,” he said. Patricio SupervielleCEO of Grupo Supervielle.
According to a statement from the entity, to purchase the home the minimum family income must be $1,000,000, and $450,000 for expansion, renovation or improvement. As in other cases, the fee may not exceed 25% of the verified income.
He ICBC also announced in the last few hours that it will launch mortgage loans in the coming days for the acquisition of first and second homes, with a maximum term of 15 years, financing of up to 75% of the value of the property, a fee/income ratio of 25% and a rate of 5% annually for clients who credit their assets with the bank.
“At ICBC Argentina we understand the importance of housing as a fundamental pillar for the well-being and stability of Argentine families,” he said. Andres LozanoHead of Personal and Business Banking.
