June 06
12:25
2024
Print news
Everything you need to know when opting for this type of credit regarding the repayment time, maximum loan amount and average payment. Are UVA mortgage loans convenient? Here, the answers.
More and more banks are offering UVA mortgage loans (Purchasing Value Unit). In the specific case of La Rioja, there are seven entities that have a presence mainly in the Capital.
With these new proposals, competition in the sector intensifies and each bank seeks to differentiate itself with competitive interest rates and flexible conditions for applicants.
List of banks with UVA mortgage loans
- Santander
- Patagonia
- Macro
- Galicia
- BBVA
- Nation
- Mortgage
What are UVA mortgage loans?
UVA loans, named after the acronym “Purchasing Value Unit”, are housing loans that use a unit of measurement established by the Central Bank of the Argentine Republic (BCRA), whose value is updated according to inflation, through the Reference Stabilization Coefficient (CER), based on the INDEC Consumer Price Index.
In Argentina, according to a work by the economist Federico González Rouco based on data from the BCRA and the INDEC, and compiled in his book The dream of one’s own home, mortgage credit represents 0.2% of the Gross Domestic Product ( GDP), according to 2022 data, one of the lowest records since 1943.
What are the amounts that can be accessed?
The maximum amount offered by Hipotecario is $250 million, while BBVA, Galicia, Macro, and Santander do not have a maximum limit.. The credit announced by Banco Nación, for its part, has a maximum limit of 105 thousand UVAs (today its value is 915.62). Furthermore, if the credit requested at the Mortgage Bank is intended for completion or expansion, the maximum amount is reduced to $125 million.
In the case of Banco Galicia, Hipotecario Y Nación, it can be paid over a period of up to 30 years, while at BBVA, Macro and Santander 20 years. These amounts can be used for the acquisition, renovation, improvements or expansion of permanent or non-permanent homes in any city, district or town in the country where these banks are present.
It should be noted that the maximum financing amount is, in the case of Nación, up to 75% of the sale value of the property and in BBVA, Galicia and Hipotecario, up to 80%. At Banco Macro, it is up to 75% if the loan is for a value less than $350 million and up to 60% if it is greater than that amount.
Finally, there are conditions linked to the income of those who access the credit: in no case must the monthly loan payment exceed 25% of the net income of the applicant or family group, except for Banco Macro, whose maximum is 30% as long as when you are a client of the institution.
Who is it aimed at and what requirements do they ask for?
The credits are directed, in all cases, to workers in a dependency relationship and to the self-employed, whether they are registered responsible persons or monotributists. Retirees and pensioners who receive their salaries in that entity are also included in Banco Nación.
Among the general requirements, banks request DNI, not register unfavorable records in the financial system, credit card account summaries (if you have any) along with your payment receipts and property records that demonstrate that the applicant does not own any home in his name. If you do have it, you must attach the corresponding documentation to prove it.
Monotributistas must have a minimum of one year’s seniority in that condition before the AFIP, have a minimum of 3 months’ seniority in the category used to calculate income and present the last 3 monotribute payments in a timely manner.
For those who are in a dependency relationship, banks require the last 3 salary receipts and a work certificate that demonstrates net income, seniority, membership in the plant, CUIL number and absence of embargoes, among other requirements.
What interest rates do you offer and how are the installments calculated?
The debt balance of the mortgage loan is measured and accounted for in UVAs, the amount of which is determined at the time of constitution of the mortgage, dividing the amount of the credit in pesos by the UVA price of that day. Like the total debt balance, the monthly payment is also counted in UVAs.
The interest rate must be added to the UVA unit, which, in the case of Banco Galicia, Banco Macro and Banco Santander, is 5.5%. At Banco Nación, the interest rate is also 4.5% for its clients in homes with up to 140 thousand UVAs, and 8% for the rest of the users and for properties with a higher value.
The Banco Nación proposal has a peculiarity: it offers a special credit to avoid the impact of possible inflationary jumps and establish a cap on the value of the installment. 1.5 percentage points more rate is paid monthly so that the fee is updated by the Salary Variation Coefficient (CVS) and not by UVAs, which is updated by inflation.
BBVA offers a rate of 6.5% for clients. Banco Hipotecario, on the other hand, offers a rate of 8.5% with a reduction to 4.25% in the first year if the applicant has a salary account at the same bank.
Taking as reference the Banco Ciudad simulator (which does not operate in La Rioja), For a loan of $100 million, the initial payment would be $690 thousand and it would take a household income of at least $2.7 million at current values to pay for 20 years.
Are UVA mortgage loans convenient?
For González Rouco, economist at Empiria Consultores, a consulting firm run by the former Minister of Economy during the government of Mauricio Macri (Cambiemos), Hernán Lacunza, The interest rates are quite similar to those offered in countries like Colombia and Uruguay, with rates ranging between 4.5% and 7%.
“They are more than reasonable rates if you also consider that these countries have more stable economies, since their country risk ranges between 100 and 300, when in our country it is 1,200,” he explained to Checked.
Cynthia Goytía, director of the Master of Science in Urban Economics program at the Torcuato Di Tella University and director of the Urban Policy and Housing Research Center of the same university (CIPUV), maintained that “this type of mortgage credit is not intended to resolve the demand for housing in Argentina.”
And he added: “It is rather for a specific income level group, which can be seen in the level of the quota relationship with family income and that a significant initial capital is needed since the credit does not cover the total value. of housing.”
Currently, according to Goytía, the stock of mortgage credit relative to GDP is less than 0.5% when in other countries it is above 15%. “To really have a mortgage credit market, there is a long way to go, adjusting the regulations, working on funding and obviously for the macroeconomy and income to stabilize, among other aspects,” concluded the specialist.
With information from Chequeado.com
comments
