The launch of new mortgage credits by some banks, it aroused great interest in the market, due to the reappearance of this instrument that allows access to a home with 30-year financing. There is great expectations in the real estate sector both in home acquisition and construction.
To qualify for these credits, properties must meet a series of essential requirements that guarantee the viability of the process.
Mortgage loans from Banco Ciudad
Banco Ciudad launched new mortgage loans for the acquisition, renovation, improvement and expansion of homes. “The announcement aims at the middle class, so that they can move forward despite the difficulties. And to revitalize and develop the downtown area,” highlighted the financial entity.
As detailed by that bank, the main characteristics of this credit line are the following:
- They are up to $250 million, with terms of 10, 15 and 20 years.
- There are two types of loans: one allows you to purchase your first and second home. The other makes it possible to buy a single family property for permanent occupation in the downtown area of Buenos Aires.
- Up to 25% of the net income of the applicant and/or family group can be requested.
- Financing is up to 75% of the sale value of the property to be acquired.
- Those who already collect or migrate salary accreditation to Banco Ciudad can access it.
- It has UVAs interest plus a rate from 3.5% TNA.
The credits are now available through the Banco Ciudad website and in all the entity’s branches.
Mortgage loans from Supervielle bank
Supervielle bank offers 4 lines of mortgage credit: for the purchase of a permanent home, for the purchase of a second home, for renovation and improvement, and for expansion.
The interest rate was set at 8% nominal annual rate, although those clients who receive their salary from the entity will be able to access a preferential rate of 6% throughout the entire loan repayment period. In all cases, the capital is adjustable by UVAs.
Workers in a dependency relationship with at least 12 months of seniority, as well as monotributistas and self-employed workers, can access it.
The lines for home acquisition do not have a fixed maximum amount, but they finance up to 80% of the value of the property in the case of a permanent home, and up to 75% if it is a second home. The maximum amount established for expansion or renovation is $3,000,000, or up to 60% or 50% of the total budget of the work, respectively.
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The minimum net income required is $450,000 per month, and the fee cannot exceed 25% of this amount. Workers in a dependency relationship with at least 12 months of seniority, as well as monotributistas and self-employed workers, can access it.
For home acquisition, the maximum loan repayment period is 30 years (360 months), while for expansion and renovation it is reduced to 10 years (120 months).
Home loans from Mortgage Bank
The Hipotecario bank was the first to announce the long-awaited return of mortgage loans. Today it offers 4 lines: for construction, for acquisition, for completion and for expansion.
The interest rate was set at 8.5% nominal annual rate, although those clients who receive their salary from the entity will be able to access a preferential rate of 4.25% nominal annual rate during the first year of loan repayment. In all cases, the capital is adjustable by UVAs.
The maximum term to repay the loan is 30 years (360 months), and the fee cannot exceed 25% of the income declared by the client.
For the construction of the home, the maximum amount of the credit is 250 million pesos, or 80% of the total budget of the work. The capital is disbursed in 3 parts (an advance, and 2 disbursements against progress of the work).
For the purchase of a home, you can also access a loan of up to 250 million pesos, or 80% of the value of the property. In this case, the disbursement is made in one go.
For housing completion and expansion, the maximum amount available is $125 million. In the first case, Banco Hipotecario finances up to 50% of the budget of the work, and in the second case 100% of the total, but without exceeding 35% of the value of the current guarantee.
Source: Ambito
