As it had been announced, the MEF presented the project elaborated by the nationalist senators Sergio Botana and Carlos Camy, and the colorado German Coutinho, with the participation of the now Minister of Housing and Territorial Planning (MVOT)the lobbyist Raul Lozano; beginning to fulfill a promise that was mentioned on several occasions by the government and that, if approved, will cost 330 million dollars to the State.
The initiative not only addresses the problem of family debt —a worrying situation in the country, of which mortgage loans are only one edge—, but also proposes the dissolution of the BHU and its absorption by the Republic Bank (BROU). Because it is about the liquidation of a state body, the vote will require a two-thirds majority —something that, in principle, would be complicated as long as the broad front, necessary to reach that majority, does not agree with the project.
The plan for the indebted
The project presented today in Parliament states that the outstanding balances of debts documented through mortgage loans or purchase and sale promises constituted before the BHU, any of the trusts administered by the National Housing Agency (ANV) or on behalf of Social Welfare Bank (BPS)municipalities or ministries will be extinguished by operation of law 180 days after the eventual law takes effect provided that, as of December 31 of this year, a series of conditions are met.
One of them is that the debt is nominated in Resettable Units (UR). that it has been contracted for the purchase, repair or construction of their own home and that the owner is a natural person —criteria in which all the people indebted to the BHU agree—; but the condition that the loan in question has an age of 40 years from its granting must also be met. This means that all those whose mortgage credit is at least four decades old will see their debts with the institution settled. According to estimates, there are 2,500 cases. The beneficiary will also have a period of one year for the final deed of the property.
Meanwhile, the outstanding balances of loans that are not older than 40 years from their granting must continue to be paid, but will have certain modifications. In this way, those who have ten years left to fulfill that seniority will have a 0% interest rate in UR; and in the event that they are more than ten years from said term, the rate will be 2.5%.
Rates will remain fixed for the entire period remaining to reach the required 40-year seniority, and the goal is accelerate the repayment of debts. In the event of non-compliance with three or more successive or alternate installments within a year, the bonuses granted will be without effect.
What will happen to the BHU?
The future of the BHU will be tied to votes in Parliament but, according to the bill drawn up by lawmakers from the ruling coalition, the 111-year-old institution will be abolished and its functions transferred to a new organizational unit under BROU, under the name “Mortgage credits”.
This unit will assume all the assets, credits, resources, obligations and jobs in the entity that will disappear.
The kind of merger will imply, for its part and from the entry into force of the law, the cessation of functions of the directors of the BHU. In turn, it will be the Executive Branch that will approve, following a favorable report from the National Civil Service Office and of the Office of Planning and Budget (OPP), the incorporation of officials to the BROU, who will maintain the status of officials of the official bank, as well as the rights and benefits acquired. For this purpose, special ranks may be established in the new area to be created in that institution.
Source: Ambito
