How much do you have to earn to be able to access a mortgage loan?

In this context, there are 23 banks who joined the wave of mortgage loans. The rates that are being offered range between 3% and 9.5% and the amounts to be loaned reach up to $250 million, although in some cases there is no limit.

For now, the data is encouraging. The latest data from the Porteño College of Notaries determined that in September, 705 deeds with mortgagewhich represents 13.7% of the total, which was 5,157 operations. And the numbers will continue to rise. They estimate that the October transactions with mortgage will approach 1,000 operations.

Requirements to be able to obtain mortgage loans

It must be taken into account that the initial fee to be paid for the credit cannot exceed 25% of monthly income of the applicant or the family group. Reaching the minimum income to cover this fee greatly reduces the number of families that can obtain it. In addition to this, they must also consider the adjustment for inflation.

For one property of US$100,000, a credit of $88 million is granted (equivalent to 80% of the property). The initial savings that must be counted on is US$20,000. The value of the first installment is $605,340 and it is necessary to have a minimum income of $2,421,360.

In the case of a property of US$80,000, a credit of $70.4 million is granted. The initial savings that must be counted on is US$16,000, the value of the first installment is $484,272 and you must have a minimum income of $1,937,088.

Income and type of homes sought with credit

The comparison platform mortgage loans Comparacreditos analyzed a sample of 1,500 simulations completed in October and November, which offer an interesting overview of home loan application patterns in Argentina.

Analysis of the monthly net income of the applicants shows an average of $2,700,000 for all credit purposes. However, when the data is segmented by type of housing requested, significant differences emerge. Applicants interested in purchasing a second home have an average income $700,000 higher than those seeking to purchase their first home.

Meanwhile, the average value of the estate requested through the simulations is US$105,000. Apartments continue to be the most sought-after properties by homebuyers.

Average credit amount

Regarding the average amount of the credits requested, it amounts to US$78,000. Although not all cases meet this figure, this value offers an interesting approximation of the financing capacity of the applicants. Users often request mortgage loans that cover around 75% of the value of the property they wish to acquire.

This data suggests that buyers have a significant capacity to cover the remaining 25% with their own resources, complying with the standard capacity requirements of 80% established by banks and financial entities. This behavior is consistent with credit policies in the country, which require a minimum percentage of own contribution by the applicant to guarantee the viability of the loan.

One of the most interesting aspects that emerge from this analysis is the relationship between the duration of the credit, monthly income and the amount of credit requested. The data shows that, as the duration of the credit increases, so do the monthly income of the applicants and the total amount of credit requested. This is understandable, since applicants who choose longer credit repayment terms tend to have higher incomes, which allows them to take on higher amounts of debt.