2024 was the year of relaunch of the mortgage loans. The deeds of sale of real estate show an increase in operations carried out with loans. Although until now the credits applied only to the purchase of estate used, a bank decided to go further.
Banco Ciudad launched a new line of mortgage loans for the acquisition of homes that are in the pipeline or in the initial stages of construction and that are part of horizontal property real estate projects in the City of Buenos Aires.
With these new loans, access to housing is expanded by incorporating the mortgage offer into the housing market. estate under construction, since until now they could only be requested for the purchase of estate used.
“From the City we want to make life easier for those who work every day to get ahead and progress. These credits are a recognition of that effort, and at the same time they promote construction in the City, which also means more work and more growth opportunities for residents,” said the Head of Government, Jorge Macri.
In turn, the president of Banco Ciudad, Guillermo Laje, highlighted that “the mortgage credit is part of Banco Ciudad’s DNA, and today we are proud to add to our wide range of housing offerings this innovative credit line, a pioneer in the financial system, which will allow families to acquire units from the well in the City of Buenos Aires, and at “developer sector promote construction, a great promoter of economic activity and employment.”
Boost for real estate projects
Among the advantages of this new modality are the possibility of acquiring units at the beginning of the work, and obtaining a brand new property financed in long-term installments; In turn, these loans will give greater impetus to real estate projects in the City, by expanding demand and making investment financing more flexible for developers.
With this new credit proposal, Banco Ciudad will use the divisible mortgages for properties intended for real estate projects. The regulatory figure of “future asset mortgage”, which is in the regulation stage, will allow the mortgage to be generated in the initial stage of the Banco Ciudad loan to finance developments from the well or under construction.
Mortgage credit characteristics
The new ones mortgage loans of Banco Ciudad are intended for the purchase of single housing and permanent occupation, of horizontal property units from the well that integrate real estate projects initiated, located in the City of Buenos Aires, analyzed and approved by Banco Ciudad, initially targeting developments small to medium scale, with most units measuring up to 70 m2 covered.
The financing, for a maximum term of 20 years – after the work is completed -, reaches up to 75% of the sale value of the property and up to an amount of $350 million. The unit of account for the loans is the UVA plus a fixed interest rate, and for developments in the central area and industrial estates located in the south of CABA there will be a preferential interest rate.
During the work period, Banco Ciudad provides a credit of up to 30% of the value of the unit – once the buyer has paid 25% of the price -, in partial disbursements according to the progress of the work, for which the client Pay only the interest monthly, until the deed is signed. At that point, the Bank disburses the remaining balance through a mortgage loan and the capital begins to be paid.
As in all its mortgage lines, Banco Ciudad allows applicants (up to two people who must be over 18 years of age) to add income from guarantors, being able to constitute up to a maximum of six members, between owners and guarantors, to obtain of the loan. Both credit holders and guarantors may commit up to a maximum of 22% of their net income to integrate the fee. If you have income in a dependency relationship, you must credit it at Banco Ciudad; Self-employed people, registered responsible persons and monotributistas can also access it. The maximum age that the loan holder can have at the end of the credit is 70 years, and in the case of the guarantor it is 80 years.
Source: Ambito
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