The government of Jorge Macri launched this Monday the already announced UVA mortgage loans from Banco Ciudad that will serve for the acquisition, renovation, improvement or expansion of homes. “The entity decided to take a step forward in this context of falling inflation, which is still high, but has a clear downward trend, in order to fulfill the dream of being able to access one’s own home,” said the head of Government. Buenos Aires, Jorge Macri.
In this way, public banking joins last week’s announcement along the same lines from Banco Hipotecario. The two lines that they presented will allow us to take up to $250 million, for terms of 10, 15 and 20 years.
The ad targets the middle class and the loans are of two types: one allows you to acquire a first and second home; the other makes it possible to buy single family property for permanent occupation in it Microcenter.
Los New credits are now available through the Banco Ciudad website and in all branches Of the entity. The financing is up to 75% of the sale value of the property to acquire; In turn, the fee-income relationship should not exceed 25% of net income of the applicant and/or his or her family group.
The Head of Government added: “Every measure we promote is the product of management that takes care of resources to offer Buenos Aires residents a better quality of life. In this Government, resources are managed efficiently and reordering priorities.”
“They are credits with a UVA update and a rate above that update of 5.5 for the credit in general and a rate differential of 3.5 in the case of the microcenter,” Macri explained. And I add: “It will be one of the best loans that the market will offer.” and that obviously to the extent that the economy improves, salaries increase in their updating to inflation, it will allow many people from Buenos Aires, many Argentines, to access this dream of owning their own home.”
Banco Ciudad’s proposals offer an annual nominal rate of 5.5% plus UVA for proposal one; and for the second option, it will be 3.5% plus UVA for those who apply to purchase a property in downtown Buenos Aires. Basically, to transform an office into a home.
This more economical option is explained by the regulations of the government of the City of Buenos Aires that is providing facilities – among other taxes – for those who invest in an area that was severely affected by the pandemic, and that lost the vitality that was observed there until March 2020. Logically, in either case, the capital owed will be adjusted at par with the value of the Purchasing Value Unit (UVA), that is, inflation.
They are credits that stand out for their accessibility, for example, in relation to the amount of the monthly payment: every $10 million requested over 20 years To purchase a home in the CABA Microcenter, the initial monthly payment is $58,149. Likewise, with respect to the fee-income relationship, if the person, family or group of borrowers add income for $1,930,000, can access, for example, a loan of $70 million, with an initial fee of $482,000.
The loans presented by both the Mortgage Holder and the City agree on a requirement. There will be priority in the granting of credits to those who have a salary account opened in those entities.
“We open registration for two lines of mortgage credit. One is for those who wish to acquire a first or second home in the areas of influence of Banco Ciudad: AMBA, Córdoba, Mendoza, Tucumán and Salta. And the other is for Buenos Aires residents who want to access a unique and permanent family home in the Microcenter area. Also to carry out the reforms and expansions,” said Macri, who was accompanied by the Deputy Head of Government, Clara Muzzio; and the president of Banco Ciudad, Guillermo Laje.
Likewise, he indicated: “This has the objective of supporting the middle class, those who work, those who fight it every day and they strive to move forward despite the difficulties. We believe that if we help a little with the effort they will achieve that freedom that comes from being able to put their head on the pillow and say, This place where I am sleeping, even if it takes 20 years, will be mine, which is the dream of housing.”
In turn, he maintained: “When the Microcenter Transformation and Reconversion Plan was launched, The objective was to convert it into a smart, sustainable and residential urban area. As part of this initiative, it was planned that Banco Ciudad would offer loans for the purchase of homes. Today that is concrete and it is a way to give life and momentum to that area that, after the pandemic, was greatly affected with completely empty office buildings and uninhabited spaces that were converted.”
On the other hand, Muzzio said: “These new loans from Banco Ciudad They are a key tool so that more and more families can leave behind the effort of paying rent and have the opportunity to access their own home or expand or renovate the one they already have.”
