In order to help the population face improvement works in their own homes, the National Government maintains a line of loans with lower interest and longer terms than usual.
The credit, which is not mortgage but personal, is granted by Banco Nación to those who want to renovate, expand or finish the property they live in, as long as they meet a series of conditions.
When they launched this assistance, in September 2021, it allowed up to $2,000,000 to be requested. But recently they doubled the maximum amount, which was $4,000,000. Equivalent today to about US$ 13,800 at the blue change.
For its part, the amount borrowed and the interest can be repaid in 120 monthly installments, from now to 2032. That is, within a period of 10 years, well above the 6 or 7 years that almost all banks set as a limit for your personal loans.
How does the Banco Nación credit work?
The loan is available throughout the country with a single signature. That is, without the need to put the property or any other asset as collateral.
It is applied to the improvement of properties that are sole residences and permanent occupation. It can be used to cover the entire budget of the work, as long as the assistance does not exceed $4,000,000 or 50% of the appraised value of the property prior to the work.
Once approved, the credit is delivered in two parts. One is to start the work. The second, meanwhile, is charged up to 6 months later depending on the progress, and once the bank has verified that more than 70% of the first disbursement has already been used.
In total, everything should be finished in 12 months maximum.
Who can access and what are the requirements?
It can be requested by employees in a dependency or contract relationship, self-employed and monotributistas. Also retired people and pensioners.
Each application can be in the name of one person or two, but at least one of them must be the owner of the home.
To process the loan, meanwhile, it will be necessary to obtain a budget and a work schedule signed by a qualified professional (engineer, architect or master builder).
What interest rates apply?
The most advantageous conditions apply to those who have their salary or assets account at Banco Nación (or spend it there) and hire a service package from the entity.
For those clients:
-During the first year, a fixed nominal annual rate (TNA) of 55% is applied. Faced with this, today in the financial system personal loans are around 81% of TNA, according to data from the Central Bank. And for the next 12 months, inflation of 94.1% is expected.
-The second and third year, the rate becomes variable. Quotas will be adjusted every 12 months according to the Salary Variation Coefficient (CVS), an INDEC indicator that reflects the evolution of salaries in the country.
-From year 4 to 10, the installments will be adjusted according to a rate linked to that of the fixed term (“Badlar private sector” multiplied by 1.3), but with the guarantee that this rate may not exceed that of common personal loans from the bank.
For users who do not charge in the Nation or have a package, the same Badlar rate multiplied by 1.6 is applied from the beginning, with annual adjustments in the fees and also controlling that the interest level does not exceed that of free personal loans. destination.
How much do you have to earn to access the loan?
The conditions indicate that the initial fee to be paid cannot exceed 30% of the combined demonstrable income of the applicants and up to two co-debtors.
Bearing this in mind, it arises that, in the case of those who charge at Banco Nación:
- -To request $1,000,000: they need to earn more than $153,487 per month and start paying installments of $46,046.
- -To request $2,000,000: they need to earn more than $306,973 per month and start paying installments of $92,092.
- -To request $3,000,000: they need to earn more than $460,460 per month and start paying installments of $138,138.
- -To request $4,000,000: they need to earn more than $613,947 per month and start paying installments of $184,184.
How to apply for the loan?
To request the loan, you must first gather a series of documents and records that are detailed for each type of client on this official website, by tapping on “Documentation to present”.
Then you can start the process online by completing the form available here.
Source: The New Day Newspaper
