Details and requirements for accessing 30-year mortgage loans
The Province, City and Nation banks announced that they will offer new lines of mortgage loans to 30 years of term, adjustable for inflation and with quotas that, for every million pesos granted, will be similar to the values of a rental. The credits for the purchase of housing can be canceled within a period of up to 30 years: 360 installments that will be adjusted through the Unit of Purchase Value (UVA), and this will evolve according to the Consumer Price Index.
Public banks will finance between 75 and 85% of the value of real estate, up to $ 3,100,000 in the case of Banco Nación; while in the line of the City Bank the value of the housing will not have ceiling and will lend up to $ 2,000,000 for acquisition of new or used homes, and the Province Bank $ 2,700,000. They can obtain a credit for one million pesos family groups with incomes of between 18,500 and 24 thousand pesos, respecting a quota-income ratio that will oscillate between 25 and 30%. That is, with the extension of the payment deadlines the credits will be viable for sectors that until now could not access.
The fees and the amount of the fees will also vary according to the entity. Banco Nación will apply an interest rate of 3.5% for its clients and 4.5% for those who are not, and it is estimated that the monthly fee will range from $ 4,600 to $ 5,000 for each million pesos granted.
In the case of Banco Provincia, the quota for each million pesos will be about $ 5,931 for those who collect assets in the institution with a differential rate of 5.9% and a rate of 7.5% for those who do not. At Banco Ciudad, with a rate of 5.9%, beneficiaries will pay a fee of approximately $ 5,993. The City Bank will have the information available to applicants from Monday, while Nation and Province will do so in the coming weeks.
The general requirements for accessing the three lines of credit are:
• Employees must present permanent income with at least 3 pay stubs.
• The self-employed must show the proof of registration before the AFIP and the last 3 proofs of payment. Certification of net income extended by public accountant with signature legalized by the Professional Council of Economic Sciences and the last 3 payments of Gross Income or proof of exemption.
• The monotributistas must present proof of inscription, last 3 vouchers of payment and registration to the day, for the professionals, or municipal authorization for the merchants.
• In all three banks, the maximum amount of credit will be calculated on the basis that the resulting fee does not exceed a certain percentage of the income shown.
• The lines will grant a maximum term of 30 years, with a ceiling of around $ 3,100,000.
