New UVA Mortgage Loans in Argentina: the details of the loans offered by Banco Ciudad in Buenos Aires today

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The Head of the Buenos Aires Government, Jorge Macri, launched the new mortgage loans from Banco Ciudad this Monday to acquire, renovate, improve, and expand homes. This measure seeks to benefit the middle class and support development in the Microcenter area. The new loans can be financed up to $250 million and have terms of up to 20 years in Purchasing Value Units (UVAs), plus an interest rate of 3.5% Annual Nominal Rate (TNA).

According to the City, some credits stand out for their accessibility, such as the monthly payment: for every $10 million requested over 20 years to acquire a home in the Microcenter of CABA, the initial monthly payment is $58,149.

Likewise, concerning the fee-income relationship, if the person, family, or group of borrowers have an income of $1,930,000, they can access, for example, a loan of $70 million with an initial payment of $482,000.

According to the City, some credits stand out for their accessibility, such as the monthly payment amount: for every $10 million requested over 20 years to acquire a home in the Microcenter of CABA, the initial monthly payment is $58,149.

Likewise, concerning the fee-income relationship, if the person, family, or group of borrowers have an income of $1,930,000, they can access, for example, a loan of $70 million with an initial payment of $482,000.

What do you need to know about new mortgage loans?

• They are for the acquisition, renovation, improvement and expansion of homes, both unique and permanent, as well as non-permanent.

• Financing reaches up to $250 million, with terms of up to 20 years.

• Includes two mortgage lines with similar characteristics.

• A line that allows you to acquire a first and second home in all the areas of influence of Banco Ciudad (AMBA, provinces of Córdoba, Mendoza, Tucumán and Salta), and another for the acquisition of a family home, unique and for permanent occupation in the Microcenter of the Autonomous City of Buenos Aires.

• Both are in UVAs; the general line has an interest rate of 5.5% + UVAs, and the Microcentro line has an interest rate of 3.5% + UVAs.

• The credits will be available starting today, Monday, April 29, through the Banco Ciudad website and in all the entity’s branches.

• They allow financing up to 75% of the property’s sale value to be acquired.

• The fee-income ratio must not exceed 25% of the applicant’s net income and/or his or her family group.

• The initial monthly payment for every $10 million requested over 20 years to purchase a home in the CABA Microcenter is $58,149.

• If the person, family or group of borrowers have an income of $1,930,000, they can access, as an example, a loan of $70 million, with an initial payment of $482,000.

• An extension of the term can be requested if the amount of the installment to be paid exceeds 10% of the installment value resulting from having applied to that loan a capital adjustment by the Salary Variation Coefficient (CVS) since its disbursement. . In these cases, the loan’s original term may be extended by up to 25%.

What Jorge Macri said about UVA credits

“We opened 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. The other is for Buenos Aires residents who want to access a unique and permanent family home in the Microcentro area. Also to carry out the reforms and expansions,” said Jorge Macri, 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 every day and 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 your 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. ”.

He maintained that “When the Microcenter Transformation and Reconversion Plan was launched, the objective was to turn it into an intelligent, sustainable and residential urban area. As part of this initiative, it was planned that Banco Ciudad would offer loans to acquire homes. Today that is materialized, and it is a way to give life and momentum to that area that, after the pandemic, was greatly affected by completely empty office buildings and uninhabited spaces converted.”

On the other hand, Muzzio said: “These new loans from Banco Ciudad 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. have”.

Both mortgage lines are in UVAs. The general line has an interest rate of 5.5% + UVAs, and the Microcentro line has an interest rate of 3.5% + UVAs. The specific line accompanies the plan of the CABA Government, which aims to develop and invest in the Microcenter through housing incentives and tax benefits in strategic activities.

These credits will be available through the Banco Ciudad website and in all the entity’s branches and allow financing up to 75% of the property’s sale value. In turn, the fee-income ratio must not exceed 25% of the applicant’s and/or his or her family group’s net income.

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. This government manages resources efficiently, and priorities are reordered.”

Source: Infobae


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