Martin Grosz
02/22/2021 21:15
Clarín.com
Services
Updated 02/23/2021 18:15
Once upon a time, there was a country in which a middle-class tenant with little savings could go to any bank and take out a loan to
become a homeowner,
paying fees similar to rent for decades.
That
story
was tried many times in Argentina, but it never lasted long.
And in recent years, by dint of devaluations and uncontrolled inflation,
it has
definitely
ended
.
Lately, in fact, the news about mortgage loans has been limited almost exclusively to the debate on what to do with the more than 100,000 families that accessed their own home between 2016 and 2018 with
UVA credits
, and who are now protesting the impact of the high inflation in your fees.
But mortgage credit, although it hardly shows any signs of life,
is not dead
.
Outside of the official housing plans - which are accessed only by lottery - banks
continue to offer money
for their own home, to be returned in up to 15, 20 or even 30 years.
Of course, with rates, conditions and requirements that can be
prohibitive
for those who need more assistance.
Although those who already have savings or are owners and seek to "expand" can get, with this tool, the small "push" they need to reach the amount.
How much money can you ask for today in banks to buy a home?
With what modalities, what quota amounts and how much do you have to earn in order to access?
After a survey of the market and consulting sources in the sector,
Clarín
reconstructed what the current situation is.
Prices in dollars are falling in the City, but they are still very high for the income level of buyers.
Photo Marcelo Carroll
The numbers of Banco Nación
Banco Nación, being the entity that has provided the most mortgage loans in recent years and with
the most advantageous conditions
, is an obligatory reference.
Today on its website it only offers those that are delivered in Purchasing Value Units (
UVA
), a modality by which fees are paid each month in pesos adjusted according to the official inflation index.
For the purchase of a
single
and permanent occupation home, the entity offers to lend up to 164,000 UVA (now equivalent to
$ 11.2 million
, at a UVA value of $ 68.37) to be repaid
up to 20 years
, with a fixed rate Annual nominal of 8% for those who certify their assets in the entity (and 13% for the rest).
With the loan you can finance
up to 80%
of the property, with which you can buy homes with up to 205,000 UVA (about
$ 14 million
).
On the other hand, each household can only apply for a loan whose down payment does not represent more than
25% of their
total demonstrable
income
(that is, blank).
One of the recent protests of the "mortgaged UVA" against the adjustment of their quotas for inflation.
With these parameters, what numbers would a loan close to the maximum that can be requested today yield?
For example, asking for
$ 10.9 million
to buy a
20-year
home for $ 13.7 million
.
According to the simulator of the largest public bank, that equation would yield
a down payment of $ 93,026
per month (which then rises tied to inflation).
And, to be able to apply, they would need
income of $ 364,711
, which is equivalent to a
couple
that each earn more than $ 182 thousand.
The purchasing power of the borrowed
Now, supposing that by adding family members as co-debtors, it is possible to qualify for the maximum loan, what could one buy with that money?
That, in the middle of the exchange rate, depends a lot on what type of exchange is applied.
If the official were taken (close to $ 94), $ 11 million would yield about
$ 117 thousand
.
But if you have to go to the Stock Market dollar or MEP (these days around $ 140), it would be only
US $ 78,500
.
Currently, as explained to
Clarín
in the Central Bank and in different entities, whoever takes out a mortgage for a single home is enabled to buy
up to US $ 100,000
with pesos loaned at the official value, that is, without PAIS tax or withholding of the 35%.
For purchases of more than US $ 100,000, it only remains - within the legal - to cover the difference by making use of saved green bills or getting the rest of the amount in the Stock Market with a bond operation.
In this last way, in total, with the maximum loan of about $ 11 million, about
US $ 111,400 is obtained
(which, remember, must be up to 80% of the total value).
Is that a lot or a little?
As a reference, according to the latest official report of the City, in Buenos Aires land the price of a
studio apartment
averages US $ 103,994 if it is new, and
US $ 89,854
used.
The City pays almost US $ 90 thousand for a studio apartment in an average neighborhood.
Photo Mario Quinteros / Archive
For its part, a
2-room apartment
is priced at US $ 139,373 brand new, and
US $ 115,383
if used.
For a used 3 rooms, US $ 167,400 is needed, while a new one is around US $ 218,382.
In the GBA and inland cities, values can be much more accessible than those.
An option for those who are closer
These accounts make it clear why the demand for loans, after the boom of 2016 and 2017, was reduced to a minimum.
Since the pandemic began, in fact, Banco Nación has not completed more than
20 grants
, according to
Clarín
.
Something that was officially justified by the need to prioritize lines aimed at economic reactivation and social assistance.
UVA mortgages, however, are still on sale.
And they can serve those who do not need so much money and just need a "push".
For example, because they already own and can sell their current home to go to something a little bigger, making a small difference.
Or because, between savings and some inheritance, they
already have most of
the value of the property to which they aspire.
For example, if the buyer were missing
$ 5 million
(with which he could buy US $ 53,200), he could ask them to return in 20 years with a down
payment of $ 43,673
, showing
net income of $ 167,300
: in a couple, that is equivalent each one to earn more than $ 83,650 after deducting the payment of other debts.
The Nation no longer gives 30-year mortgages, as was the case in 2017. Now the maximum term is 20. Photo EFE / Archive
In another case, for those who only need about
$ 3.5 million
from the bank
(with which they could buy US $ 37,324) to be able to deed, the 20-year UVA loan from the Nation would give them an initial fee of $ 31,125, which translates into a
minimum household income of $ 117,109
net to qualify (in a couple, each member earning more than $ 58,500).
They are equally very high values for the vast majority of the population.
According to the latest Indec data (from the third quarter of 2020), nationwide, households with incomes had been receiving an average of
$ 61,987 per month
.
And only the richest 20% achieved a total income greater than $ 103,065.
More than $ 169,910 per month only goes to the wealthiest 10% of households with income.
The panorama in other banks
What mortgage offer do other important entities maintain today?
CITY BANK.
Continuing in the public sphere, and outside the official housing plans,
Banco Ciudad
is offering a
20-year line
in pesos (not in UVA) that has a fixed rate of 26% for the first 12 months and then a variable which will be adjusted according to the Badlar rate plus 6 percentage points.
With this method, they deliver
up to $ 5.8 million
to finance
up to 75% of the value of the property
to be purchased (or up to 100% of the budget for a refurbishment, improvement or extension).
The initial loan installment, meanwhile, cannot exceed 40% of the family's net income.
How much do you pay?
For every $ 100,000 received over 20 years, the initial fee is $ 2,181.
With which, when asking for the maximum of $ 5.8 million (which yields about $ 61,700) to buy a property of up to $ 7.73 million, a
$ 126,500 fee
arises
with a family income requirement of more than $ 316 thousand a month.
And if you ask for half, about
$ 3 million
(to get about $ 31,900), the results are
quotas of $ 65,430
with a family income requirement of $ 163,575.
PROVINCE BANK
.
The Province also offers mortgage loans with terms of up to 20 years and a variable annual rate equivalent to the fixed term rate plus 4 percentage points, with a cap of 24%.
The maximum amount provided by Bapro is the equivalent in pesos - at the official value - of
US $ 250,000
(about $ 23 million).
This to finance up to
80%
of the property's
value
.
And it is established that the fee can only affect up to 40% of the income of each holder.
Own home, a dream still unattainable for millions of tenants.
In this way, according to the bank's online simulator, if some
$ 10 million
are requested
over 20 years to acquire a $ 12.5 million property, an
initial fee of $ 202 thousand
arises
and the need to prove
income of $ 630 thousand
.
When requesting $ 6 million, meanwhile, the fee would be located at $ 122 thousand for income of at least $ 381 thousand of the holders.
And if only $ 3 million is required, the initial fee would be $ 60,700;
and the required income, in $ 189 thousand.
"It is a loan that has multiple destinations: while 60% opt for the acquisition of real estate, 37% take the loan for construction," they explained to
Clarín
in Bapro.
MORTGAGE BANK
.
This entity, specialized in the matter, currently offers the general public UVA loans of
up to $ 5 million
to finance up to 80% of the property to be acquired and returned within a maximum term of
30 years
.
The fixed rate is 12.9% to 13.5% per year (in addition to the adjustment for inflation) depending on the type of customer.
And there is a
quota-income
ratio
of 25%
maximum.
BBVA BANK
.
To buy a permanent home, lend in pesos up to
$ 15 million
over 30 years for up to 75% of the property's value.
This with a fixed rate for clients of 55% nominal per year and a fee-income ratio of up to 30%.
With this scheme, for every
million
pesos loaned for 30 years, the initial fee is
$ 45,909
.
Therefore, for example, when requesting about $ 4 million, fees of $ 183,636 and an income requirement of $ 612 thousand arise.
Few operations, small amounts
In the vast majority of banks, the mortgage supply in general has been very limited and in this context there is also no great will on the part of companies to promote these operations.
"Today we only offer UVA mortgages, but they are hardly in demand nor are they being promoted because, with such high inflation, they are not convenient for anyone", they are sincere in an important private entity, which does not have the traditional lines available today. fixed rate because, as they explained, "with current inflation the debt soon ends up completely liquefied."
"Currently, those who request mortgage loans do so for amounts equivalent to no more than US $ 30,000 or US $ 40,000, which is around 30% to 40% of the value of what they buy. They gather most of the value by selling savings or a property they already have, and with the credit they complete what they are lacking to buy, "they explained to
Clarín
from Banco Ciudad.
And they added: "These credits are also requested to renovate and expand. For example, to
add a room or a bathroom
. And the attraction is that they allow access to a much greater amount than that of a personal loan."
Although they recognized that currently the amount of placements is "marginal" compared to other times.
In this regard, Claudio Vodanovich, general secretary of the Argentine Real Estate Chamber (CIA), considered before
Clarín's
query
that currently the use of mortgage loans is at minimum levels because "
the rates are very high
", the prices in dollars of the properties they are still "settling in" with very few meeting income requirements.
According to him, the operations of this type that are carried out are mainly aimed at purchases "
from the well
", where the buyer begins to pay in pesos while the work is being done and at the end of the deed generating a mortgage to continue payments from 50% to 70 Remaining% of the value.
"Normally the funders are the public banks," he added.
MG