Mortgages!

[carride]

Just saw this while browsing the news:

Short terms and specific purposes. With mortgage loans verging on extinction, what loans exist and what the fine print hides

That is the best type of information, since it explains with real numbers and research. I enjoy “heard on the street“ and “what I know“ statements sometime as well, but not as much as what I read in mainstream media. The lanación report from July also stated the mortgage loans are at the lowest levels in the history of Argentina.

translated via Google:

“After the failure of UVA credits, today these credits are almost non-existent. “The macroeconomic situation does not favor access to new financing and restricts the supply of private banks,” said Guillermo Barbero, partner at First Capital Group. Some entities, however, offer options. Banco Provincia is one of them. It lends up to US$250,000 at the official exchange rate ($365.50), which today would be equivalent to $91 million. The money can be used for the purchase, renovation, expansion, construction or completion of homes and the applicant has a period of 20 years to return it. Today, the financial cost is 136.17% annually. However, to access that amount, you must face an initial fee of $6,749,106 (fee plus interest).There is a similar credit for the purchase of land, premises and garages, but the financial cost amounts to 161.44%. At Banco Hipotecario, UVA credits are still valid (adjusted for inflation, plus a financial cost of between 14.6% and 17.01% annually). Up to $20 million are offered for the acquisition or construction of a house (US$54,720 to the official) and $10 million for expansion and completion (US$27,360). The money is delivered in pesos, but by resolution of the Central Bank, beneficiaries can access the official dollar without taxes, at $365.50. The term is 30 years.”

 

[earlyretirement]

That is the best type of information, since it explains with real numbers and research. I enjoy “heard on the street“ and “what I know“ statements sometime as well, but not as much as what I read in mainstream media. The lanación report from July also stated the mortgage loans are at the lowest levels in the history of Argentina.

translated via Google:

“After the failure of UVA credits, today these credits are almost non-existent. “The macroeconomic situation does not favor access to new financing and restricts the supply of private banks,” said Guillermo Barbero, partner at First Capital Group. Some entities, however, offer options. Banco Provincia is one of them. It lends up to US$250,000 at the official exchange rate ($365.50), which today would be equivalent to $91 million. The money can be used for the purchase, renovation, expansion, construction or completion of homes and the applicant has a period of 20 years to return it. Today, the financial cost is 136.17% annually. However, to access that amount, you must face an initial fee of $6,749,106 (fee plus interest).There is a similar credit for the purchase of land, premises and garages, but the financial cost amounts to 161.44%. At Banco Hipotecario, UVA credits are still valid (adjusted for inflation, plus a financial cost of between 14.6% and 17.01% annually). Up to $20 million are offered for the acquisition or construction of a house (US$54,720 to the official) and $10 million for expansion and completion (US$27,360). The money is delivered in pesos, but by resolution of the Central Bank, beneficiaries can access the official dollar without taxes, at $365.50. The term is 30 years.”

I like the "almost non-existant" part of it. That's pretty much what some of us said several posts ago. Much of what some of us are posting isn't "heard on the street". It's because we live it, it's our craft, our industry and our passion. Our friends all work in banks, we have contacts with the political system in Buenos Aires.

Some people on this board aren't just posting to post but they are trying to educate and help the masses.

 

[carride]

Some people on this board aren't just posting to post but they are trying to educate and help the masses.

Yes it has been several days since I agreed with your points and posted news articles to correspond to your statements. I appreciate you sharing experience, though I also need to search out real numbers from news sources. When they matched your statements, I posted to help others who may be wondering the same.

 

[earlyretirement]

Yes, thanks so much for posting all of those supporting articles. Sometimes even online they will say "available" but my point is they are NOT. Like the other posters mentioned, if you go talk to a bank they laugh and say no way or they haven't been offered for a while. Such is life in Argentina where the right hand doesn't know what the left hand is doing. Thanks for the valuable contribution to this website. This is what OUR community is all about and why it's the best source of Ex-pat news in Buenos Aires in the world.

Have a great day.