Real Estate/Mortgage Question

citygirl

Registered
I'm hoping some of the real estate experts can chime in here. Does anyone know which banks are offering mortgages and have a basic overview of the terms/rates/etc. Also, does anyone know what the minimum requirements are for foreigners with legal residency (aka, minimum 1 year in country working, etc?)

Thanks.

PS - Just to clarify, I would only be looking at fixed-rate mortgages in pesos. I am aware that it is more common to buy in cash in dollars but am interested in exploring additional options.
 

steveinbsas

Registered
The only "affordable" mortgage loans are subsidized by the government. The quoted interest rates (14.75%-17.39%) vary with the age of the property, but the "actual" interest rate is about 20% per anum.


Here are a few highlights from the Banco Nacion's website:

http://www.bna.com.ar/bp/bp_creditos_hipotecarios_vivienda_unica.asp

I believe the maximum loan amount available is $210,000 pesos and you would need to have at least $100,000 pesos in cash for a down payment to "borrow" that much.

You must have permanent residency and not reach the age of 65 before the loan reaches maturity.

If you own your own business it looks like you must show proof of at least two years previous income...if not more.
 

Matt84

Registered
Why not owner's financing? There're plenty of pre-construction and completed projects in which the developers offer finance in the form of a several payments contract with very flexible/negotiable terms. Same with individual owners.

Otherwise I guess Banco Hipotecario

Oops, thought you were interested in purchasing property - in that case I know some people who offer private loans.
 

nikad

Registered
citygirl, you are chasing a dream. There is no such thing as fix rate loans right now, the very few banks that offer mortgage loans charge almost 20% interest. they will only give 70% of the money, you must have everything en blanco and the monthly payment cannot exceed 30% of your income. You must have at least 2 -3 yrs in your current job else around 4-5. My humble advice: do not bother!

Here you can check all the credit lines available from banks in the city http://www.zonabancos.com/ar/productos-bancarios/prestamos-hipotecarios/1824-provincia-capital-federal.aspx
 

citygirl

Registered
Fair enough - thanks all. I'm not concerned about the financial qualifications, everything would indeed be en blanco but I was unsure about the length of residency. It does appear there are some fixed rate loans available.

Matt - would be interested in speaking to someone if you know of anyone and yes, it is for purchasing property. Again, I would only consider fixed rate in pesos. (there is a method behind my madness of considering a mortgage:D) Banco Hipotecaria seems to have the best options - I will go speak to them directly.
 

nikad

Registered
What I have heard so far from many friends, etc is that most mortgage loans that have " fixed rate in pesos " only do so for the first 2 years, after that it changes to variable... if you find anything interesting, please post back :)
 

mini

Registered
nikad said:
citygirl, you are chasing a dream. There is no such thing as fix rate loans right now, the very few banks that offer mortgage loans charge almost 20% interest. they will only give 70% of the money, you must have everything en blanco and the monthly payment cannot exceed 30% of your income. You must have at least 2 -3 yrs in your current job else around 4-5. My humble advice: do not bother!

Here you can check all the credit lines available from banks in the city http://www.zonabancos.com/ar/productos-bancarios/prestamos-hipotecarios/1824-provincia-capital-federal.aspx
If inflation is at 30% and the loans are at 20% it seems it's actually not a bad deal at all.
 

nikad

Registered
mini said:
If inflation is at 30% and the loans are at 20% it seems it's actually not a bad deal at all.
If you check the interest rates banks charge now you will see they are much higher than that, I had just posted what I had heard last time I asked...
 

Chaz

Registered
Good luck with your search.

As far as I can see this is not a place to borrow money, rates are skyhigh and confidence low in the banks.

They do not want to lend due to lack of funds and high inflation.

Saying that the best of luck, I always wrote off the idea, borrowed abroad and sent it over here.

Regards
 

citygirl

Registered
mini said:
If inflation is at 30% and the loans are at 20% it seems it's actually not a bad deal at all.
Got it in one;) And the economic report I read today for '11 and '12 here was certainly not optimistic re: inflation.

I'm not actually sure I would even be able to get one but I will look into it - if I hear anything, I will report back.
 
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