The Government of the city of Buenos Aires has
launched a new mortgage loan plan. This new loan plan targets to those people
that can prove having a minimum income of $2.300 pesos or more per month. The Mortgage
loan Plan took the name of “Primera casa BA” (First House BA), and it aims at providing
young people their own house, by paying affordable installments with accessible
interest rates. This new plan was launched through the IVC (Institute of Home
of the City) and the loan will be granted through the “Banco Ciudad”. Moreover,
through the plan, a financing of the 85% of the property value is expected.
In order to be eligible for the loan, the
following requirements are a must:
-
Being
between 18 and 50 years old.
-
Being
Argentine or having the residence in the country (for at least 2 years before
the application.)
-
Not
having history records of debts
-
Having
a net income from $2.300 to $9.200 (for individual applications); and from
$2.300 to $11.500 (for joint applications).
The type of home to acquire must fulfill the
following requirements:
-
It
should be to use as a permanent home.
-
It
must be within the City of Buenos Aires and Gran Buenos Aires.
-
It
must have a value of up to US$70.000 (for applicants without kids); and up to
US$95.000 (for applicants with kids)
-
The
square meter value must not be higher than US$1.700
According to the Head of Government in the City
of Buenos Aires, it is estimated that there will be given around 3.500 loans
during the first year. These (loans) will be given monthly through a score
system that will take into account: the house conditions, family situation and
income.
On the other hand, according to some
specifications, the mortgage loans will be given in pesos through the “Banco
Ciudad”, for periods of 15 to 20 years. Moreover, interest rates are fixed and
are of 7% (during the first year); 8.50% (during the second); 11% (in the third);
and from the forth years on, the interest rate will be of 14%.
