Although, after the devaluation and high inflation rates of 2018, the growth of the mortgage credit market fell sharply, and public banks continue to offer them. Sure, The conditions to access the majority and pay the fees are no longer the same as those of April last year.
Thus, the economic situation poses two situations. First, the problem faced by those who receive a VAUA credit, which is indicated by the consumer price index (CPI) of Indek, to which the monthly fee increased between 30 and 40% due to the increasing increase. . Second, Changing the conditions to get a loan makes it virtually impossible for an employee to access these days.
The letter of the contract with the bank indicates that if the quotas increase 10% more than would rise if adjusted by the Salary Variation Rate (KWS) of Index, the debtor can request an extension of the payment term up to 25 percent. So, if a 30-year loan is taken, it can stretch up to 37 years (only one extension is allowed per credit).
The increase in quotas is also a matter of concern to the government. Therefore, from public banks, they began to analyze a scheme that improves conditions. "We are working on protection mechanisms for the debtors, as requested by the government, but there is still noTo, "they said Infobae Of one of the entities.
Another public bank pointed out that at this moment, "there are very few customers" who have the problem and estimate that "the main option is to extend this term by 25%: in 2018, the increase in inflation exceeded that of the CWs. About 20 points, one of the options under study is to implement a kind of insurance that would be activated when the quota-index relationship exceeds a certain percentage.
"Salaries have been one of the most affected variables in 2018, primarily after the devaluation of the exchange rate, which allows liquidation of government spending, but in turn has a strong impact on purchasing power due to the acceleration of inflation in October, the Salary Index. Advanced 3.7%, down from 5.4% in the Consumer Price Index.In the first ten months of the year, the indicator showed an increase of only 22.98% almost 20 points below inflation, which was at the same time at 39.5%, " He said. Rodrigo Álvarez or Analytica.
The situation can be explained by a practical example. A person who will be in September of 2017 He took a $ 1.8 million loan and started paying $ 14,400 a month in December, when he paid $ 20,400 in December. In this case, the quota value increased by 42%, while the CVS rose by 22.5%. That client would be very close to the conditions to ask the bank to activate the extension right now.
But how he knows Infobae, Those debtors who crossed the difference of 10 points, They will be able to go to this tool as March, once the Indek allows payroll data for November and DecemberSo, what are the biggest differences between income and inflation?
Of the Nation's Secretariat of Housing, Accused of Ivan Kerr, estimated that about a total of about 150,000 loans were granted, mostly by public banks, there are about 30,000. At the end of last year they are in a position to request the trigger claws to release the quotas. The larger part corresponds to the procrastic modality.
In addition, the situation with doubts about quotas has led to opposition to presenting him last year. Marcos Peña, And to the Minister of Finance, Nicolás Dujovne, Two bills.
One of these texts was written by the deputies of Unidad Syudadana, and is aimed especially at those who have taken home mortgage loans. It suggests that the growth quota has been updated by the inflation index or by the wage index, which is always lower.
The other project was promoted by the Senate's functional block and was signed by 16 senators to make the presidential block. Angel Angel Pichetto. There is a scheme for those who took out "mortgage loans for the acquisition, expansion, renovation or termination of a single home" that does not exceed 100,000 UVA.
As one proposed in the House of Representatives, this project seeks to implement a "change of coefficient of change": that debtors can increase the amount of installments or "life" of the loan by 5%, which would mean a loan from 25 years to extend it in almost two more years, so not to increase quota. The other point is identical to the one proposed by the deputies: "Modify the way to update the quotas" by adjusting them "by cvs" so that "the worker pays the future installment of his credit with an adjustment similar to his salary".
Another option is to create compensation phones that are activated when the quota income ratio exceeds a certain limit, an idea taken by the Deputy Renovador's project. Marco Lavagna.
According to the CPI variation, the monthly payment and the total amount of debt in the UVA credits, launched in June 2016, are updated monthly. At this time, these requirements are very accessible and a fall in the inflation rate and a stable dollar are expected, but the fact was another. In the beginning, the quotas are comparatively low and, in some cases, level or slightly above the value of a similar home rental.
"The simulations that the banks had to project the evolution of quotas in different economic scenarios at any time project this fact," said a credit analyst at a local private bank. While since July, quotas have increased up to 40%, with a price increase of around 48% for all 2018, rents in the Buenos Aires area, which grew less than 30%.
Since June 2016, public banks have generated a mortgage credit boom with 30-year loans in UVA at rates of 3.5 percent per year. But with the devaluation and the rise in interest rates, conditions changed drastically. In April of last year, the rate of the National Bank from 5.5% to 6.5% for those who deposit the salary at the bank and 8% for external clients. Last November it rose again to 10% per year.
Total loans were given a peak in March last year with a total of $ 13,937 million. Last December, the amount was reduced to $ 2,963 million. Although the devaluation doubled, the value of the US dollar-denominated properties slowed down in recent months due to the downturn in operations.
At the Banco Provincia de Buenos Aires, the rate is 8.3% per annum today, but the maximum term of the loan is 20 years. The City Bank currently has a 7.5% rate for clients (8.9% for the rest). The private ones, meanwhile, have interest rates ranging from 13.5 to 16% for credits between 10 and 30 years.
In this scenario, A family that wants to buy a home of 100,000 USD (about $ 3.8 million) needs to spend about $ 105,000 a month and have about $ 750,000 of their own savings (The bank only lends 80% of the total housing).
The economist Ariel Setton He explained that recently, before the devaluation of every $ 1 million for a 30-year loan, at 3.5% per year, a family had to pay an initial fee of about $ 4,500, which will be updated every month. To access the credit they need $ 18,000 for every $ 1 million requested. "The interest rate increased in some tranches, which increase the interest rate of the loan and the devaluation and the increase in the value of the dollar property made that more pesos are required for a mortgage""Setton says that this implies an interest rate of more than three times that was previously paid.
The mortgage interest rate rises also occur in a context in which the central bank gradually began to lower the reference rate. The rate of liqueur has risen 10 points in the last month, although it remains high at 63% annually.
However, the most urgent problem of these days is that of those who have already taken a credit to UVA and now can not be in a position to face the payment of the fee for the increase in inflation.