The UVA mortgage credit market offers various alternatives for self-employed individuals, providing financing for the acquisition of homes. The options vary in amounts, rates, and terms, facilitating access to different financial institutions.
Among the banks that provide financing to self-employed individuals, Hipotecario offers terms of up to 15 years, with an approximate amount of USD 170.000 and financing of up to 80% of the appraisal. Ciudad extends the term to 25 years, with an amount of up to USD 248.000 for the first home or USD 70.000 in other cases, financing 70% of the property value, according to economist Andrés Salinas. Brubank and Banco Nación also present alternatives for self-employed individuals, with amounts close to USD 216.000, although with differences in terms and financing. Brubank offers loans for 30 years with 70% coverage for first homes and 60% for second homes, while Nación reaches terms of up to 30 years with 75% financing.
Other banks like Macro and BBVA do not set a maximum amount. Macro grants loans for 20 years with up to 90% financing for those under 30 years old, although this percentage decreases for larger or smaller transactions. BBVA, with terms of up to 30 years, finances 80% of the appraisal. Credicoop offers an amount of approximately USD 141.000 for up to 20 years, with 70% financing for first homes and 50% for second residences. Banco del Sol and Comafi also add options, with varied amounts and terms.
Interest rates for self-employed individuals tend to be higher than those offered to salaried workers who deposit their paychecks in the bank. For example, Banco Ciudad applies a 9% rate for those who deposit their salary, which can rise to 15% for those who do not. In Brubank, the rate is 12%, while in Nación it is 6.7% with a salary and 12% without it. Macro and BBVA present similar rates, and Credicoop offers the lowest rate in the analysis, at 7.5%. The institutions usually set a cap on the payment-to-income ratio at 25%, except for Banco Hipotecario, which sets a limit of 20%.
Galicia and Santander present distinctive options in the UVA credit realm. Both institutions require that the applicant have a salaried position, but allow the inclusion of self-employed income as additional revenue. Galicia offers loans for up to 20 years without a maximum amount, financing 70% of the appraisal with a rate of 9.5% if the salary is deposited. Santander has similar conditions with 70% financing and the option to include spousal or partner income.
The requirements to access mortgage credits vary among institutions, with some requiring that the applicant be up to date with payments to AFIP, while others may request proof of payment of the self-employed tax or seniority as a self-employed individual. For more specific information, it is recommended to inquire directly at the branches.
Source: www.infobae.com
