The Government of the Province of Santa Fe together with the Banco Municipal (BM) officially launched the Nido mortgage loans, an initiative with which Santa Fe men and women from all over the province will be able to easily access loans to build, purchase or finish their homes.
The system will have four lines of loans for a total of $ 60,000 million, which will be destined to the construction and acquisition of houses; the completion of houses; individual credits of collective management; and for the acquisition or construction of houses by cession of rights.
The Nido mortgage loans will be available to all persons residing in the province of Santa Fe before 30 June 2024; family groups or single persons with demonstrable income equivalent to two Minimum, Vital and Mobile salaries for Housing Loans and one Minimum, Vital and Mobile salary for the completion. Also, those people in relation of dependency or self-employed workers and people who do not possess other properties will be able to accede to the credits.
Characteristics of the loans
The Nido mortgage loans will have a repayment period of 20 years for those who apply for them for the purpose of the acquisition and construction of housing and 5 years for completion.
The maximum amount to which each person will be able to apply will be up to $ 100 million for access to housing and $ 25 million for completion. The quota will be a quota in UVA value plus 4.2 % for the general demand and UVA plus 3 % for those beneficiaries who receive their assets in the BM, being currently the lowest quota of the financial system of Argentina.
It should be noted that the Acquisitive Value Unit (UVA) is equivalent to one thousandth of a square meter of construction and is updated daily by the Reference Stabilisation Coefficient (CER) - CPI. The amount of credit taken, and the instalments are represented in a number of UVA's and the value of the instalment arises from multiplying the number of Units by the value of the same at the date of payment. Over time, the UVA has maintained a correlation with the wage index.
Co-debtor system
On the other hand, in order to facilitate access to Nido mortgage loans, a co-signer system was created for those cases in which a person can apply for a loan but their income does not allow them to do so. Then, he/she will be able to get up to the third degree of consanguinity to the co-signers of that credit. This will allow the loan amounts to be much closer to the real amounts needed to build a house or buy a house.
Registration for the whole province
Each department of the province of Santa Fe will have a quota of access to Nido mortgages. Those men and women from Santa Fe who wish to register should do so by filling in the form available at www.santafe.gob.ar/nidocreditoshipotecarios. They should register by entering the characteristics of the loan they wish to apply for and the place in the province where they live, after which they will receive a confirmation email.
The BM will then check the credit data with the Central Bank of the Republic of Argentina to determine the person's eligibility and ability to obtain a loan, after which a list of eligible applicants will be drawn up. This list of eligible applicants will then go through a lottery process, which will be carried out by the Lottery of the Province of Santa Fe, as the amount of credit available for each department of the province is limited. The list of eligible applicants will be closed on the last working day of each month and those who are eligible will participate in the draw that will take place on the fifth working day of the following month.
Finally, it should be noted that it is not necessary for those who have not been drawn, either as holders or substitutes, to register again. The following month, the same procedure will be followed and more families from Santa Fe and more people from Santa Fe who wish to apply for these credits will be able to join. Once the draws have been made, the Municipal Bank will begin a process of communication that will continue with the appropriate documentation, confirming what was sworn and documented in the original application. In this way, the process of accessing the credit is completed.
More information is available at http://www.santafe.gob.ar/ms/nidocreditoshipotecarios.
