Mortgage loans: the Government will use funds from Anses so that banks give loans with a rate cap

The scheme includes tenders for $2 billion to extend deposit terms that the fund maintains in banks and make it easier for entities to offer housing loans for longer terms. The first tender, for $200 billionis scheduled for next week.

The banks, first, will have to compete for who gets the long-term funding of Anses. Caputo mentioned that they must offer the FGS a minimum rate of UVA plus 2.5% annually for placements of one year and up to UVA plus 4.5% for terms of five years.

In exchange, they will have a limit for the mortgage loans they grant with those funds: They will not be able to charge more than UVA plus 7.5% annually. “The banks They can lend at a lower rate, but not more“explained the Minister of Economy, Luis Caputo.

The program aims to finance 17,000 first homesalthough the final number will depend on the amount of loans granted by the banks.

The Government took as a reference the current average amount, close to US$ 80.000while the maximum credit will be 150,000 UVAs, equivalent to about US$ 200.000. “There is no number of housing solutions, It depends on the loan amounts that the banks give“Caputo clarified.

The objective is to attack one of the main problems that, according to the Government, limits the development of mortgage credit: the mismatch between the term of loans and that of bank deposits. “They are loans for 15, 20 or 30 years and the bank deposits to finance them are between one day and 30 days for a fixed term,” Caputo explained.