First House BA Banco Ciudad is a program that offers you mortgage loans with the lowest rate in the market so you can choose and acquire your own home, paying for the credit fee an amount similar to the one you pay for a rent today. This is possible thanks to a subsidy of the interest rate by Banco Ciudad during the first 3 years of the financing term and a contribution by the IVC in the expenses of deeds for special cases.
First House BA Banco Ciudad is a new approach to housing policy, where citizens choose where and how to live, and through which the Government of the City of Buenos Aires helps, through an objective and transparent allocation system, to whom he needs it.
These mortgage loans launched almost two years ago are still in force in the financial market due to the success they had and together with the procreation are the main mortgage loans that are currently active with greater demand by citizens, this is mainly due to that interest rates are low compared to those prevailing in the local market and that they are lower than annual inflation, which makes them highly attractive.
To be able to participate in this loan, you must also take into account the following requirements:
The requirements to apply for a First House BA loan are:
- Being Argentine, or a resident foreigner with ID of foreigner.
- Be domiciled in the territory of the Argentine Republic.
- Be between 18 and 50 years old.
- Not owning or co-owning any real property, either in the country or abroad.
- Have monthly net individual income between $ 2,300 and $ 9,200 and sets between $ 2,300 and $ 11,500.
- Not having an unfavorable financial history.
- Do not have debts with the Government of the City of Buenos Aires (patents and infractions).
- Register on this page, complete the application and sworn statement, and get a score above the cut score.
First House BA is oriented to the young sector, and will give priority to applications between 18 and 35 years. Emphasis will also be placed on cases of disability, whether of the applicant, the spouse, or of a member of their family group.
They will provide the equivalent in pesos to purchase homes of up to $ 95,000 for families and up to $ 70,000 for singles. The loan will cover up to 85 percent of the unit’s value. While you can buy properties in any neighborhood, the unit can not cost more than $ 1,700 per square meter. Thus, in practice, it will end up benefiting operations in the cheapest areas of the real estate market.
Currently this loan already has more than 70,000 loans granted, of the 200,000 mortgage loans granted in the country, of which almost 100,000 are from procreation.
General Characteristics of the Loan:
- Term: 15 and 20 years
- In pesos
- Fixed Interest Rate: 10.5% in the first year, 12.00% in the second year, 14.50% in the third year, and 17.5% in the remaining years.
- Funding amount: properties up to 750,000 pesos (for applicants without children) and up to 1,000,000 pesos (for applicants with children), up to 85% of the value of the property.
- French amortization system.
In short, the loan launched by the City Bank is known as: First Home Mortgage Loan BA, a mortgage loan at a rate subsidized by the Government of the City of Buenos Aires and with really very advantageous conditions.