Mortgage loans: the innovative tool that Banco Nación launched in Mendoza

Mendoza is one of the provinces where the BNA or Banco Nación has granted a significant number of mortgage loans. In fact, it accounts for almost 10% of loans granted in the country since the financial institution launched this tool in the middle of last year. For this reason, the province was chosen for the launch of an innovative site that will serve to speed up the time between when people decide to take out a loan and when they find their dream home.

"Hogares con BNA " is the new marketplace designed to connect real estate agencies, licensed brokers, and interested clients to purchase a property with financing from Banco Nación. Lucas Ponisio, the bank's Product and Mortgage Development and Management Manager , explained the reasons for choosing Mendoza to launch a website that will soon be rolled out to the rest of the provinces.

"We have a strategic and long-standing relationship with Mendoza because we are the province's financial agent," Ponisio emphasized. Since the launch of the loans nationwide, approximately 1,000 mortgages have been issued in Mendoza, and more than 3,000 applications are pending. "We understood that this was the place to start with Hogares con BNA (Homes with BNA) and then expand across the country," the professional explained.

Currently, the mashogaresconbna.com.ar platform is operational and has 200 properties listed in Mendoza. However, the goal is to add more properties, thanks to agreements with developers, federations, chambers of commerce, and real estate associations. In the future, the option will even be offered for owners to list their properties as "owners for sale." The average loan amount this entity currently issues is 85 million pesos .

"People will be able to access the site, simulate a loan, and digitally complete almost the entire process, from applying for the loan to closing the transaction," explained Javier Comba, Deputy General Manager of Personal Banking at BNA . The unique feature of the tool is that anyone will be able to access the simulation and search for properties, whether or not they are a customer of the financial institution.

It's important to keep in mind that the high demand for loans is due not only to the need of Mendoza residents, but also to the fact that the Nación bank currently has the lowest interest rate on the market. It currently ranges from 4.5% to 8%—plus UVA (UVA), while those who are customers and receive their salaries through this institution can obtain 90% of the loan. Other banks grant 75%, so the remainder must be saved, making it difficult for more people to access the loan.

The site will not only offer the option to search for loans for first-time homeowners, but will also be more comprehensive, allowing potential borrowers to inquire about other uses, such as second homes, construction, or renovations. Listed properties will be eligible for loans, which means not only that they are deedable but also that they have survey and construction plans.

The goal of making credit-eligible homes available in one place also aims to shorten turnaround times. Currently, it can take about 80 days between loan pre-assignment and closing, but with the possibility of digitalization, this time is expected to be reduced to 55/60 days. This differential in the time it takes people to find the home they want and can afford is the main benefit of the Más Hogares con BNA marketplace.

Regarding mortgage loans, the bank's managers stated that the institution will seek to sustain growth in the segment and continue to lead the way in this offering. "This year, we have budgeted for more than 16,000 mortgages and we will exceed that goal," the executives emphasized, also highlighting the digital transformation the organization has begun to pursue.