UVA mortgage loans: obstacles to buying the MEP dollar were eliminated

The return of the UVA mortgage loan is one of the economic milestones that the Government wants to promote these days. Now the National Securities Commission announced that From Monday it will exempt from “parking” (the obligation to maintain possession of a bond for 24 hours) associated with the purchase of the MEP dollar for those people who are about to sign a mortgage with the bank.

“The National Securities Commission (CNV) readjusted the requirements around certain operations of negotiable securities with settlement in foreign currency and in local jurisdiction (MEP), within the framework of UVA mortgage loans granted by local financial entities for the acquisition of real estate,” the financial market regulator reported this Monday.

This solves one of the barriers that bank clients encounter when taking out a home loan: Financial entities disburse the loan in pesos, but properties in Argentina are paid in dollars. To access the quote of the “stock market dollar” you had to wait 24 hours and that delayed the writing.

Now, starting next Monday, financial institutions They may exempt credit borrowers from that parking, so that they can access the bond market and thus the dollar, the same day the operation is carried out.

“The modifications introduced by RG CNV No. 1004/24 exempt such operations from June 10, with respect to (i) compliance with the minimum portfolio holding period to process them (commonly referred to as Parking); (ii) the prior information regime (commonly referred to as scheduling) required to carry out its sale with settlement in foreign currency and in local jurisdiction (MEP); and (iii) the restrictions on sales against foreign currency in cases of have open financing via sureties, repos and/or any type of financing through operations in the field of the capital market,” the official communication detailed.

As far as he could know Clarion This was a request shared by both the real estate market and the banks. The Government expects that the entities themselves will provide access to the bond market to their clients, completing prior information that proves that this operation is tied to the purchase of a property. The expectation is that it can work as soon as possible.