Gov't launches mortgage financing programme

President Cristina Fernández de Kirchner announced the launch of a new mortgage financing programme aimed at building 400,000 homes in the next four years. It will grant up to $350,00 pesos exclusively for the construction of new homes and interest rates will range from 2 to 14 percent, depending on the family's monthly income.

The Head of State signed the decree creating the Argentine Bicentennial Mortgage Programme. The programme, which was introduced by Deputy Economy Minister Axel Kicillof, will be financed with ANSes funds and the National Treasury.

ANSeS head Diego Bossio clarified that there is no required minimum income to access the mortgage and explained that interest rates shall range from 2 to 14 percent, depending on the family’s monthly incomes.

The mortgage loans will be granted exclusively for the construction of new homes, will be payable in between 20 and 30 years and will grant up to 350,000 pesos.

"The Government aims to reverse an housing crisis which the country has been dragging since neoliberal policies were applied to Argentina's economy," deputy Economy Minister Kicillof added.

Government officials including Vice-President Amado Boudou, Buenos Aires province Governor Daniel Scioli, Industry Minister Débora Giorgi, Central Bank governor Mercedes Marcó del Pont also attended the ceremony.