Taxi drivers, transport or delivery app partners, catalogue salespersons, waiters, and similar will have access to Hipoteca Integral (Comprehensive Mortgage), due to its social component.
Mexico City, 19 April 2022.
Banco Santander Mexico announces the launch of its Hipoteca Integral, which will serve the population with mixed incomes, i.e. steady and variable incomes. For the first time, this recognizes a family’s total income, giving eight million families the opportunity to take out a mortgage. This has been achieved thanks to the housing credit insurance of Sociedad Hipotecaria Federal (SHF, the federal mortgage company), which will back these mortgages.
Hipoteca Integral, which will serve both customers and non-customers of the bank, will offer a competitive interest rate of 11.50% and damage insurance covering the commercial value of the property, as well as unemployment insurance of up to nine months. The loan term is fixed at 10, 15, 20 or 25 years, and it is designed for housing valued between MXN $220,000 and MXN 3.9 million.
This loan has been created for families whose steady income (that they receive on a constant basis) and variable income add up to between MXN 13,400 and MXN 40,000 per month, comprising an estimated eight million families, whose activities are based on self-employment. This is possible due to the combined efforts of Santander Mexico's mortgage product and the SHF’s social component.
“We are continuing to make progress in the transformation of the mortgage market, now not just with a ground-breaking offer in that segment, but because we are bringing mortgages to a segment of the population that previously did not have access to them, and on very competitive terms. We are the first bank to achieve this joint scheme together with Sociedad Hipotecaria Federal to provide a social component to mortgage credit, thus opening up an opportunity for millions of families to access their own home, the most important capital investment for a family,” says Antonio Artigues Fiol, executive director of Private Banking at Santander Mexico.
The launch of this offer, which will be available from today, complements Santander’s shelf of mortgage products, consolidating its position as the bank with the most complete mortgage offer on the market, thereby reaffirming Banco Santander’s commitment to contribute to people’s progress.