Fovissste and Scotiabank sign alliance to provide mortgage loans

Financing will have a fixed rate of 7.5% and a maximum CAT of 9.2 percent.

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Entrepreneur Staff
2 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The ISSSTE Housing Fund (Fovissste) and Scotiabank signed an agreement with the aim of granting loans co-financed through the “ Fovissste for All ” program.

The objective of this alliance is "to benefit more workers in the service of the State." According to the press release it is " the most competitive in the mortgage market in Mexico, granted in pesos and the Total Annual Cost (CAT) in its segment cheaper" financing.

This agreement will allow workers to obtain loans of up to 4.8 million pesos, depending on their income, with an annualized fixed rate of 7.5% and a maximum CAT of 9.2 percent.

Employees will be able to pay off the loans in terms of 7 to 20 years, with discounts via payroll and prepayments without penalties. Among the requirements to acquire this service are:

  • Be a State worker on active duty.
  • Be over or equal to 25 years old and under 70 years old.
  • Have at least 18 months of contributions in the Housing Subaccount.
  • And that the sum of your age plus the term of the credit is less than 80 years.

The institution plans to grant up to 6 thousand 344 credits in 2021, which add up to 6 thousand 420 million pesos.

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