Despite the year, banks are betting on adverse factors to grow at least 10% in mortgage placement.
Although there are banks that are above this rate, for example HSBC, which reaches 26%, it is one of the highest ranking ones.
And there are others, always competing, who bet on above average growth, such as Citibanamex. This case is interesting because you may think that being for sale would leave this market, but no. Only change of captain and now he strives to get “in the ring” and compete with all other banks in Mexico and offer different packages not just for September but for the rest of the year.
And it is that the banks are already preparing for the last quarter which, by tradition, is the most active, where the most credits are placed and if we talk about the month in which more credits are granted it would be December.
In addition, the rates still do not reach 10%, they are still single-digit and the competition between them makes them look for promotions that offer free will, non-payment of the opening commission or non-payment of evaluation, etc. This is that they are saving 10% of the total amount of credit granted. Not insignificant amounts. For example, in the credit of one million pesos one would speak of a saving of about 15 thousand pesos in order not to charge the opening commission or the estimate payment.
Now that there are banks that also integrate the collection of notarial practices into the credit.
But speaking of notaries, it is also interesting to join the “Notary Day” which is applied in various cities of the country, but which involves savings of 20 to 80% in various procedures; This is a very important savings in real estate transactions.
So, in addition to reducing the cost of the will in this month of September, and which almost always lasts until December, today, for example, in Mexico City, by adhering to the notary day, you can save very significant pesos in buying and selling operations. . , domain transfer, etc., etc.
And to close the balance sheet of the mortgage loan offer, the expectation is that 9.1% more of the amount will be placed in these loans and that the banks will be able to make a marginal increase and not in line with the increase that the Bank of Mexico does with the benchmark rate. Today the banking book in Mexico is 1 trillion 145 billion pesos and it is expected that by the end of the year the various institutions will deliver something like 155 thousand loans.
Of course, Infonavit continues to lead in terms of the number of loans, but it will be necessary to see what the repercussions will be on other aspects such as the outstanding portfolio, the past due portfolio, for example.
ON PURPOSE
Canadevi’s proactivity is interesting, since its leader Alberto Moreno has managed to sign with La Latino Seguros to reduce the costs of “Housing Protection Insurance”, known as “quality assurance” and which is important for buyers to have access to credit, for example from Infonavit.
REQUEST
Do you know the savings for you in the notary sessions?
Until the next time!
@marielzuniga_
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