Opportunity for Banks: Mortgage for Foreigners in Mexico

Although there is a mortgage product for foreigners residing in Mexico, an opportunity for banks would be to offer for those who do not live in the country.

In this sense, in exclusive interview for Inmobiliare, Paulina Prieto, Vice President of Mortgage and Automotive Credit at Scotiabanksaid They are studying this type of loan for foreigners who want to acquire a property in Mexican territory.

“We want to reopen it and we have that need because being a Canadian bank there are customers from Canada who can get the product, you know they have good resources because we know their income; And yes, we are looking at the way forward to reopen the product,” Prieto highlighted.

According to her information, previously at Scotiabank they already had a similar product, that it was in dollars, but that was no longer offered on the market 15 years ago.

“We closed it in 2008 derived from the crisis in the United States, where evidently the first thing the client stopped paying was his home, which probably was not the first vacation he bought in a tourist destination in Mexico”.

Mortgage for foreigners in Mexico, an opportunity for banks

During the Creditaria Summit, Enrique Margain Pitman, Executive Director of HSBC Personal Loans, commented that the mortgage for foreigners in an advantage for the banks.

“To have a product so that the American, Canadian and European I can contract credit to buy a home in local currency and with a local bank it is a great opportunity”.

Likewise, during his presentation, he highlighted that one of the remains is found in the design, since financial conditions must be considered versus their country of origin; and that it be done through a restricted area trust.