HSBC adjusts its mortgage rate and places it from 7.95%

by Sky marketing (01.01.2021)

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The bank initiates a strategy with which it seeks not only to support the purchase of a home, but also to improve mortgages and access to liquidity credit

Now it was HSBC's turn . And it is that the bank joined the competition in interest rates that has been noticed in the Mexican mortgage sector. With this, the institution adjusted its rate, to place it from 7.95 percent

According to the bank, this measure is part of a series of actions that the bank has taken to make access to credit more flexible . In addition to the rate adjustment, the bank will offer, for example, better conditions to those customers who migrate their credit to HSBC .

Specifically, the bank highlighted that it will offer the 7.95% interest rate for premier clients of the institution ; with a Total Annual Cost (CAT) of 9.5 percent.

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"HSBC's Premier customers will be able to access loans to acquire their home with an interest rate of 7.95% over 20 years and a CAT of 9.5%, co-financed with Fovissste or Infonavit and with a down payment equal to or greater than 30% of the value of the property. The interest rate will be 8.55% with a CAT of 10.2%, without commissions, if it is a pure credit ”, he highlighted.

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In addition to the above, he stressed, through  HSBC's 'Exclusive Mortgage' , customers will be able to access a rate of 8.75% on 20-year loans; In addition, the bank will absorb the collection of commissions and will finance up to 95% of the value of the home. It should be remembered that this product is handled in the developer channel.

The bank explained that it will complement this bet with attractive conditions for those who today have a loan with another institution and seek to improve their mortgage with another bank; in addition to boosting the Liquidity Credit .

“For those who wish to improve the conditions of a mortgage contracted with another institution, HSBC offers a rate of 8.55% at 20 years. Associated expenses are financed (notary and registry fees) and no appraisal is charged. If the client requires it, she can add a credit ”.

In all cases, the bank explained, the interest rate decreases 25 basis points if it is 10 years and a half percentage point if it is five years.

Defer payment 4 months

On the other hand, the bank reported that it will expand the ' Aplaza 3 ' scheme , with which the bank allows customers to initiate loan payments until the third month. With the decision, the bank will now open the option that new customers can start paying the loan from the fourth month .

“The new offer of mortgage credit allows us to observe that the interest rate is an important component of mortgage credit. But to make a better decision it is essential to compare the CAT; It incorporates all the costs associated with a loan, and summarizes the total financing cost at an annualized interest rate. It is also important to review the insurance coverage –life, damage and unemployment–, together with knowing if the financial conditions are subject to payment behavior, "said Enrique Margain , director of Mortgage Credit at HSBC.


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