Since, for a loan of 816,000 pesos, over 15 years, one million 591,389.19 pesos will be paid at the end. Among the conditions of this credit is a total initial disbursement of 289,600 pesos, which includes the down payment and initial monthly payments of 9,582.29 pesos.
The annual interest rate offered by this credit is 9.95% for this case and the Total Annual Cost (CAT) is 11.8% per year.
In contrast, the highest total payment is for the Banregio mortgage loan. Well, according to the Condusef simulator, with this option you will end up paying one million 839,825.59 pesos.
With HSBC, the lowest monthly payments
The HSBC bank offers two types of mortgage loans, one with fixed payments and another with “low payment”. In the first option, the total payment of the credit that serves as an example would be one million 699,039 pesos, the fifth lowest of those evaluated by the Condusef.
The monthly payments with this option are 9,570 pesos, with an initial payment of 289,302.00.
On the other hand, with the “low payment” option offered by HSBC, monthly installments of 8,743.00 pesos can be paid, the lowest in the market according to Condusef. However, with this modality, the total payment of the credit rises to one million 751,581.00. More than 50,000 pesos extra compared to the first option.
Mortgage loans with the lowest interest rates
The mortgage loans with the lowest annual interest rates are Citibanamex’s Hipoteca Perfiles, with a rate of 10.25% and a CAT of 12.4%; Bancomer BBVA, with a rate of 10.40% and a CAT of 12.8% and BX+, with a rate of 10.50% and a CAT of 13.3%.
While BanBajío and Banorte offer the highest rates, with 11.99% and 11.50%, respectively.