Not just Infonavit! Fovissste expands mortgage loan offering with alliance with BBVA

While the National Workers’ Housing Fund Institute (Infonavit) grants housing loans to workers who contribute to the Mexican Social Security Institute (IMSS), who do so before the Institute of Security and Social Services for State Workers (ISSSTE) have the Housing Fund of the Institute of Security and Social Services for State Workers (Fovissste) for this same purpose.

Under this understanding, the Housing Fund of the Institute of Security and Social Services for State Workers (Fovissste) recently announced that, Through an agreement with the BBVA México bank, it expanded the offer of mortgage loans for beneficiaries.

It is in this way that, through this agreement, the BBVA bank will be able to offer users the scheme called “Fovissste for All”, which consists of a mortgage loan that is supplemented by the balance of the fund’s housing sub-account.

This is how, with the agreement, BBVA will be able to make loans available beyond the maximum amount of the traditional scheme (according to the profile and income), and apply collection through payroll deductions.

For workers who contribute to Fovissste, the program They are given 100% of the balance they have accumulated in the housing sub-account, as well as the subsequent bi-monthly contributions of 5% are applied to pay off the remaining balance..

“Fovissste para Todos has existed since July 2020, it is a co-financed credit of special importance because it gives us the possibility of serving a segment of middle management and above. The traditional credit is around one million 400 thousand pesos, and sometimes we are approached by those who want a three million peso apartment; therefore, it is important to have more options so that the beneficiaries can access a credit,” said the Executive member of Fovissste, César Buenrostro Moreno.

For his part, the general director of Corporate, Government, Auto and Mortgage Banking at BBVA Mexico, Alejandro Cardenas Bortonihighlighted that the banking entity has allied itself with Fovissste in housing financing.

“We are convinced that with this new product we complement our value proposition, in addition to the efforts we have made historically to expand the availability of great benefits for more than 390 thousand government workers who today receive their paychecks through this bank in Mexico,” the executive stressed.

It is worth mentioning that, according to what was stated by both characters, it is expected that 1,200 loans will be placed in the next 12 months, with an average of 1,200,000 pesoswhich would translate into more than 14 billion pesos.

• The best amazon deals? Click on this link.