Requirements for Banamex Mortgage Credit: What it is, Documents and Advantages

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Are you already decided to buy a home? Below you will find information to facilitate the analysis of one of the available options, read Requirements for Banamex Mortgage Credit: What it is, Documents and Advantages

Requirements for a Mortgage Credit in Banamex

Committed to creating a positive banking experience for its users, the National Bank of Mexico, now Citibanamex, offers a line of mortgage credit for the acquisition, construction and/or remodeling of homes, to access them it is required:

  • If you’re worker under dependency relationshiphave a minimum employment seniority of twelve (12) months, What independent worker you must count as Minimum of two (2) years in employment What you do.
  • minimum age of twenty-three (23) years and a maximum of sixty-nine (69) years
  • Without delays in the payments of other credits in the bank, have positive bank referenceswith a clean history in credit cards and assigned loans.
  • have a minimum monthly income of $15,000mandatory condition without negotiation.

Documents to request a Banamex Mortgage Credit

Once you have validated and meet the requirements, the national bank of Mexico, now Citibanamex, requires the following documentation:

  • Form of Single mortgage loan applicationcompletely filled out and signed, in original.
  • Completely filled out and signed, the form of Medical Questionnaireoriginal.
  • Valid identity document: identity card, driver’s license, passport, voter certificate.
  • Certificate of address or copy of a service receipt: electricity, water, cable, telephone.
  • If the applicant is a dependent worker, submit proof of monthly income, either with a Work Certificate, with a copy of the bank account statement verifying the payroll deposit or a payment receipt.
  • If the applicant is an independent worker, submit: account statements for the last six (6) months and the Proof of Fiscal Situation issued by SAT as proof of formal economy.

Additionally, if you use FONAVIT resources, submit a copy of the latest Afore account statement and the original of the FONAVIT prequalification.

If you make use of FOVISSSTE savings, you must present the CURP and a copy of the last SAR account statement.

Types of Mortgage Credits in Banamex

The selection of the type of credit is of great relevance, since the characteristics that best suit your convenience must be taken into account.

Carry out a serious analysis of all the options available in the marketis our suggestion, so that your choice is the most beneficial for the achievement of your goal.

Mexico’s national bank, now Citibanamex, Responding to the needs and demands of its customers, it makes these options available to you:

  • Mortgage Profilesthe monthly installments are fixed, up to 80% of the value of the property is financed, with a fixed interest rate of 9.90%, payment terms of 10 to 20 years, the opening commission is 0% and the down payment of the 10%.
  • Mortgage Profiles to suit youthe main characteristic of this credit is that the monthly installments are lower at the beginning, with annual increases of 2%, with a fixed interest rate of 9.90%, with a term to pay of twenty (20) years, the opening commission is 0% and the down payment is 10%.

In both credits, the resources associated with the applicant by INFONAVIT or FOVISSSTE can be added.

Advantages of Banamex for Mortgage Credits

As the second largest banking institution in Mexico, Banamex Mortgage Credits generate great advantages for applicants.

This is due to the long history of seriousness and responsibility in its operations, which generate trust, security and success among its users.

Among the benefits obtained:

  • Comfortable and accessible payment terms, ranging from ten (10) to twenty (20) years.
  • The fixed interest rate during the credit payment period frees you from interest calculations.
  • They do not have penalties for early payments to the capital.
  • Possibility of obtaining free life insurance when receiving the credit
  • The credit application can be made by two people, without the need for the second person to meet the minimum income requirements.
  • They allow the combination of two sources of income for the same credit.
  • There are no hidden commissions, neither for opening an account nor for administrative expenses.
  • The mortgage loan is not only to acquire the house, it can have other objectives: payment of debts, cover personal needs, obtain cash.

What is a mortgage

First of all, let us understand the meaning of credit and mortgage.

The word credit It has its origin in the Latin credere, which it means to believe, to trust.

From an economic and financial point of view, it is have the confidence that someone has the capacity to honor the commitment made.

In legal terms, it corresponds to a mutual contractwhere a person lends money or something else, to use it and then return it at its fair value.​

Mortgagecomes from classical Greek, composed of the words hypo (below) and teak (drawer, box), which meant that something was hidden, that is, something remained under the drawer, as there were no signs of its existence.

It was understood as a right exercised on a thing and not on a person, in the case of the sale of a thing that has not been paid in full, being that same thing the guarantee of the payment owed, it is legally known as real right.

As well, the property or thing under mortgage remains the property of the seller but is owned by the debtor.

In the current regulation, as in Ancient Rome, the debtor handed over the ownership of an asset to the creditor as a guarantee of what he owed, a situation with a disadvantage for the debtor.

Over time and in search of improving the Law, the figure of the mortgage requires the issuance of a public deed or contract, with all the characteristics established by law.

In short, a Mortgage credit It corresponds to loan of money, which is carried out by a banking institution under the guarantee of a mortgagegenerally for the acquisition, remodeling or repair of a dwelling, with specific conditions for its return in medium and long terms.

The bank provides the money, leaving the home as collateral for loan payment, until the full amount of the borrowed money is returned, transferring ownership of the property to the debtor.

Requirements for Banamex Mortgage Credit: What it is, Documents and Advantages, We hope that it has been useful and that you expand the information on this important instrument to obtain your home.

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