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the ISSSE Housing Fund (Fovisste) and Scotiabank signed an agreement with the aim of granting co-financed loans through the ” Fovissste for all ” program.

The objective of this alliance is “to benefit more workers in the service of the State”. According to hurry release it is “the most competitive mortgage market in Mexico, granted in pesos and total annual cost (CAT) in its cheapest segment” financing.

This agreement will allow workers to obtain loans of up to 4.8 million pesos, depending on their income, with an annualized fixed rate of 7.5% and a maximum CAT of 9.2%.

Employees will be able to repay loans over a period of 7 to 20 years, with discounts via the payroll and early repayments without penalties. Among the conditions required to acquire this service are:

  • Be a state official on active duty.
  • Be at least 25 years old and under 70 years old.
  • Have at least 18 months of contributions on the housing sub-account.
  • And that the sum of your age plus the duration of the credit is less than 80 years.

The institution plans to grant up to 6 thousand 344 credits in 2021, which represents a total of 6 thousand 420 million pesos.

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