New BanCoppel Mortgage: Payment Deferral Options for Homebuyers

BanCoppel has expanded its portfolio of financial products and will now offer mortgages for home purchases. This bank will finance amounts ranging from 300,000 to 15 million pesos, covering affordable, middle, and high-end housing.

In an effort to compete with traditional banks, BanCoppel will introduce interest rates starting at 9.9% and will allow users to defer one payment for every 12 monthly installments that are paid on time. “We aim to attract the best creditworthy clients,” commented Ricardo García Conde, who is the director of mortgage loans, mobility, and new business at BanCoppel. As of December of last year, BanCoppel had a loan portfolio of 4,311 million pesos, according to data from the National Banking and Securities Commission (CNBV). García also mentioned that they aim to reach 40 million pesos in the next five years and expect to place 3,000 million pesos by 2025.

Carlos López Moctezuma, CEO of BanCoppel, emphasized in a press conference that the decision to introduce this mortgage product is not only a response to the increase in the minimum wage in recent years but also a necessity to diversify its offerings and rely less on consumer credit. “The rise in the minimum wage has allowed incomes to be more competitive, which supports consumer resilience,” noted López Moctezuma. Initially, the bank will offer Cofinavit loans and is expected to unveil improvements to its mortgages in the coming weeks.

What is BanCoppel's Wild Card Payment? BanCoppel’s mortgage loans will include the option to defer one payment for every 12 installments paid on time. “By using a wild card payment, BanCoppel covers the cost of insurance so you won’t have to pay anything that month. The interest will be added to the end of the term,” the bank stressed.

In conclusion, the introduction of this new mortgage product from BanCoppel is a smart move, especially in an environment where competition seeks to attract consumers who increasingly look for flexible and accessible terms. The option to defer payments, along with competitive rates, can make a significant difference in the pursuit of homeownership for many Mexican families.