Friday, May 29, 2020

HSBC launches 3-month grace mortgage loans

During the deferred months, HSBC will cover the payment of life and credit damage insurance, explained Enrique Margain Pitman, executive director of the bank’s Mortgage and Automotive Credit. For those who are planning to acquire a home, HSBC presented the option that when acquiring a mortgage, the first payment is made until the fourth month in order to have liquidity during the first three months of financing.

Enrique Margain Pitman, executive director of Mortgage and Automotive Credit of the bank, explained that “this program represents an important support for clients to continue with their home purchase project. It is the first scheme implemented in Mexico for the provision of a mortgage loan that allows deferring capital and interest during the first three monthly installments of the loan, which is a very valuable attribute in the current situation, caused by the COVID-19 pandemic. “. The program is also applicable to other mortgage products of the bank, such as payment of liabilities, obtaining liquidity or liabilities plus liquidity”,.,

“During the three deferred months of the ‘Postpone 3 with HSBC’ program, the bank will cover the payment life and credit damage insurance, with which the client will be protected. The total interest generated during that period will be frozen, and will be charged until the end of the life of the credit. Whoever obtains mortgage financing will also be exempt of the appraisal payment and commission for opening until May 31, although the program to defer the three monthly payments will be open until next July 31.

The option is Applicable both for the purchase of housing and for the payment of mortgage and liquidity, which help clients to improve their conditions in existing mortgage loans or to obtain resources. HSBC Mexico granted between February 2019 and January this year a total of 22 thousand 950 million pesos in mortgage financing, an amount that represented a growth of 47 percent over the previous year.

Source:El Financiero

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