BBVA Bancomer has increased its number of loans for 2011 up by 20% over last year. Representatives said in announcement Friday that it will increase the number of mexico mortgage and housing construction loans for 51.3 billion pesos. Experts emphasize that this kind of investment in new housing and housing purchases for Mexican residents is another vote of confidence in the growing Mexican economy,reported Fox News.
BBVA Bancomer is Mexico's largest bank so it's likely that other major banks will follow suit and increase the number of mortgage and new construction loans throughout the next 12 months. The banks is actually a local unit of Spain's Banco Bilbao. Vizcaya Argentaria also noted in their press release that the increase will be composed of 28% more mexico mortgage loans and 23% more homes than the previous year.
The representatives expect that most of the growth will be in middle-income and residential housing levels. They also expect that the overall housing market will grow between 2% and 6%. However,there will be financing at all levels of housing,which will start at MXN180,000. They will also increase their number of cross-border mortgage programs in order to help Mexicans living abroad as well as foreign investors who would like to purchase a home in Mexico.
Of all Mexican banks,BBVA Bancomer is the top mexico mortgage lender. Their home financing unit includes more than 400,000 mortgages. These mortgages total MXN 156 billion and 2,000 bridge loans,and they support 140,000 homes in new construction.