Mexican banks show varying income requirements for mortgage loans

A comparison using the Condusef mortgage simulator reveals varying income requirements for financing a 2 million peso home in Mexico. For a 20-year loan with a 10% down payment, monthly income requirements differ significantly by institution. BBVA and Mifel require approximately 63,000 and 62,600 pesos respectively, while Banamex requires around 60,600 pesos. Lower income thresholds are offered by Banorte at 42,000 pesos, Scotiabank at 40,000 pesos, and Afirme at approximately 37,000 pesos.

However, lower income requirements do not necessarily equate to cheaper credit. In the comparison, the total cost of financing can exceed 5.6 million pesos, highlighting the importance of evaluating interest rates, the Total Annual Cost (CAT), and monthly payments rather than just the minimum salary required for approval.