Citigroup Inc. (NYSE: C)
Banamex & Citibank (Banamex USA) Announce New Mortgage Program for U.S. Citizens & Permanent Residents Buying Property in Mexico
Mexico City - Banco Nacional de México, S.A., a member of Grupo Financiero Banamex ("Banamex") and Citibank (Banamex USA), both subsidiaries of Citi, the world's leading financial services company, announced the launching of their mortgage program for U.S. citizens and permanent residents who are interested in buying real estate property in Mexico. The financial and service capabilities of the group, in Mexico as well as in the United States, will guarantee the success of the program.
The loans will be originated, approved, and extended by Citibank (Banamex USA) in the United States with very competitive conditions and similar to those offered in that country. The loan will be supported by Citi's infrastructure.
The loans include down payments as low as 20%, term up to 30 years, and programs of fixed or variable rates and without prepayment penalties. Loan and ancillary expenses (trust and insurance) can be conveniently paid automatically if the borrower maintains an account with Citibank (Banamex USA).
In its first phase, the program will cover Los Cabos, Puerto Vallarta, Punta Mita, Cancun, the Riviera Maya, San Carlos, Puerto Peñasco, the Rosarito tourist corridor, and San Felipe. Later on, the geographical coverage area will be expanded.