Partnership Details and Impact
Banca Mifel has signed an agreement with the Fondo de la Vivienda of the Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (Fovissste) to join the “Fovissste para Todos” housing credit scheme. The goal is to boost home access for state sector workers.
This collaboration aims to place 1,000 home loans worth an estimated 1.5 billion pesos in 2026.
Key Features of the Credit
- Financing: The credit allows workers to obtain financing for up to 97% of the property’s value.
- Credit Components: It combines the balance of the housing subaccount with a bank credit in pesos, at a fixed rate and without commissions, updates, or fees. The loan terms range from 5 to 25 years.
- Interest Rate and Costs: The product has an interest rate of 9.70% and a Costo Anual Total (CAT) of 10.8%. It includes life, damage, and unemployment insurance.
Enrique Margain, Banca Mifel’s executive director of Crédito Puente and Hipotecario, explained that this product offers the best market conditions for state workers to secure housing financing.
Jabnely Maldonado Meza, Fovissste’s executive council member, emphasized that such partnerships aim to provide all possible housing options for workers who do not yet own a home.
Target Audience and Market Potential
The “Fovissste para Todos” scheme, launched in 2020, targets active workers with at least 18 months of contributions and ages between 25 and 70.
- Since its inception, the scheme has formalized around 16,000 credits, generating over 23 billion pesos in economic impact by October 2025.
- However, Margain highlighted that the potential market comprises 1.7 million state workers, many of whom remain unaware of the credit’s advantages.
During 2025, Fovissste has granted 996 credits under this scheme. The entities with the highest placements are in the Mexico City, State of Mexico, Jalisco, Veracruz, and Querétaro regions.
Key Questions and Answers
- What is the partnership about? Banca Mifel and Fovissste have joined forces to offer home loans to state workers under the “Fovissste para Todos” scheme.
- What are the credit features? The credit offers financing of up to 97% of a property’s value, with fixed rates and no commissions or fees. It includes life, damage, and unemployment insurance.
- Who is the target audience? The scheme targets active state workers aged 25 to 70 with at least 18 months of contributions.
- What is the market potential? There are approximately 1.7 million state workers who could benefit from this credit, many of whom remain unaware of its advantages.
