Introduction to Caja Popular Mexicana (CPM)
Caja Popular Mexicana (CPM) is the largest saving and loan cooperative in Mexico based on the number of members. With a strong commitment to community development, CPM has consistently provided financial services to its members, including home loans.
New Home Loan Partnership with Infonavit
In a significant move, CPM has announced a new home loan option in collaboration with Infonavit, Mexico’s national housing fund. This partnership falls under the Cofinavit program, which enables Infonavit’s beneficiaries to purchase a home by combining their credit with an additional loan from a financial institution, thereby increasing their purchasing power.
CPM’s Positive Track Record in Home Financing
CPM has demonstrated a robust performance in home financing, solidifying its position within this crucial sector. Ricardo López Enríquez, CPM’s General Director, highlighted the cooperative’s long-standing success with home loans, stating, “While personal credit is our most sought-after product, our home loans have consistently been a standout offering.”
Financial Performance in 2024
In 2024, CPM disbursed a total of 36,913 million 800,951 pesos across various credit products. Among these, home loans accounted for 1,888 million 490,110 pesos, ranking as the fifth most requested product by members, following immediate credit, automotive loans, productive credit, and personal credit.
Projected Growth in Home Loans
Looking ahead, CPM anticipates disbursing nearly 8,000 million pesos in home loans by the end of 2025. Moreover, the cooperative’s members maintain a high level of commitment to the institution, with a delinquency rate of 3.15% in this category.
CPM’s Pioneering Role in Cooperative Financial Sector
CPM’s participation in the Cofinavit program marks a milestone for the cooperative financial sector, as it becomes the first Sociedad Cooperativa de Ahorro y Préstamo (Socap) to engage in this co-financing model, which has previously involved banks and Sociedades Financieras de Objeto Múltiple (Sofomes).
Credit Hipotecario CPM with Infonavit Details
Loan Amounts and Terms:
- Loan amounts range from 84,000 pesos to over 25 million pesos.
- Annual interest rates start at 9.60%.
- Loan terms extend up to 20 years.
Loan Modalities:
- Individual credit
- Individual credit with a co-debtor
- Conjugal credit with a member capable of repayment
- Conjugal credit with a co-debtor if the member lacks repayment capability
Initially, this product will be accessible in eight Mexican states: Guanajuato, Michoacán, Chihuahua, Jalisco, San Luis Potosí, Yucatán, Campeche, and Quintana Roo.
Key Questions and Answers
- What is Caja Popular Mexicana (CPM)? CPM is the largest saving and loan cooperative in Mexico based on membership.
- What is the new partnership with Infonavit about? CPM and Infonavit have joined forces to offer enhanced home loans through the Cofinavit program, combining Infonavit credits with additional financing from CPM.
- What are the loan amounts and terms? Loan amounts range from 84,000 pesos to over 25 million pesos, with annual interest rates starting at 9.60% and loan terms extending up to 20 years.
- What are the loan modalities? The available loan types include individual credit, individual credit with a co-debtor, conjugal credit with a member capable of repayment, and conjugal credit with a co-debtor if the member lacks repayment capability.
- Which states will have access initially? The new home loan option will be available in Guanajuato, Michoacán, Chihuahua, Jalisco, San Luis Potosí, Yucatán, Campeche, and Quintana Roo.
