The balance of Santander's mortgage loan portfolio rose 14.2% in the first quarter of 2021 (1Q21) compared to the same period of 2020, being the only line of the total portfolio with significant growth in the first quarter of the year.

According to a statement, at the end of March the mortgage loan portfolio stood at 177,250 million pesos (mp), as opposed to the 155,214 million pesos in March last year.

The mortgage loan portfolio represented 24.8% of the total loan portfolio. "Mortgage loans help our clients build their equity, the basis of their home."

During the initial period of the year, the institution implemented cross-selling, among them they launched a “Mortgage Substitution” campaign aimed at nearly 10,000 payroll clients with a mortgage at another bank to change their mortgage to Santander.

In addition, it offered to benefit clients with free appraisal and notary fees, and if the client joins Hipoteca Plus, the interest rate could also be reduced to 7.75 percent.

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According to the real estate analysis platform Solili, in Mexico City the average sale price of residences is located at 7 million 808 thousand 429 pesos, a decrease of 1.7 percent when compared to the 8 million average registered towards December of 2020.

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