The Institute of the National Housing Fund for Workers (Infonavit) presented the new credit scheme in pesos, in which the fixed interest rate will be 1.91 and 10.45%, according to the salary level registered with the Mexican Institute of Social Security (IMSS) of each person.

“Before, the interest rate was 12% for all salary levels in his contract. Now, if the worker earns less than 16 thousand pesos per month registered with the IMSS, the rate will be less than 10.45%, and those who earn the minimum wage will have an interest rate of 2% ”, explained Carlos Martínez Velázquez, general director of the Infonavit.

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Likewise, he stressed that the monthly loan payments will be fixed throughout the life of the financing, even if a worker terminates his employment relationship with a company. Unlike the previous scheme, the monthly payments will not register annual increases linked to inflation or to the revision of the minimum wage:

“From the first month to the last, the payment will always be the same. Nothing that went up in January, that you have to be concerned about what happened with the UMA or with the minimum wage ”.

Among the modifications, it is also included that employer contributions, which correspond to 5% of salary, will be used to pay the debt and not to interest. Thus, the amount of the monthly payment does not change even if the job is lost, while those who maintain an employment relationship until the end of their credit will be able to do so in less time.

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It is expected that the application of this new scheme will generate greater financial inclusion, with the incorporation of about 250 thousand people to the list of candidates to access a loan, said Martínez Velázquez.

As of the beginning of these modifications, the maximum amount of credit in the Institute for the acquisition of new or existing housing increased from 1 million 846 thousand 165 pesos to 2 million 217 thousand 702 pesos, which will give the opportunity to acquire a house of higher value and better location.

It should be remembered that, with this scheme, which began operating on May 21, the conditions of all the Institute's credits are modified, with the exception of the Second Infonavit Credit.

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