“In Infonavit there is a portfolio of 6.2 million mortgage loans, 64% were designed under a model in which, even though the beneficiary complied with their payments, the balance of their debt and their monthly payments increased each year, making a unpayable debt,” commented Romero Oropeza from the National Palace.
The official explained that these actions will be carried out in two phases:
“As of today, the balance and monthly payments of two million of these credits granted before 2013, which fall into the times minimum wage (VSM) scheme, are frozen. Of those two million whose balance is frozen today, 500,000 will automatically receive additional benefits: a reduction in the (interest) rate and monthly payment and, in some cases, a discount on balances; We are asking the other one and a half million to go to the Infonavit service centers so that they have additional benefits,” he pointed out.
How to check my Infonavit credit?
Starting next week, beneficiaries whose loans were processed in VSM will be able to check the status of their credit on the website of the Infonavit .
For the other two million borrowers – granted between 2014 and 2020 – the freezing of balances and interests will be announced in the coming weeks.
During the previous administration, Infonavit launched the Shared Responsibility program, in which each worker could convert their VSM credit to pesos and thus have a fixed interest rate and monthly payments on their credits.
What is VSM in Infonavit credit?
Before granting loans in pesos, Infonavit used the minimum wage times format, or VSM, as a measurement unit to update mortgage loans. The balance of the debt and the monthly payment were calculated based on the Infonavit mixed unit (UMI), which increased annually, Infonavit explained on its website.
Because not all borrowers had increases in their income of the same magnitude as the minimum wage, that is why many workers made payments on their mortgage without seeing a decrease in the total jump.
