The Infonavit is renewed this 2021
Infonavit is the largest mortgage company in the country. About 70% of the mortgages granted in Mexico come from this institution, so the institute is the main tool for many Mexicans to buy a house. This 2021 the body is renewed from the modifications to the Infonavit Law approved in the last days of 2020.
The new features that Infonavit plans to implement are focused on empowering the right holder so that they have greater decision-making power when exercising their credit. This is the most relevant:
1. The balance of your Housing Subaccount
If you are employed and enjoy legal benefits, such as Infonavit, you have surely noticed that in your account statements there is a balance that refers to the Housing Sub-account (SV). But what is that? How does this money accumulate?
These are the salary contributions paid bimonthly by employers and equal to 5% of your salary registered with the IMSS. This support is intended to help you buy a house, however until now, it could only be used as long as you used a loan from Infonavit, Fovissste or co-financed with a bank.
One of the changes in the Infonavit Law is that you can receive the money from your Housing Subaccount so that you can use it in the acquisition of a property or for the purchase of land. This will give you freedom of choice when it comes to building your wealth.
The institute is still working on those that will take into account the mortgage to grant these resources.
But not only will those with current employment benefit from these changes. Intermittent workers, who are listed in the Institute in sectors such as agribusiness, as well as those who do not have a current employment relationship and want to use their Housing Sub-account, may do so with the new changes in the Law.
There will be a specific credit and specific rules so that people who have work discontinuity, but stability, can access credit. The institute plans to have this program ready the first semester of the year.
2. Supports so that you do not lose your assets
The director of Infonavit, Carlos Martinez, expressed that unlike what was done in the past when “at the first change (the workers) you sent them to a judicial collection office”, now they are trying to “say yes to the options they present. In that sense, Infonavit must be made more flexible to be on the worker’s side because we are a labor benefit”. Infonavit is already working on schemes that provide options for users to preserve their assets and avoid mass lawsuits that cause evictions.
3. Rewarding employees who are accomplished
To reward prompt payment, the council approved that whoever has paid 90% or more of their total credit balance, can be given a discount on the remaining debt. They are schemes that are not applied in private banking.
4. Financial innovation of the institute
2021 will be the year in which Infonavit launches a renewed credit catalog. Some of them are:
- A new loan in pesos so that all borrowers, without distinction, who have a mortgage in Times Minimum Wage, and who see their balance grow each time the Unit of Measure (UMA) is adjusted, can change their debt to pesos.
- A financing scheme for temporary or intermittent employees, such as farm workers and police officers.
- Financing schemes also for the purchase of land, financial restructuring, loans for intermittent workers or without an active employment relationship, as well as settlement of unpayable debts.
- The Infonavit Credit + Bank Credit project so that those who have savings in their Housing Sub-Account can use it as a down payment for a bank loan.