Infonavit launched a new loan scheme, which has been operating since May 21, which seeks to offer better conditions for workers, with a lower interest rate and a lower total annual cost (CAT).
“It is a credit that is more fair and accessible for workers. It is paid in a shorter time, this is a very important element. We did it with a minimum interest rate, but also with fixed payments throughout the history of the credit, ”said Carlos Martínez, general director of the Institute of the National Housing Fund for Workers, on Monday.
If you are interested in buying a new or existing house, these are the changes in the Infonavit credit scheme in pesos:
- Amounts: Infonavit lends from 414,116 to 2 million 217,702 pesos.
- Decrease in interest rates: Now workers have a fixed rate during the life of the loan, which ranges from 1.91% (for those who earn 4,086 pesos per month) to 10.45% (16,619 or more per month). With the previous scheme a cross interest was applied ranging from 4% to 12%.
- Fixed monthly payments: No more annual increases in mortgage payments; the worker will always pay the same.
- Payments will not increase: Regardless of whether the worker loses his job, the monthly payments will not increase.
- Pay table: It is delivered to the worker from the signing of the contract.
- CAT: The worker knows the total annual cost since the beginning of the loan.
- Employer contributions: The employer contribution (5% of salary) will go directly to capital, which makes the loans settle faster.
- Insurance: Life, damage and unemployment insurance remain in this new scheme.
- Social collection model: Workers have unemployment insurance and payment extensions.
Now that workers have the possibility of obtaining subsequent credits, Infonavit credits are paid off faster. For example, a worker who earns 8,000 pesos a month, pays off his balance in 18 years and not in 21 years and six months, as was the case in the previous scheme, Martínez Velázquez highlighted.
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