Infonavit Introduces “Clean Slate” Program to Alleviate Overdue Payments for Workers’ Housing Loans

The Institute of the National Housing Fund for Workers (Infonavit) presented the “Clean Slate” program by private agreement, to provide workers who requested a loan with the new scheme in pesos, a solution to the accumulation of up to nine overdue payments of their financing and that previously only applied to credits in Minimum Wage Times (VSM).

Carlos Martínez, general director of the Infonavitdetailed in a conference that there are potentially 128 thousand workers who could apply for the program that seeks to alleviate the delay in the payment of monthly paymentsfor credits with 1 to 9 monthly payments due, only, for credits in pesos and who have exhausted their Unemployment Insurance (Payment Protection Fund).

“What this program does is delete those payments they didn’t makewhen the worker applies to the program, Those payments that you didn’t make go to the balance and you continue paying and then it has economic benefits, it rewards good behavior and improves the worker’s credit history, it allows workers to have healthy credit that will be paid, whose monthly payment will not increase and will have benefits,” he said.

How does it work? The general director of Infonavit pointed out that the universe of beneficiaries will increase and highlighted that with Clean and New Account, the monthly payments that have not been paid will be added to the credit balance, along with their interests; The total balance increases, but the monthly payments remain the same. The program can be applied for twice a year.

He added that the credit must be paid within the period established in the contract, not be in any judicial process or have any solution or product available at Infonavit. It is also important that it will only apply as long as there are 12 monthly payments left on the loan.

Workers with a credit in pesos in force since 2021 can request it from My Infonavit Account, regardless of whether or not they have a current employment relationship. He added that the majority of non-payments are due to employment dynamics.

On the other hand, he highlighted that from 2019 to date 4.6 million workers have benefited from support programs such as credit restructurings, Shared ResponsibilityCovid measures, discounts for early settlement and others.