:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/elfinanciero/43KXXJ3OHJFLPD25BR6HPS7PR4.jpeg?fit=%2C&ssl=1 "Program to change mortgage credit in VSM to pesos will be permanent – El Financiero")
The National Fund for Workers’ Housing (Infonavit) announced that it reopened the Universal Shared Responsibility Window so that workers who still have their mortgage credit denominated in Times Minimum Wage (VSM) can convert it to pesos.
During the morning conference, Carlos Martinez Velazquezdirector of Infonavit, pointed out that, as of February 9, 2023the families that still have their credit in VSM -the credits processed before 2016- can enter My account Infonavit to make the change.
“For those who did not do it and still have the old credits, we made this compensation measure; that is, instead of credits increasing with inflation, a lower rate was made, it was applied this year 5.2 percentwhich implied a benefit to families of 24 billion pesos and that benefited two million people”, informed Martínez Velázquez.
This program will be permanente and offers as benefits:
- Elimination of annual adjustments linked to the increase in the minimum wage and the Measurement and Update Unit (UMA).
- fixed interest rates between 1.0 percent and 10.45 percent, depending on the monthly income of the borrower.
- balance and fixed monthly payments during the life of the loan.
- The employer’s contribution is paid directly to the principal amount of the debt, if the borrower has a current employment relationship.
In this way, borrowers who convert their VSM credit to pesos obtain the certainty of when they will finish paying their financing and exactly how much they will pay each month.
According to what was reported by Infonavit, from 2019 to 2022 almost one million people took advantage of this program and converted their credit.
How to make the change?
To convert their credit, borrowers must:
- Enter My Infonavit Account (micuenta.infonavit.org.mx).
- Choose the My Credit tab and then Shared Responsibility.
- Enter the state and zip code of the residence.
- Review and compare the different conversion options offered by the program.
- Confirm the procedure and save the Welcome Letter with the amount of the new monthly payment.
To receive advice on the program or to know the details of its financing, the accredited must enter My Infonavit Account, call Infonatel (800 008 3900) or go to your Infonavit Service Center (CESI) closest, from 8:30 a.m. to 2:30 p.m.
