In addition to the benefit of paying less interest, the loan monthly payments are fixed throughout the life of the financing.
Monday, November 22, 2021
Five months after the Institute of the National Housing Fund for Workers (Infonavit) announced the decrease in the interest rate of their loans to buy a house, 121,107 people have accessed financing with rates ranging from 1.91% to 10.45% %.
In detail, of the total mortgage loans placed from June to November 14, 2021, 49% were granted to people who earn less than 10,897.80 pesos per month, with an interest rate lower than 7.21%.
The above, explained Infonavit, was possible thanks to the New Credit Scheme in Pesos, with which the Institute applies a differentiated interest rate to its borrowers, depending on the salary level with which they are registered with the Mexican Institute of Social Security ( IMSS).
In addition to the benefit of paying less interest, the monthly loan payments are fixed throughout the life of the financing, even if a worker terminates his employment with a company, and they do not register annual increases linked to inflation or the revision of the minimum wage.
On the other hand, employer contributions (5% of salary) are considered as another payment to the debt and not to interest. Thus, the amount of the monthly payment does not change even if the job is lost and the people who maintain an active employment relationship until the payment of their financing will be able to do so in less time.
Likewise, the borrowers have the different supports established by the Social Collection Model, guaranteeing the accompaniment of Infonavit in case of unemployment or decrease in income.