The National Workers' Housing Fund Institute (Infonavit) has reported that another 2 million loans have been 'frozen', thus reaching the target of 4 million loans considered unpayable debts for the beneficiaries. This measure was made possible by the approval of the reform to the Infonavit Law, allowing the suspension of the remaining 2 million loans.
These loans, granted between 2014 and 2021 and which were in an unpayable state, were linked to the Minimum Wage or old pesos schemes. Octavio Romero, head of Infonavit, announced during the morning conference on Friday, February 28, that in addition to the 'frozen' loans, more additional benefits will be implemented for users.
Among the additional benefits, at least 600 thousand people from the 4 million frozen loans will receive advantages such as reduced interest rates and monthly payments, with the suspension of interest to prevent the balance from being considered unpayable at the end of the extension. Infonavit plans to offer payment options to approximately 100 thousand users monthly, aiming to reverse debts considered unfair and unpayable.
The adjustment in payment plans is part of the housing plan promoted by President Claudia Sheinbaum. Infonavit is contacting users to offer them the mentioned benefits and find viable solutions for the payment of their housing loans.
Starting March 1, 1.2 million people will be contacted to clarify their credit situation and seek payment alternatives. From July 1, 500 thousand users will automatically have their monthly payment set for the rest of the loan. The remaining 1.7 million will receive discounts on their balances to finalize payments on time. Additionally, the interest rate will be reduced by approximately 4% starting in the fourth quarter of the year.
In the event of unemployment, the reform to the Infonavit Law includes payment suspensions without generating interest if the borrower loses their job. An automatic extension of up to twelve continuous months and 24 throughout the life of the loan will apply for extraordinary situations like this.
