The Institute of the National Housing Fund for Workers (Infonavit) has implemented a program aimed at updating and freezing certain loans considered as "unpayable debt." It is estimated that around 4 million beneficiaries will be affected by this measure, particularly those who acquired loans under the Minimum Wage (VSM) schemes and 'old pesos.'
One of the main changes is the modification of loans granted in VSM, which were originally designed under a model deemed "unfair" by Octavio Romero, head of Infonavit. An automatic restructuring of these loans is expected for 500,000 beneficiaries, while the remaining one and a half million will have to visit Infonavit offices to verify the status of their loans.
The updating of the loans will be carried out through a socioeconomic study that will determine each beneficiary's payment capacity. Subsequently, a monthly payment will be established that does not exceed 30% of income, with a repayment term of up to 30 years. A rental housing program with a purchase option for properties owned by Infonavit is also contemplated, featuring an accessible leasing scheme.
These changes respond to proposals from President Claudia Sheinbaum to improve payments for beneficiaries and ensure all Mexicans have access to their own housing. During her administration, Infonavit plans to build 500,000 new homes with subsidized financing at an interest rate of 0%.
Additionally, a reduction in the rate and monthly payment is expected for the 2 million VSM loans issued between 2014 and 2020. Infonavit will also soon announce a support program for these beneficiaries, as well as discounts on balances and other benefits for the rest affected by the modifications.
