translated from Spanish: Infonavit offers 75% discount to unemployed due to pandemic

Mexico.- The Institute of the National Housing Fund for Workers (Infonavit) offers workers whose income was affected by the pandemic up to 75% discount on the monthly payments of their credit. In a statement, Infonavit announced that it has expanded the eligibility criteria of Infonavit’s Solidarity Support program to support those who lost their jobs due to the pandemic, as well as those who have credits in Minimum Wage Times (VSM) and were also affected by Covid-19.
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They detailed that they will be able to access the 75% discount on monthly payments for people who must allocate more than 30% of their salary to pay their housing credit; or to those who have shown “willingness to pay” despite having lost their jobs during the health emergency, in order to “help them preserve their assets”. Read more: Price of gasoline and diesel in Mexico today Thursday, July 15, 2021Benefits and requirements
The Infonavit Solidarity Support program includes three benefits to help those accredited recover financially by decreasing the payment of their credit for a maximum period of 18 months.

The first benefit is a fixed discount to the monthly payment on a semiannual basis, which will depend on the level of entry to support. In this way, discounts of 25 to 75% are contemplated during the first semester; 25 to 50% during the second, and 25% in the last six months of support. The second benefit of the Infonavit program is the forgiveness of the complementary interest, which implies discounting the interest generated by the overdue status of the credit.

The discounts offered by Infonavit vary according to the economic condition of each user. Image: Infonavit

Finally, beneficiaries can access a discount to amortize the remaining term, receiving support on the current balance of their due, so that the following interest decreases and facilitate the payment of the financing without delays. Read more: Dollar price and exchange rate in Mexico today Thursday, July 15, 2021 Infonavit explained that to access this discount program users must not be more than 9 months late in their payments or have an active permanent restructuring. It is also required that the mortgage credit has been signed before March 2020.To find out if your credit can qualify for support, log in with your user to the My Infonavit Account portal and check their eligibility. You have until May 2022 to apply.

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Original source in Spanish