The National Institute of the Fund for Workers’ Housing (Infonavit) announced a Universal Window of Shared Responsibility, in which workers would be able to convert their credit into pesos at the time of minimum wage (VSM).
The process of conversion of credit is done through My Infonavit Accountwith which the institution seeks to combat coyotes and thus “prevent our borrowers from overpaying for legal advice that is not necessary,” Alicia Barrientos said at a news conference, General Deputy Director of Portfolio Management.
This also CEO of InfonavitCarlos Martínez pointed out that with this tool of shared responsibility and without restrictions, the aim is to gain 2.6 million employees who still have their credits Times Minimum Wage, With this change, borrowers will have fixed monthly installments and balance amount during the agreed period, without annual escalation, a Fixed interest rate between 1% and 10.45%Depends on the income of the worker.
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Similarly, there will be a social collection solution and an employer contribution payment that directly Loan Payment, In addition, it was highlighted that changing a VSM Credit to Peso Will record average savings of at least 5 years. “If any loan is overdue, or if anyone has a problem with their payment, they can convert the loan and regularize it,” the general director of the institute said.
seven out of 10 credits will be able to choose between receiving a 10% or 20% off Or maintain monthly payments and end up paying earlier. The general deputy director of portfolio management explained that the worker will decide which option suits him best.
In the second group of borrowers, in which the conversion does not settle the debt, The worker will pay the monthly payment 10 percent morebut you will get one balance pardon, this being the second group credits are ‘very low’, the famous unpaid balances. However, even if the monthly payment increases, the normal amount will not increase.
“You can access the program regardless of the balance, the age of the credit, the age of the borrower. It no longer has terms,” said Martinez Velázquez.
In view of this, Infonavit will have to allocate a small amount There will be credit risk reserves and more payment protectionSince workers have already converted their loans into pesos, they are less likely to fail to pay than borrowers who did not benefit from the program. While the past due portfolio index of loans in pesos is 7.5%, that of loans times minimum wage is 18.91%Highlighted the general director of Infonavit.
in the matter of Credit co-financed with bankThe conversion will be applicable only on the amount borrowed by Infonavit. Therefore, Carlos Martinez called on banks that have co-partnership contracts with Infonavit, “to accept a single window, and no one is left behind and no one is left out,” he said.
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In addition, he revealed that he too would not be able to participate. Credits with marks or elements near liquidation, Partially elected or those who have problems with their debt to eco-technologies, or loans that have been initiated in any judicial process.