**INFONAVIT Freezes Loan Balances and Monthly Payments for 2 Million Homeowners**
Starting November 11, 2024, the National Workers’ Housing Fund Institute (INFONAVIT) will implement a freeze on balances and monthly payments for 2 million housing loans. These loans, issued before 2013, followed a payment model based on times the minimum wage (VSM), which had resulted in debts becoming unmanageable.
Octavio Romero Oropeza, the director general of the public tripartite organization—comprised of workers, employers, and the government—announced this initiative during a morning presidential press conference. He highlighted that the agency currently manages 6.2 million mortgage loans, with 64 percent structured under the VSM model. This format led to continuously rising debts and payments despite borrowers consistently fulfilling their payment obligations.
On the direction of President Claudia Sheinbaum Pardo, Romero Oropeza stated that from November 11, 2024, balances and monthly payments for 2 million borrowers would be frozen. This move specifically targets those with existing INFONAVIT mortgage loans under the VSM scheme.
For instance, a loan from 2010 with an initial monthly payment of 1,500 pesos would have climbed to around 3,200 pesos by today, reaching possibly 8,615 pesos by the loan’s end without intervention. “This freeze will halt the increase in payments going forward,” Romero Oropeza explained. Additionally, out of these 2 million beneficiaries, approximately half a million will automatically receive further reductions in interest rates or discount on balances.
For the remaining 1.5 million borrowers, INFONAVIT encourages them to contact their service centers to access additional benefits. These additional benefits will soon be available on INFONAVIT’s website. Later this year, solutions for loans issued from 2014 to 2020 will also be presented, with expectations to positively impact 4 million families under the President’s directive.
**Secondary Article:**
**INFONAVIT’s New Strategy: Easing Financial Burden on Homeowners**
In addition to the recent announcement by INFONAVIT freezing loan balances and payments for homeowners, the organization is paving the way for substantial relief for millions of Mexican families. Recognizing the challenges faced by borrowers under the times the minimum wage payment model, INFONAVIT aims to modernize and adjust mortgage terms to better suit economic realities.
According to the director general, the organization is also exploring new models and strategies that could include variable interest rates or flexible repayment periods. These upcoming strategies are part of a broader effort to ensure financial stability for homeowners and adjust to Mexico’s evolving economic landscape.
Stay tuned for more updates on these new initiatives, aimed at easing economic pressure and creating a more balanced mortgage environment. By taking such steps, INFONAVIT continues to demonstrate its commitment to improving the lives of workers and their families across the country.