The Institute of the National Fund for Housing for Workers (Infonavit) announced a package of emerging measures before the contingency by the Covid-19, for an amount equivalent to almost 20 billion of pesos. Read How to get your money back from Infonavit if you did not buy a house

Carlos Martínez, CEO of Infonavit, explained that three lines of action have already been established, applicable from April 15, planned in coordination with the Economic Cabinet and health authorities, which will not represent outflows to the body, but stop receiving resources. Read Covid-19 Infections in Businesses: Full Salary Disability

The benefits will be applicable from April 15. Photo: Reforma

“There are three measures. First we want the workers that for some reason lose their job have the three-month unemployment insurance opportunity, those who keep their jobs have opportunity to defer interest when there is a company stoppage, “he said.

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Second, he exposed, will seek that the small and medium businesses have payment facilities of their contributions and amortizations.

“And in third place, keep the construction sector like a economic activity relevant to the country “.

In the case of workers with a valid credit, Infonavit detailed two plans: on the one hand, a Universal Unemployment Fund, in which workers who lose their jobs will have a three-month extension, in which they will not request a On the other hand, a tolerance plan will be applied, with which the principal and interest payments will be deferred for three months.

Óscar Vela, deputy director of planning and finance of the Institute, said that this measure will be reviewed and there is the possibility of approving up to three additional months, that is, six months in total.

In this period, no interest will be accrued. Technically, the frozen balance of the credits of the beneficiaries who request and qualify it will be maintained, “said the manager.

If the authorities dictate a mandatory work stoppage, the measures could apply in a general way to all the borrowers, Vela explained.

In addition, he pointed out that, in the event that employers and workers continue to make employer contributions, the resource would be applied directly to capital.

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For companies, explained the deputy director of planning and finance, upon requesting a technical strike, he will benefit from a 25 percent discount on payment factors, that is, on the monthly payments of the beneficiaries.

In the case of SMEs, the payment of contributions and amortizations will be made more flexible, provided that they formally adhere to the suspension of work.

“We will maintain compliance incentives to pay on time and we will offer, through agreements, all the facilities so that companies can keep up to date with the payment of contributions,” Vela Treviño explained.

Workers can access this benefit through the My Account Infonavit portal, and sticking to the measure will not impact their credit history.

In the third axis, in order to avoid a brake on the placement of credits, the Institute will facilitate a series of procedures and procedures for both workers and employers and developers of housing, in order to continue offering credits even if there is a closure of Offices.

Carlos Martínez pointed out that at the moment there is no estimate of the number of employees who could adhere to the announced measures, since at least the first week in March there was no perceived reduction in jobs.

For this reason, he said, at the moment the goal of placing loans for this year of 529 thousand financing prevails, however, a plus-minus range is foreseen in its strategic and financial plan.

“In the Strategic Program 2020-2024, around 529 thousand total credits were raised at the end of 2020, however, within the same program, two credit origination scenarios are recognized, about 15 percent above and another 15 percent below.”

Infonavit currently has 21 million active accounts, of which only about 5 million workers have an active credit, and a record of 1,222,000 employers.

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