How much did your Infonavit and Fovissste credit go up and why?

IF YOU HAVE AN INFONAVIT CREDIT AND YOU DID 1 MDP IN 2018, FROM THE FIRST OF JANUARY OF THIS YEAR YOU MUST OVER 48 THOUSAND PESOS.

Every year, the Property news and capital smart city map mortgage loans increase, but it is important to clarify whether this increase occurs from inflation (which was approximately 5%) or from the increase in the minimum wage (which was close to 16%). Here we explain. Be careful because that directly affects your debt!

Of the increases to the minimum wage and the UMA

At the end of 2018 it was announced that the minimum wage would go from 88.36 to 102.68 pesos, that is, that it had an increase of 16.2%. Now, in early January 2019, the value of the Measurement and Update Unit (UMA) was announced, which in 2018 was 80.60 pesos, now it is 84.49 pesos (4.8% more).

The UMA is the economic benchmark in pesos that determines the payment of tax obligations among which are credits. Since January 2016, it was decreed that the increases to the adjustments to mortgage loans in times minimum wage (VSM) of Infonavit and Fovissste would be through the UMA, as long as it was less than the minimum wage increase determined for the subsequent year (in this case from 2018 to 2019).

In other words, the increase in mortgage loans is made based on the lower value, either the increase in the UMA or the increase in the minimum wage. In that sense, if in 2019 the increase to the minimum wage was 16.2% and that of the UMA was 4.8%, then the increase to Infonavit and Fovissste mortgage loans is 4.8% (not 16.2%).

How does the increase in the minimum wage affect you and the UMA as a beneficiary who is exercising your mortgage credit?

In an interview for Vivanuncios, the eBay real estate portal in Mexico, Fernando Soto-Hay, director of Tu Hipoteca Fácil, indicated that all loans denominated in times minimum wage (VSM), whether from Infonavit or Fovissste, were affected from the January 1, 2019 in two ways: in debt, that is, the capital they owed; and in the amount of the monthly payment paid by the borrowers.

“Whoever owed, for example, a million pesos as of December 31, 2018, as of January 1, 2019, owes one million 48 thousand pesos. He who paid a monthly payment of 10,000 pesos on his credit, now owes 10,480 pesos per month. Without a doubt, the debt of the borrower and the monthly payment are significantly increased ”, he explained.

The good news is that it is possible to switch from an Infonavit or Fovissste credit denominated in VSM to one denominated in pesos. For this you need to go to a banking institution to cover certain requirements, such as having a good credit bureau and crediting income, among others.

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The 6 key questions on how to change your mortgage credit from VSM to pesos 

Infonavit already prepares a loan restructuring program  

Given this scenario in which mortgage loans can reach the point of being unpayable, the CEO of Infonavit, Carlos Martínez Velázquez, indicated that he is about to launch a restructuring program of loans granted in VSM and variable rate, to transfer them to pesos already fixed rate. In a first stage, 160 thousand cases will be reviewed and an effort will be made to expand that scope in the end.

We will have more details about this soon, so be sure to follow us on Facebook , Twitter and the Vivanucios Blog where you can find very valuable housing information. Don’t forget to share this with family and friends who this information can help you with!