From February 2019 to the end of June 2021, the Institute of the National Housing Fund for Workers, Infonavit has converted 280 thousand 392 credits denominated in times minimum wage (VSM) to pesos, through the Shared Responsibility program.

Based on this, the accredited beneficiaries of said program have received average discounts of 219 thousand 289 pesos on the total amount of their debt thanks to this conversion of their credit, which means an accumulated saving of 61 thousand 486.8 million pesos.

According to the Institute, 85.9 percent of the conversions, that is, 241,104 credits, were applied without the need to carry out any procedure, as a result of the flexibility of the eligibility criteria approved in July 2020.

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While 59.5 percent of the families that stopped seeing an increase in their monthly mortgage payment, in proportion to the increase in the minimum wage, concentrated in 10 states.

The distribution by state is: Mexico City, with 23,744 beneficiaries; Nuevo León, 21,960; Jalisco, 16,759; Chihuahua, 16,319; Tamaulipas, 16 thousand 29; Coahuila, 15 thousand 75; State of Mexico, 14,929; Guanajuato, 14,741; Sinaloa 13,925, and Sonora 13,296 beneficiaries.

Infonavit highlighted that during the first semester of 2021, through the Shared Responsibility program, 20,770 loans were restructured, which implied discounts for a total of 2,646,994 thousand 823 pesos.

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According to the current eligibility criteria, the Institute pointed out, for a borrower to be able to convert their VSM credit to pesos, their debt balance must be at least 1.3 times higher than the financing originally contracted.

Also, the age of the mortgage must be 13 years or more.

To be beneficiaries of this program, borrowers must enter with their username and password to My Infonavit Account (micuenta.infonavit.org.mx), check the status of their financing in the 

My Credit tab and accept the new conditions of their mortgage in the Shared Responsibility section, if they meet the program's eligibility criteria.

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Original note