INFONAVIT and FOVISSSTE will support workers due to Covid-19

The Government of López Obrador anticipates what could be a strong impact on the Mexican economy, which is why federal agencies such as the Institute of the National Housing Fund for Workers (Infonavit) and the ISSSTE Housing Fund (Fovissste) They have announced support measures for workers who could lose their jobs or, if applicable, have a decrease in income due to the contingency.
Here we tell you the support programs for the coronavirus:

Unemployment insurance

In Infonavit, unemployment insurance will be given, they will begin on April 15 and represent an amount close to 20,000 million pesos. This measure consists of granting unemployment insurance to its borrowers who lose their job. It will cover the corresponding credit monthly installments for unemployed people for three months, without any co-payment condition.

deferred monthly payment

Infonavit workers will be allowed partial payments of their monthly mortgage payment, principal and interest, with a freezing of the balance for those accredited whose continuity of employment or income is affected

Under this solution, an initial period of three months will be granted to resume the payment of the mortgage, a period that may be extended up to three more months, that is, there will be up to six months of extension to continue with the amortization of the mortgage. financing, without charging interest, explained Infonavit.

Note: For workers who work in companies that have to carry out technical stoppages, Infonavit will apply benefits of at least 25% of the payment factor with which their monthly payment is calculated via payroll.

Support for SMEs On the part of Infonavit, support is also contemplated for small and medium-sized companies that have to make their employer contributions, with facilities in their payments to the Institute. A series of measures were also announced to make procedures more flexible and expedite the agency's services, such as the exception to the notice of credit granting; discount withholding notices electronically, and facilities for entering the home registry.

These measures will be in force during the first semester of the year with the possibility of extending to the second semester. Fovissste support plan Fovissste announced that the deadline dates for borrowers to choose their home and sign their deed are suspended until further notice.

The workers whose credits were released on November 28 had a due date of March 27 to sign their deed. However, with the suspension of deadlines, the beneficiaries will be able to carry out this process after that deadline and until further notice, explained Fovissste.

The workers, whose financing was released on January 14, and had a deadline of April 13 to choose their home and until May 13 to sign their deed, however, in the face of the covid-19 emergency, They will be able to do so after that period without their credits being cancelled.

Those who benefited from a credit through the 2020 Scoring System in the liberation carried out on February 14, initially had a deadline of June 15 to sign their deed and notify the Integral Origination System, and workers with Financing released on March 13 had a deadline of July 13 to complete the process, explained Fovissste, adding that with these measures said deadlines are suspended until further notice.