Introduction to Infonavit Credits and Long-Term Commitments
When acquiring a home mortgage credit to purchase housing, individuals also assume a long-term commitment that must be meticulously fulfilled to avoid jeopardizing the assets they are building.
Due to its long-term nature, unforeseen circumstances such as job loss, decreased income, or personal emergencies may arise during the credit’s life cycle, complicating regular payments.
Total Payment Extensions
Infonavit, the organization providing housing credits, offers payment extensions to help borrowers navigate through challenging times.
Under this scheme, credit holders can postpone payments for up to 12 consecutive months or 24 months intermittently, depending on the year they received the loan.
Starting in 2025, with the implementation of reforms to the Infonavit Law, no interest accrues during the extension period.
Eligibility for Payment Extensions
- Individuals with available extension months.
- Individuals who have not made payments independently following job loss.
- Individuals with no more than three unpaid payments.
Under this scheme, the interest balance remains unchanged, and the duration depends on the credit issuance date:
- 12 months consecutive for credits issued before July 1, 1997.
- Up to 12 months for credits issued after July 1, 1997, which can be used intermittently with a limit of 24 months throughout the credit’s lifetime.
In case of any unforeseen circumstances, it is crucial to communicate directly with Infonavit to prevent potential issues like credit history damage or, worse, risking the acquired housing.
Other Support Options
Infonavit also offers other forms of support to help credit holders manage their obligations during difficult times:
- Insurance: Infonavit provides insurance coverage for credit holders facing job loss, illness, or disability.
- Restructuring: For those experiencing severe financial difficulties, Infonavit can restructure the credit terms to make them more manageable.
These support options aim to alleviate the burden on credit holders, ensuring they can maintain their housing commitments without undue stress.
Key Questions and Answers
- What is Infonavit? Infonavit is a Mexican government-run housing finance institution that provides credits for the purchase, construction, or improvement of residential properties.
- Who is eligible for Infonavit support? Credit holders facing job loss, reduced income, or personal emergencies may be eligible for support options such as payment extensions, insurance coverage, or credit restructuring.
- What are total payment extensions? This Infonavit scheme allows credit holders to postpone payments for up to 12 consecutive months or 24 months intermittently, depending on the credit issuance date.
- Are there any eligibility criteria for payment extensions? Eligible individuals must have available extension months, not have made independent payments following job loss, and have no more than three unpaid payments.
- What happens to interest during payment extensions? Starting in 2025, no interest accrues during the extension period due to Infonavit Law reforms.
