The Institute of National Housing Fund for Workers (Infonavit) will eliminate administration fees for new credits originated at the institute as of May 1 of the current year. Carlos Martínez Velázquez, general director of Infonavit, said in a conference that this will allow savings and achieve a lower cost of credit.
“Today we announce the administration fees for all credits, these fees will be applicable to all new credits that are taken out. starting May 1. This is a very important announcement so that workers know that if they take out their credit after May 1, their loans will no longer have this fee,” he said.
This means that if a worker earns between 9 thousand and 13 thousand pesospay on average 100 pesos per month of their administration fee during the 30-year period of the credit, so from this date the fee will be eliminated for all credits.
“It will mean a savings for families which is more or less equivalent to 5 billion pesos annually, which is what we as Infonavit would stop receiving for this administration fee, we announce today that precisely on April 24, 1972, the Infonavit Law was published in the DOF that It came into effect on May 1,” he added.
Martínez Velázquez said that this will mean that the cost of the contracted credit will be lower once it is granted, the placement of payment solutions will be simpler and the administration will be more transparent in the payment of capital and interest.
He reiterated that The measure will be applicable only to new credits, while, currently, 90 percent of the loans granted pay the administration fee.
“On average we place in mortgage 150 thousand credits per year and these credits are paid, they do not reach maturity in year 30, but in year 20 we are talking about having around 3 million credits ‘in our belly’ that today pay an administration fee, that is only in mortgage and they will continue to pay because they were contracts signed prior to this new modification, but from now on no credit will pay administration fee,” said Rodrigo Gutiérrez Porter, deputy director of credit at Infonavit.
