The principle modification to the legislation that regulates the institute is the substitution of the minimal wage for the Unit of Measurement and Replace as the idea for calculating credit score quantities, balances and funds.
Modifications to the legislation of the Nationwide Employees’ Housing Fund Institute (Infonavit) got here into impact this Thursday, with the aim that lower-income employees can buy a house.
What did Congress approve and promulgate the president of Mexico, Enrique Peña Nieto? These are the keys to understanding how your Infonavit credit score will work after the reform.
- From minimal wages to UMA’s
The principle change was the adequacy of the idea for calculating credit score balances or quantities, which went from being the present minimal wage to the Unit of Measurement and Replace (UMA).
Because of this your credit score in addition to your stability will probably be calculated in UMA and not in minimal wages. Though those who had been already granted with minimal wages will probably be modified provided that the employee requests it.
The UMA can even function the idea for calculating financial sanctions in opposition to employers that have an effect on employees’ rights.
- The quoted UMA
The Unit of Measurement and Replace is the reference in Mexican pesos to set the cost of obligations and assumptions offered for in federal legal guidelines comparable to your credit score and mortgage stability.
The present UMA for 2016 is equal to 73.04 pesos a day, in accordance with Inegi.
- Yield of your financial savings fund
The modifications present for higher returns in your housing subaccount, as established within the modification to Article 39 of the Infonavit legislation.
The sub-account or housing fund is the cash that you just accumulate by way of bimonthly contributions from the corporate the place you’re employed based mostly in your wage in order that once you determine, you should utilize it to request a mortgage mortgage.
In the event you already requested for it, what you set collectively in that fund will probably be used so as to add to your mortgage cost. When you’ve got by no means used it, you possibly can ask to complement your pension.
- In the event you already owe a home, how does it have an effect on your stability?
The modifications will have an effect on the best way to calculate the stability of your debt and the month-to-month cost to settle it.
What you’ll have to pay monthly and the full quantity of your debt will probably be reviewed based mostly on what in the intervening time is much less between the rise within the minimal wage and inflation.
The credit granted in minimal wages will probably be up to date in accordance with the newest improve, however should not exceed the UMA improve.
- From when
The brand new credit will probably be granted based mostly on the UMA, however the legislation contemplates a 720-day ‘buffer’ throughout which Infonavit might proceed to provide credit based mostly on the minimal wage.
- And the modifications, how do they have an effect on you?
In the event you thought that shifting from the minimal wage base to UMA may cut back the quantity of your debt, it won’t be like that, specialists point out.
The debt will proceed to develop as a result of it will likely be calculated based mostly on inflation equal to the UMA, in accordance with the overall director of Tu Hipoteca Fácil, Fernando Soto-Hay Pintado. Because of this you’ll owe extra even in case you pay on time.
7. Resolution: Specialists consider that this may be solved if the legislation allowed you to vary your Infonavit credit score to pesos by way of a financial institution since you would have a hard and fast charge that may not improve, which might not improve the quantity of your debt.