Infonavit Temporarily Suspends Credit Lines

The Institute of the National Fund for Housing Workers (Infonavit) announced the temporary suspension of Line IV credit operations “Remodelavit” and Hipoteca Verde (Green Mortgage) from March 19, 2022, as it seeks to renovate operations.

“With the aim of renewing the financing schemes aimed at remodeling and equipping eco-technologies in the home, the Institute of the National Workers' Housing Fund temporarily suspended the operation of the three credit modalities Line IV "Remodelavit"… and Green Mortgage,” reads INFONAVIT’s press release.

The Institute began designing an improved product that is expected to be launched in 1Q2021. However, “Remodelavit” and Green Mortgage loans registered until March 18, 2022, will not be affected. Infonavit’s beneficiaries will be able to use these loans to finance the purchase of eco-technologies or home repairs, as agreed to on the provision of the loan.

“Infonavit is working on the design of financing options to meet real demands for home remodeling and expansion, maintaining a direct relationship with the worker at all times so that they exercise their resources freely. New credit schemes will be announced later this year and early 2023,” reads Infonavit’s press release.

Recently, Infonavit warned its affiliates to beware of scammers who offer to manage their paperwork, while requesting personal information that they later use to commit fraud or identity theft.

Infonavit is not the only public institution seeking to promote better services. The Ministry of Finance and Public Credit (SHCP), the Association of the Banks of Mexico (ABM) and the National Banking and Stock Commission (CNBV) are creating a credit program for SMEs worth MX$10 billion (US$500 million) to promote financing, as reported by MBN.