Banco de México’s announcement of raising the reference interest rate to a level of 7.75% will not cause any interest rate hike on existing Infonavit loans or those to be processed, emphasized the institution’s delegate, Sergio Armando González Serna.
The federal official commented that since June of last year, Infonavit lowered its interest rates and they will remain at levels of 1.91% to 10.45% for the remainder of the six-year term, in line with the Package Against Inflation and Famine announced by the Federal government. “For beneficiaries who have an Infonavit loan or are interested in taking out one and are concerned that the interest rate will increase due to the decision of the Bank of Mexico to raise the reference interest rate, they should not worry.”
He recalled that the interest rates of the credits granted by Infonavit are fixed, so that throughout the life of the financing, the rate that they have contracted or will contract will remain the same. “This means that your monthly payment will be the same throughout the life of the credit to buy a house.” In addition, he said that since June of last year Infonavit launched the New Credit Scheme in Pesos, so that all borrowers who contracted their credit after that date have accessed interest rates ranging from 1.91% to 10.45%, depending what they earn monthly.
He emphasized that although it is true that most banks take as a reference the interest rate established by the Bank of Mexico, which is 7.75%, to determine the interest rate that they will charge their borrowers in mortgage products, financing automotive, personal or payroll loans; Infonavit, committed to the working class of Mexico, will not increase the interest it charges month after month.
“Although the Bank of Mexico has decided to increase its interest rate, Infonavit will continue to grant its loans at fixed rates. So, if they want to buy their house, they can be sure that they will find affordable financing that suits their needs and with which they will not experience increases in their monthly payments, even if they stop working for a company…”
Sergio Armando Gonzalez, Infonavit