Fovissste launches loans in pesos; plans to deliver 5,000 financings by the end of 2022

As of this November 1 and until December 30, 2022, the Housing Fund of the Institute of Social Security and Services of State Workers (Fovissste) will carry out the registration to the Traditional Credit in Pesos pilot program, which foresees, at least for this year, the formalization of 5,000 mortgages for the purchase of new or used housing.

The organism national housing announced that the financing delivered under this scheme will have a fixed interest rate of 10.54 percent.

On the other hand, the maximum settlement term will be 30 years, that is, 720 fortnights equivalent to 30% of the basic monthly salary of the beneficiaries. Payments will be deducted via payroll and the amount will be permanent while the mortgage is in force.

César Buenrostro Moreno, executive member of the Fovisssteremarked that the implementation of the pilot program is a step towards the consolidation of a housing policy with a social vision.

Likewise, he announced that, in 2023, 10,000 credits in pesos will be granted under this modality and another 5,000 by 2024.

Financing will continue in UMA

It is worth mentioning that the Fovissste will continue with the allocation of credits in UMA, which is a measure that makes the amount of the debt to be updated according to inflation. Buenrostro Moreno explained that the reengineering of the organization’s programs is currently being carried out, in order to reduce the interest rate on mortgages authorized under this modality.

“The idea is that we incorporate the modifications to the Issste Law, that we can deliver credits in both schemes. We are not removing the UMAs, because we do not know if they could be a good option in the future,” the official explained.

In this sense, he explained that the Traditional Credit in Pesos will focus on the requests of the beneficiaries who wish to acquire a home financing for the first time, who have contributed 18 months and are in active service.

In addition, the interested parties must not be in the process of obtaining a temporary or permanent pension due to invalidity or incapacity, or in the process of voluntary retirement, in accordance with the law.

How to request a loan in pesos from Fovissste?

In this first phase, those interested may register electronically through the page gob.mx/fovissste, in the option “register your request”. At the time of registration they will have to provide their Unique Population Registry Key (CURP) and email.

“If the applicant has a record in any of the other credit products offered by the Fovissstethe application for registration to the pilot program Traditional Credit in Pesos will be inadmissible”, clarified the housing agency.

As in other financing products, the maximum amount of the credit will be determined by the earning capacity of the worker; and you can also dispose of the balance of housing subaccount.

Another option that State workers will have is to apply for a joint credit scheme; thus, both mortgages will be assigned under the modality of pesos.

Once the financing has been authorized and formalized, the borrowers must start the origination process with the financial entity of their choice -which can be consulted on the website of the Fovissste– to carry out the signing of deeds before December 30 of this year.

The period for the registration of registration applications will be valid until December 30, 2022 or until the quota of the 5,000 authorized credits destined for the program is exhausted.