The rate charged by the Institute ranges from 1.9% to 10.45%, depending on the worker’s income, with those who earn the least paying the least interest. “2.5% for those who earn the minimum wage,” he highlighted.
In May 2021, Banco de México (Banxico) began to increase the reference interest rate, going from 4% to 11%, after an increase of 50 basis points at the meeting of the Governing Board this month.
Given this tightening of monetary policy, it is not ruled out that commercial banks will increase their interest rates.
The Institute does not plan to increase the interest it charges to its beneficiaries, Carlos Martínez told Expansión in September.
In addition to loans to buy a new or existing home, it also offers financing to remodel, expand, build a home and to purchase land. Likewise, its general director highlighted, the credits are delivered directly, without intermediaries.
As of February 9, through the universal window of Shared Responsibility workers who have a credit in times of minimum wages can convert it to pesos to avoid annual increases, have an interest rate and fixed monthly payments for the rest of the life of the credit.