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How does it affect me if the Infonavit Law is reformed?

Last week, President Andrés Manuel López Obrador sent to the Chamber of Deputies an amendment to the Law of the Institute of the National Housing Fund for Workers (Infonavit), which raises some changes to give workers greater flexibility when using saving your housing subaccount.

If approved by both deputies and senators, the beneficiaries will have the following benefits:

Ground

One of the main proposals is that with the savings from the housing subaccount, it is possible to acquire land to build a house.

Currently, only the contributions derived from the employment relationship can be used in credits for the acquisition of a house already built, construction, repair, expansion or house-room improvements, but it is not allowed to buy land.

For this, it is planned to reform article 42, so that workers use their credit to buy land or land, and thus self-build their house on a site that they own.

Infonavit will be in charge of verifying that the land is regular, in order and free of encumbrance so that the land can be sold, and avoid legal problems.

Once the reform is approved, the Board of Directors will be in charge of defining the way in which the credits to buy the land will be granted, such as the size of the lot, since they will try to avoid land grabbing.

Intermediaries

Another important modification is the possibility of giving workers the savings from their housing subaccount directly, without intermediaries such as coyotes, housing developers or real estate agencies, who often provide misleading information.

For this, articles 41 and 50 will be reformed, which establishes the right of workers to receive directly and without intermediaries the amount of their credit.

The rules on how resources will be delivered directly to the worker will also have to be defined by the Board of Directors.

According to Infonavit, some real estate developers even visit the workplaces of the right holders, tell them how much money they have in their housing subaccount and deceive them by telling them that they have to buy in a certain subdivision, which is not true.

Workers are free to choose where they want to live and how to use their savings.

Second credit

The reform of the law also seeks that workers can obtain more than one loan during their working life, since – currently – if they request one to improve or expand a home, then they can no longer request another to buy a house or apartment.

The second loan is also designed so that a worker can first finance the purchase of a piece of land and, once it has been paid and deeded, apply for another with the institute to access a home self-production scheme.

The worker may receive both credits directly and without intermediaries.

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