FOVISSSTE operates a financing system through which it grants housing loans to workers who provide their services to the State. These credits are granted in the Measurement and Update Unit (UMAs). The agency, together with commercial banks, develops a Restructuring Program for UMAs to pesos.
The Unit of Measurement and Update (UMA) is used in Mexico as a reference index, measure or economic base in pesos to determine the amount of payment of obligations, credits, fines, taxes and personal deductions.
Fovissste’s Peso UMAs Restructuring Program facilitates payment by offering a credit restructuring solution:
It will be done internally. It is for credits originating from minimum wages granted before 2007. The balance in pesos has not been reduced. A minimum of 5% deduction will be applied to the unpaid balance. It will be in pesos, with a nominal rate of 6%. The UMAs Restructuring Program to pesos facilitates the payment of what is owed. Photo: Pixabay.
The program will also be carried out by commercial banks. In this case:
The credits will be denominated in minimum wages. The unpaid balance will be greater than the loan granted. The bank will offer a restructuring in pesos for the current unpaid balance. There will be a fixed preferential nominal rate.
It should be noted here that the denomination in times of minimum wages means that the amount of the credits does not decrease, because the annual adjustment is higher than with UMAs.
The commercial banking requirements for beneficiaries are:
That the financing must be 5 years old, from its origin to the cut-off date. Be an active worker. Have paid the last 6 months without delays and via payroll.
And the requirements to be beneficiaries of FOVISSSTE are:
The unpaid balance of the credit in pesos must be greater than the amount granted by FOVISSSTE The worker must be active at the end of August 2020. You must apply for the first financing and that it has been originated before January 1, 2007.
The ISSSTE reports that the average Total Annual Cost of FOVISSSTE loans are below that offered by commercial banks.
The National Institute of Statistics and Geography (INEGI) released the value of the Unit of Measurement and Update (UMA) for 2021, whose daily value will be 89.62 pesos, monthly 2,724.45 pesos and annual 32,693.40 pesos. It has increased 3.15% compared to the previous year.
The credits granted in that unit of measure will be updated according to the increase that is less between the increase in the minimum wage and the Unit of Measurement and Update (UMA), each time they are modified.
The update will go into effect on February 1, 2021.
ISSSTE recommends that you make an advance payment before the update comes into effect, without any penalty, which will help your unpaid credit balance increase to a lesser extent and reduce the term of the credit.
The channels to make payments are Via internet with your debit or credit card. The minimum amount per transaction is 200 pesos and the maximum is 20,000 pesos (up to four exhibitions). Or pay at the bank window, after printing your payment card.
FOVISSSTE recommends that you check your account statement to know the updated amount of your payment obligation as of February 1. Provides a link to view the account statement.
With this increase in the value of the UMA, the average Total Annual Cost (CAT) of FOVISSSTE loans is 9.6% ¿, which remains below the average CAT of mortgage loans offered by commercial banks, which is 11.5%.
More information in our Credits Section.