Mexico Lifts Home Loan Limit to Shore Up Sector Luis Rojas - Reuters
go to original July 16, 2014

MEXICO CITY - Mexico's largest state mortgage lender Infonavit in August will raise the maximum amount it can lend to would-be home buyers by 76 percent, in a bid to shore up the battered housing sector, the government said on Tuesday.

Infonavit said it will raise its top loan amount to 850,000 pesos ($65,700) from 483,000 pesos ($37,300).

The state lender next month will also start granting loans denominated in pesos at a fixed rate and for up to 30 years.

Currently, loans in pesos are reserved for borrowers who earn more than 5.5 times the minimum wage, while loans for lower earners are denominated in multiples of the minimum wage.

"We are not just giving out more loans. This is about guaranteeing access to decent housing for all Mexican families," Infonavit Chief Executive Officer Alejandro Murat said at an event in Mexico City.

Read the rest at Reuters

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