Jan. 11 (Bloomberg) -- Mexican President Felipe Calderon signed into law a bill that would allow workers to get a second home loan from the nation’s largest originator of mortgages, known as Infonavit, to boost demand for housing.
The legislation also allows employees to recover payroll deductions, automatically channeled to Infonavit, when they haven’t exercised a loan.
Previously, Mexican workers were only allowed one mortgage per person from Infonavit to acquire a new home or for household improvements during the person’s working years.
Infonavit may now return as much as 18 billion pesos ($1.3 billion) to retired workers who never applied for a mortgage, Martin Rico, head of the home committee in the lower house of Congress, told reporters Nov. 29.
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