Did you know that Mexican workers can access a cash loan to build their home. These types of loans are intended for those workers who contribute to the Institute of the National Housing Fund for Workers (Infonavit). Below we explain how it works and how to achieve it.
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The main objective of Infonavit is to help workers buy a home with a preferential interest rate, That is to say, the rates of this institute are lower compared to other types of mortgage loans, in addition to the fact that the Terms are longer, they can be extended up to 30 years.
What is the Infovavit cash loan and how does it work?
It is an installment loan and the amount granted will depend on the amount that the interested party has accumulated in their Infonavit savings account. When the value of the savings is determined, an application is submitted to access the loan, the Institution will review the application and approve it.
As with any loan, you must pay a monthly payment that will consist of paying part of the capital and part of interest. The amount of the monthly payment It depends on the amount of the credit, the term and the interest rate. In addition, you will have to pay a comission due to opening, one per administration and one insurance on the loan.
To request this loan you must meet certain requirements such as demonstrating that you have the resources to pay the loan, being up to date with your obligations with Infonavit, being an active worker, among others.
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Programs for which money can be requested from Infonavit
Infonavit has two programs through which it can grant cash loans, which are:
- Mejoravit Credit
This credit is used to make improvements or repairs in your current home. The money is deposited in two accounts, one intended for the purchase of materialsIt should be noted that you can only purchase these materials at authorized establishments. The other account is for pay labor necessary. The maximum amount you can access in this program is $ 56,430. - Infonavit credit in pesos
It is the second modality to request cash loans, You can use this money to purchase a home, build, remodel or repair your current home. The maximum amount you can access is $1.94 million.
Steps to access this type of credit
- Prequalification
First do a prequalification to find out if you meet the requirements of the credit in which you are interested. This is influenced by the number of weeks of contributions, whether you have a stable job, your age, your salary, etc. - Apply for credit
If you meet all the requirements, fill out a credit application and present it at the Infonavit offices with all the required documents. - Appraiser’s visit
To determine the granting and amount of credit, The institute will send an appraiser to your home, who will determine if the improvements and repairs are viable. - Cash disbursement
Once the application is approved, the money will be disbursed into two bank accounts.
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On the other hand, if you need the money to pay debts or get out of some trouble, none of these credits will be useful to you, since Infonavit orders and controls what you spend these credits on, so keep in mind that you will have to demonstrate what you are spending the money on. If you are in search for a construction loan, home improvement, remodeling or home acquisition, We suggest you seek the help of a mortgage broker Like the ones of Creditaria.
Our brokers will be in charge of finding the mortgage loan that best suits you, even those that have Infonavit or cofinavit support. So you will have nothing to worry about because they will guide you to take the best credit choice. Our services have no cost to you, but they do have many benefits.
2023-11-21 00:27:02
#Cash #loans #Infonavit #credit
