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INFONAVIT CREDIT GUIDE FOR BEGINNERS

If one of your wishes is to have your own home , you have surely thought about using your Infonavit credit, since it is one of the many discounts that your payroll can have. But before making any decision, we share the main aspects that you should know about the Infonavit credit, including the most recent benefits of the Cabiavit program; in order for you to evaluate the available options and choose the one that best suits your needs.

What is the Infonavit?

In 1972, the Institute of the National Housing Fund for Workers (Infonavit) was born as a national fund in which employers’ contributions, bimonthly, equivalent to 5% of the salary of each of the workers of a business.

The purpose of the fund is to give the opportunity to obtain a home loan or the right to have the savings returned to the workers. Before, many people requested the credit so as not to give it up for lost, since the return processes were not clear. However, a short time ago the return of that money was made automatic, so, do not worry if you do not use it, it may be for your retirement. 

Employer contributions are deposited in individual accounts, where each worker’s savings accumulate in the Infonavit Afores , as the case may be, and are returned at age 65 or over, with returns of up to 8%.

Infonavit is focused on helping low-income people who, otherwise, cannot access a mortgage loan, because private financial institutions do not serve this population. We are talking about people who earn from a minimum wage per month ($ 3,121.47) or 2.8 UMA or Unit of Measurement and Monthly Update ($ 7,191.80), figures during 2019. When a bank will ask you for at least eight minimum wages ($ 24,971.76).

So, the Infonavit has two main functions: managing your money and granting credits. That’s right, it doesn’t build houses, nor is it government money.

How can you use your Infonavit credit?

Infonavit grants credit for:

TO BUY:

  • New or used housing 
  • Mortgaged home with Infonavit 
  • Improve a used home

BUILD:

  • Housing on own land

EXPAND OR REPAIR:

  • Expand or repair affecting the structure of your home and with a mortgage guarantee
  • Improve your home without structural damage and with a mortgage guarantee
  • Improve your home without structural damage and without a mortgage guarantee
  • Improve or repair your home

PAY MORTGAGE:

  • Pay your mortgage 
  • Pay the mortgage and improve your home

RENT A HOME IN THE PARTICIPATING HOUSING COMPLEXES.

GUARANTEE THE PAYMENT OF YOUR CREDIT IN CASE YOU LOSE YOUR JOB AND CANNOT CONTINUE TO DO SO.

IMPROVE YOUR PENSION AT THE TIME OF YOUR RETIREMENT. 

  • Your savings in Infonavit can be deposited in three different accounts. This depends on when you began to be a beneficiary:
    • Housing subaccount 1997, made up of contributions made by your employer from July 1997 to date. Since it is incorporated into your Afore, it can have 7% to 8% in 2019.
    • Housing subaccount 1992-1997, which is formed with the contributions of your employer from March 1992 to June 1997.
    • Savings Fund 1972-1992, integrated with the contributions of your employer from May 1972 to February 1992. It should be noted that you can request delivery of your savings directly to Infonavit, although without returns.

Which are the requirements?

You must have the following:

  • Be an active worker for at least two consecutive years. But of course, with more years you can get better credit.
  • Be affiliated with the Mexican Institute of Social Security (have a social security number).
  • That the place where you work is incorporated into Infonavit.
  • Have 116 points in the Infonavit prequalification to get the credit.
  • Not having a valid Infonavit credit. 
  • Prepare your budget .
  • Take the “Knowing to Decide Workshop”, which we recommend, if you want to learn more about Infonavit credit.

But to authorize a credit, it is taken into account: 

  • Your age and your base contribution salary. If you are over 35 years old, the Infonavit can reduce the amount of the credit.
  • Your savings in the Housing Subaccount.
  • The bimesters of continuous trading that you have had with the same or different patterns.
  • The behavior of payment of the contributions of the company where you work.

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