Construyo de Infonavit: what are the 5 benefits of this loan with a maximum amount of 528 thousand pesos

From buying to farming your own home, the Institute of the National Fund for Workers Housing (Infonavit) has a wide variety of possibilities to make your dreams come true. However, each loan has a loan limit and various recommendations for achieving your equity.

This time we will announce at least five benefits granted by ConstruYo de Infonavit, one of the financing that seeks to serve those who want to build a new house, expand, reinforce or remodel spaces in their home with projects that could affect the structure.

According to the institute, the maximum amount of the building credit is 528 thousand pesos for the types of ConstruYo with Technical Assistance and ConstruYo with Constructora.

What do these modalities refer to?

1.- I build with Technical Assistance. — In this case, the interested party will have a technical advisor registered with the Institute who will help him with the project of his home and with whom he will work hand in hand in monitoring the work.

The time and cost of the work will be determined together with the technical advisor, and then receive the money with which you can hire a bricklayer and buy the necessary materials.

2.- I build with Constructora. — If you don't want or don't have time to be present in the project, you can build through a construction company registered with Infonavit. In this option, you will define your space and budget requirements with the builder. They will take care of everything and deliver the finished work to you.

It will be important to remember that in this option the construction company receives the money. Therefore, you must sign a contract authorizing Infonavit to hand over the resources to them. The company undertakes to carry out the agreed project, at the agreed cost and established in a contract called a Plunge Price.

But what are the benefits of this funding?

1.- 85%, 150% or 200% of the balance of your Housing Subaccount may be financed, that is, you may be lent more than you have saved in the ConstruYo modalities with Technical Assistance and Construction Company.

2.- The deadline for paying the credit can range from 2 to 10 years for both modalities.

3.- The credit guarantee is the balance of the Housing Subaccount. This money is what you use when you lose your job and cannot cover the corresponding monthly payment.

4.- The annual interest rate is 24%.

5.- It is not a mortgage loan, that means that you should not leave your house as collateral.

In addition, according to Infonavit, with this credit you can go from breaking a wall, building a new bathroom or even adding a floor to your current home.

It also has other advantages such as: using your credit on any type of property, that is, private, ejido or derived from some government program. You will also be able to decide the amount and term of the financing.

Another plus point is that, in case the amount is not reached, another person can ask for their own ConstruYo credit to expand the same house.

How to apply?

*Interested parties should log in to: My Infonavit Account.

*Once there, you will need to request the amount you can access. To do this, you will be able to use the budget simulator.

The requirements for granting it are:

-Be a rightful holder of Infonavit and have a valid employment relationship.

-Have 1,080 points.

-Have kept at least 8 continuous months in the same work.

-Have a document that proves the safe possession of the land.

-Authorize the consultation of your information in the Credit Bureau.

-Be registered in an Afore.

-Do not have a valid Infonavit credit.

The bad news is that so far, Infonavit has this scheme in only 8 states: Chiapas, Baja California, Jalisco, Nayarit, Oaxaca, Tabasco, Yucatan and the metropolitan area of the Valley of Mexico.

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