The Institute of the National Housing Fund for Workers (Infonavit) has a wide variety of opportunities to access assets, such as the ConstruYo credit, although it only operates in some states of the country and below we will explain which ones.
ConstruYo by Infonavit is one of the financing that offers to build a new house, expand, reinforce or remodel spaces in your home with projects that could affect the structure.
According to the institute, it has a maximum credit amount of up to 528 thousand pesos, in addition to being financed from the balance of the Housing Subaccount. This is the accumulated money, which is part of the retirement fund, that is, the amounts or contributions that the employee has made to Infonavit throughout his working life.
Even 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 a number of benefits for citizens such as:
-They grant from 2 to 10 years to settle the debt of the financing.
-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.
-The annual interest rate is 24%.
It's not a mortgage loan, that means you won't have to leave your house as collateral.
However, this program does not apply to all states of the Mexican Republic, according to information from Infonavit, it is only valid for 8 entities in the country.
What are the entities where it does operate?
*Chiapas
*Jalisco
*Nayarit
*Oaxaca
*Baja California
*Tabasco
*Yucatán
*The metropolitan area of the Valley of Mexico
Depending on the amount that corresponds, you can access any of the modalities that the financing has.
What are the modalities?
1.- ConstruYo with Technical Assistance. — In this case, the interested party will have a technical advisor registered with the Institute who will help them with the project of their housing and with whom they 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.
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