by Plalla Real Estate 
The Infonavit Credit is an excellent option for workers in Mexico who seek to fulfill the dream of owning their own home. Through this financing, the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit) offers financial support to Mexican workers for the purchase, remodeling or construction of homes, facilitating access to properties at affordable prices.
If you are a foreigner and you work in a Mexican company that is a member of the IMSS, you can also have access to this credit, as long as you comply with the established requirements, such as having a legal residence in Mexico. In other words, you must have a temporary or permanent residence to be eligible. This opens the door for foreigners working in the country to also take advantage of Infonavit’s benefits, just as Mexican workers would.
In this complete guide, we explain how Infonavit Credit works, the types available, the steps to apply for it and much more. If you are looking to get the credit you need for your future home and make the most of Infonavit’s benefits, keep reading, we have all the information you need to make informed decisions!
What is Infonavit Credit?
Infonavit credit is a loan granted by the National Housing Fund for Workers (Infonavit) to workers affiliated with the IMSS, enabling them to purchase, build, remodel, or pay for a home. This credit is made possible through employer contributions to the Housing Fund, which represent 5% of each worker’s monthly salary. In this way, Infonavit makes homeownership accessible to millions of workers in Mexico, helping them turn their dream of owning a home into a reality.
This credit can be used to buy a new or used property, build on a personal plot of land, or make improvements to an existing home. Additionally, there are different types of Infonavit credit, tailored to each worker’s needs and payment capabilities, from home purchases to remodels, offering flexibility and accessible options.
How Does Infonavit Credit Work?
Infonavit credit operates based on a series of factors, primarily your salary and the savings in your Housing Subaccount. Infonavit calculates the available credit amount for each beneficiary based on these aspects, along with others like age and the worker’s payment capacity. Through the Mi Cuenta Infonavit platform, you can find out the exact amount you qualify for, the specific requirements, and the conditions of the loan.
The credit is repaid through direct deductions from your monthly salary, known as employer contributions. These contributions are added to your Housing Subaccount savings, and the interest rate is fixed, ensuring predictable payments over time. Additionally, the interest rate varies depending on the worker’s salary, making this loan accessible to different income levels. This makes Infonavit a reliable and affordable financing option for purchasing a home.
Types of Infonavit Credit: Which One to Choose?
Infonavit credit offers several options tailored to the needs and situations of each worker. Below, we explain the most common types:
Traditional Infonavit Credit: This is the standard option you can use to buy a new or used home. The loan amount is calculated based on your salary, the savings in your Housing Subaccount, and other factors, such as your work history and payment capacity. This credit has a fixed interest rate and repayment terms of up to 30 years.
Infonavit Total: This type of credit allows you to buy a new or used home with a higher amount than the traditional one, as it combines Infonavit credit with a bank loan. This allows you to access higher-value homes, which is ideal if you want to purchase a larger or better-located property.
Cofinavit: The Cofinavit credit is a scheme that combines Infonavit credit with a mortgage from a financial institution. It’s a great option if you need a larger amount than Infonavit can provide on its own. The advantage of this credit is that you can access a higher-value property without affecting your payment capacity.
Mejoravit: This type of credit is designed to finance improvements to your home, such as renovations, repairs, or the installation of new services. It’s a very useful option if you already own a home and need to upgrade it, as small amounts are granted for specific projects.
Arrendavit: If you’re not ready to buy a home, Arrendavit allows you to use your Infonavit credit to pay for rent, making it easier to access a property while you save for the future.
Choose the type of credit that best fits your needs, considering factors such as the loan amount, your income, and the property you want to buy or renovate.
Steps to Apply for Your Infonavit Credit
Applying for your Infonavit credit is a simple process if you follow these steps:
Prequalification: The first step is to know how much you can borrow and whether you meet the requirements. Access “My Infonavit Account,” where you can view your prequalification, showing the available credit amount and payment options based on your salary and work history.
Take the “Saber+” Course: Before continuing with the application, it’s recommended to take the “Saber+” course to better understand the process and the available products. This course will give you a clear view of the credit options and how to make the most of them.
Request the Appraisal: If you decide to proceed with your credit application, the next step is to obtain an appraisal of the property you wish to acquire. If you’re purchasing through a developer, the construction company handles this process; if buying privately, you’ll need to do it through an authorized evaluation unit.
Request the Credit: Once you have the appraisal, you can start the Infonavit credit process by completing your file with the required documents and selecting the type of credit that best suits your situation.
Choose a Public Notary: It’s necessary to choose a notary to formalize the deed of your property. If you’re buying through a developer, they will handle this step; if buying privately, you’ll need to choose the notary yourself.
Receive Your Credit Certificate: Once the credit is approved, you will receive your certificate of registration in the CESI, confirming the formalization of your credit and your property.
By following these steps, you’ll be able to access your Infonavit credit quickly and easily.
How to Know How Much Infonavit Will Lend You
Knowing how much Infonavit will lend you is essential for making informed decisions about purchasing your home. The amount of credit you can obtain depends on several factors:
- Your Salary: The amount of credit is directly related to your monthly salary, as the monthly payment should not exceed 30% of your income. If your salary is higher, you will be eligible for a larger loan amount.
- Savings in Your Housing Subaccount: Infonavit has a subaccount where your employer’s monthly contributions are deposited. This money, combined with your salary and other factors, determines the loan amount you can access.
- Infonavit Points: To apply for the loan, you must accumulate a minimum number of Infonavit points. These points are generated based on your age, time of contribution to IMSS, salary, and other criteria. The more points you have, the higher your eligibility for a larger loan.
- Age: Your age also influences the loan amount. If you’re younger, you may have access to a higher loan due to the longer period you’ll have to pay it off.
To estimate how much Infonavit can lend you, you can log into Mi Cuenta Infonavit and use the prequalification tool. This will give you a clear idea of your financing capacity, considering your salary, points, and savings in the subaccount.
Requirements and Conditions to Obtain an Infonavit Credit
To obtain an Infonavit credit, you need to meet certain requirements and conditions. Here’s what you need to know:
Be an Infonavit Beneficiary: To apply for a loan, you must be registered with the Mexican Social Security Institute (IMSS) and be an Infonavit beneficiary. This means you must be contributing and have deposits in your Housing Subaccount.
Have a Minimum of 116 Points: To access the loan, you need to accumulate at least 116 Infonavit points. These points are earned based on factors like your salary, contribution time, and other elements related to your work and financial history.
Be of Working Age: The minimum age to apply for a loan is 18 years, and the maximum is 64 years. This is because the loan term should not exceed the age of 65 when the loan is fully paid off.
Not Have an Active Loan: If you already have an Infonavit credit, you must have finished paying it off or be up to date with your payments to qualify for a new one. However, if you have not applied for a loan before, you can access one without issue.
Payment Capacity: Infonavit evaluates your payment capacity, which should not exceed 30% of your salary. It’s important to make a budget and ensure that you can afford the loan payments without affecting your quality of life.
Employer Contributions: Your employer must be making the necessary contributions to your Housing Subaccount. If you’re self-employed, you need to have contributed previously to be entitled to the funds in the subaccount.
By meeting these requirements and conditions, you will be ready to apply for your Infonavit credit and start the process of obtaining the home of your dreams.
Infonavit Credit for Remodeling, Construction, and Home Purchase
The Infonavit Credit is not only for buying a home, but you can also use it for remodeling, building, or expanding your home. Below, we explain the different options that Infonavit offers so you can make the most of your credit:
Home Purchase Credit: This is the most common credit and is intended for the purchase of a new or used property. You can use it to acquire homes within Infonavit-authorized real estate developments or properties from private sellers that accept this type of financing.
Mejoravit (Remodeling Credit): If you’re looking to improve your home, Mejoravit is the option. This credit is specifically for purchasing materials and hiring labor to make renovations and improvements to your home. You can use it for projects like remodeling your kitchen, replacing roofs, or fixing plumbing installations.
Construction Credit on Own Land: If you already own land and want to build your home, you can apply for an Infonavit construction credit. With this credit, you can cover the costs of materials and labor to build your home from scratch on the land you already own.
Cofinavit: If you need a higher amount to buy, remodel, or build, the Cofinavit program allows you to combine your Infonavit credit with a bank loan, significantly increasing the total amount you can obtain.
Infonavit Total Credit: This credit allows you to purchase a new or used home with a higher amount, depending on your points and the employer contributions you have in your subaccount.
Thanks to these various options, Infonavit offers flexible solutions for remodeling, building, or purchasing the property that fits your needs. Before applying, it’s recommended to assess which of these products best aligns with your goals.
How to Obtain an Infonavit Credit if You Are Not Working
Although Infonavit is designed for active workers contributing to IMSS, if you’re not currently employed, you can still access credit under certain circumstances. Here’s how you can obtain an Infonavit credit if you’re not working at the moment:
Contributions to the Housing Subaccount: If you’ve worked in the past and accumulated funds in your housing subaccount, you may be eligible for an Infonavit credit, even if you’re no longer actively employed. To do this, you need to ensure that there are sufficient funds in your subaccount, which can happen if you’ve worked previously and your employer made the corresponding contributions.
Cofinavit Program Without Employment: This program is designed for individuals who are no longer employed but have accumulated resources in their housing subaccount. In this case, you can combine your savings with a bank loan to obtain the amount you need to buy or remodel a home.
Mejoravit Without Employment: If you’re looking to make improvements or remodel your home, you can also opt for the Mejoravit credit, even if you’re unemployed. This credit uses the balance in your subaccount to finance materials and labor needed for home renovations.
Complementary Bank Loans: If your subaccount doesn’t have enough funds, some financial institutions may offer you complementary credit options. This includes personal loans and other alternatives that could be combined with the available balance in your subaccount.
To obtain an Infonavit credit without being employed, the first step is to check the balance in your housing subaccount and the available options in Mi Cuenta Infonavit. There, you can explore the alternatives that best suit your situation, depending on your savings and needs.
Frequently Asked Questions about Infonavit Credit
Here we address some of the most common questions users have about Infonavit Credit:
How do I know if I can get an Infonavit credit?
You can check your Infonavit score in the “Mi Cuenta Infonavit” section. If you have at least 116 points, you can start applying for your credit. Additionally, your salary and the balance accumulated in your housing subaccount are important factors in determining the amount you can request.
How much will Infonavit lend me?
The amount Infonavit lends you depends on several factors, such as your salary, the number of points you have, your age, and the amount accumulated in your housing subaccount. Generally, loans range between $150,000 MXN and $1,000,000 MXN. To get an exact estimate, we recommend using the Infonavit credit simulator available on their website.
What do I need to get an Infonavit credit?
To apply, you need to be a beneficiary of IMSS, have at least 116 points, be actively employed (if you’re not working, there are alternatives like the Cofinavit credit without employment), and of course, provide basic documents such as CURP, RFC, and proof of address.
How do I know if my Infonavit credit is frozen?
If you haven’t made payments or there are issues with your credit history, your credit might be frozen. You can check the status of your credit on the My Infonavit Account portal.
Can I use Infonavit credit to buy a used home?
Yes, Infonavit offers credits for both new and used homes. However, it’s important to ensure the property meets the requirements set by the institute.
Can I combine my Infonavit credit with a bank loan?
Yes, you can combine your Infonavit credit with a bank loan through the Cofinavit program. This will allow you to obtain a higher amount and finance a more expensive property.
Does Infonavit offer insurance for the credit?
Yes, all Infonavit credits include damage and life insurance. This protects both the property and the credit holder in case of unexpected situations.
Can a foreigner apply for an Infonavit loan?
Yes, foreigners can apply for an Infonavit loan in Mexico, as long as they meet certain requirements. To be eligible, they must be registered with the IMSS and have a valid work permit in the country. Additionally, they must have worked for at least six months in Mexico and their employer must make the necessary contributions to the Institute. Make sure to have a good credit history and consult with Infonavit or a financial advisor to learn the specific details of the process and the required documents.
Conclusion
The Infonavit Credit is a powerful financial tool that allows you to acquire, remodel, or build the home of your dreams, as long as you meet the requirements set by the institute. There are various options and products available, such as the Mejoravit credit, Cofinavit, and Infonavit Total, so you can choose the one that best suits your needs.
Maximizing your Infonavit credit doesn’t only depend on having the necessary points, but also on fully understanding the application process, requirements, and the options the institute offers. If you’re ready to take the next step, we recommend checking your housing subaccount, completing the “Saber+” course, and using the Infonavit credit simulator to make the best decision. Don’t wait any longer and start turning your housing project into a reality today!
Infonavit in the Riviera Maya: What You Should Know?
The Riviera Maya is one of the most attractive areas to live in Mexico, and many people dream of moving to this paradise. However, it is important to know that the vast majority of properties in this region are sold pre-sale, which means that they do not qualify for an Infonavit loan, since this type of financing only applies to homes already built or in the process of being built with certain requirements.
Although there are not many options available to use an Infonavit loan for pre-sale properties, at Plalla Real Estate we can help you find the right options for you. We have a team of specialized advisors who can guide you in your search and offer you alternatives that fit your needs, whether to buy, remodel or even access projects that are compatible with the Infonavit credit.
Do not hesitate to contact us to explore the best options for your future home in the Riviera Maya, we are here to help you!
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