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An Infonavit loan is an excellent option for workers in Mexico seeking to fulfill their dream of owning their own home. Through this financing, the National Workers’ Housing Fund Institute (Infonavit) offers financial support to Mexican workers for the purchase, remodeling, or construction of homes, facilitating access to affordable properties.
If you are a foreigner and work for a Mexican company that contributes to the Mexican Social Security Institute (IMSS) , you can also access this loan, as long as you meet the established requirements, such as legal residency in Mexico. That is, you must have temporary or permanent residency to be eligible. This opens the door for foreigners working in the country to also take advantage of Infonavit benefits, just as Mexican workers would.
In this complete guide, we explain how the Infonavit loan works, the available types, the steps to apply for it, and much more. If you’re looking to get the loan 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!
Table of Contents
What is an Infonavit Credit?
An Infonavit loan is a loan granted by the National Workers’ Housing Fund Institute (Infonavit) to workers affiliated with the Mexican Social Security Institute (IMSS), so they can acquire, build, remodel, or pay for a home. This loan is made possible thanks to employer contributions to the Housing Fund, which represent 5% of each worker’s monthly salary. In this way, Infonavit facilitates access to housing for millions of workers in Mexico, helping them realize their dream of homeownership.
This loan can be used to purchase a new or used property, build on your own land, or make improvements to an existing home. Additionally, there are different types of Infonavit loans, tailored to each worker’s needs and payment capabilities, from home purchases to remodeling, providing flexibility and affordable options.
How Does an Infonavit Credit Work?
The functioning of the Infonavit loan is based on several factors, primarily your salary and the savings in your Housing Subaccount. Infonavit calculates the amount of credit available for each beneficiary based on these factors, as well as other factors such as the employee’s age and ability to pay. Through the My Infonavit Account platform, you can find out the exact amount you are eligible for, the specific requirements, and the terms of the loan.
A loan is repaid through direct deductions from your monthly salary, known as employer contributions. These contributions are added to the savings in your Housing Subaccount, and the interest rate is fixed, guaranteeing a predictable payment over time. Furthermore, the interest rate varies based on the employee’s salary, making this loan accessible for different salary ranges. This makes Infonavit an affordable and secure financing option for home purchases.
Types of Infonavit Credit: Which One to Choose?
An Infonavit loan offers several options tailored to each worker’s needs and circumstances. Below, we explain the most common types:
Traditional Infonavit Credit : This is the standard option you can use to purchase 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 seniority and repayment capacity. This loan has a fixed interest rate and terms of up to 30 years.
Infonavit Total : This type of loan allows you to purchase a new or used home for a higher amount than a traditional loan, as it combines an Infonavit loan 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 : A Cofinavit loan is a scheme that combines an Infonavit loan with a mortgage from a financial institution. It’s an excellent option if you need a larger amount than Infonavit can offer on its own. The advantage of this loan is that you can access a higher-value property without affecting your payment capacity.
Mejoravit : This type of loan is designed to finance home improvements, such as remodeling, repairs, or installing new services. It’s a very useful option if you already own a home and need to improve 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 the rent on a property, making it easier to access a home while you save for the future.
Choose the type of loan that best suits your needs, taking into account factors such as the loan amount, your income, and the property you want to purchase or remodel.
Steps to Apply for your Infonavit Credit
Applying for your Infonavit loan is a simple process if you follow these steps:
Prequalification : The first step is to find out how much you can borrow and if you already meet the requirements. Access My Infonavit Account , where you can see your prequalification, which will indicate the available credit amount and payment options based on your salary and employment 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 understanding of the credit options and how to make the most of them.
Request an Appraisal : If you decide to proceed with your loan application, the next step is to obtain an appraisal of the property you wish to purchase. If you purchase through a developer, the construction company handles this process; if you purchase privately, you must do so at an authorized appraisal office.
Apply for a Loan : Once you have the appraisal, you can begin the Infonavit loan process by completing your application with the required documents and choosing the type of loan that best suits your situation.
Choose a Notary Public : You need to choose a notary public to formalize the deed to your property. If you buy from a developer, they’ll handle this step, but if you buy privately, you’ll choose the notary public yourself.
Receive your Credit Certificate : Once your credit is approved, you will receive your CESI registration certificate, which confirms the formalization of your credit and your ownership.
By following these steps, you’ll be able to access your Infonavit credit quickly and easily.
Find Your Ideal Property That Accepts Infonavit Credit
If you’re looking for a property and have access to Infonavit credit, it’s important to know that many developments and properties accept this type of financing. This allows you to access options that fit your budget and needs. Below, you’ll find a list of some properties that accept Infonavit credit, making your home purchase process easier. Read on to find the home of your dreams!
Almaha Residencial Cancun | 2 Bedroom Condos for Sale
- From $2,350,000/MXN
Sayab Residencial Cancun | 3 Bedroom Residences for Sale
- From $3,610,000/MXN
Sak Ya Residencial Playa del Carmen | Condos for Sale
- From $1,830,000/MXN
Urbalam Playa del Carmen | Houses, Condos and Lots for Sale
- From $969,000/MXN
Aldea Tulum Plus | 2 Bedroom Condos for Sale
- From $1,909,000/MXN
Lomas Aurora Playa del Carmen | Lots and Condos for Sale
- From $1,271,292/MXN
How do I know how much Infonavit will lend me?
Knowing how much Infonavit can lend you is essential for making informed decisions about your home purchase. The amount of credit you can obtain depends on several factors:
Your Salary : The loan amount is directly related to your monthly salary, as your monthly loan payment should not exceed 30% of your income. If your salary is higher, you may be eligible for a larger loan.
Savings in Your Housing Subaccount : Infonavit has a subaccount where monthly employer contributions are deposited. This money, combined with your salary and other factors, determines the amount of credit you can obtain.
Infonavit Points : To apply for a loan, you must accumulate a minimum number of Infonavit points. These points are generated based on your age, IMSS contribution history, salary, and other criteria. The more points you have, the greater your ability to access a larger loan.
Age : Your age also influences your loan amount. If you’re younger, you may be eligible for a larger loan because you’ll have more time to repay the loan.
To get an estimate of how much Infonavit can lend you, you can log in to My Infonavit Account and use the prequalification tool. This will give you a clear idea of your financing capacity, considering your salary, points, and savings in the sub-account.
Requirements and Conditions to Obtain an Infonavit Credit
To obtain an Infonavit loan , you must 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 to your Housing Subaccount and have contributions.
Have a Minimum of 116 Points : To qualify for credit, you must accumulate at least 116 Infonavit points. These points are obtained based on factors such as your salary, contribution period, and other factors related to your employment and financial history.
Be of working age : The minimum age to apply for a loan is 18, and the maximum is 64. This is because the loan term must not exceed 65 years of age at the time of final repayment.
Not Having an Active Credit : If you already have an Infonavit credit, you must have paid it off or be current on your payments to access a new one. However, if you haven’t applied for a loan before, you can still access one without any problems.
Payment Capacity : Infonavit assesses your payment capacity, which should not exceed 30% of your salary. It’s important to create a budget and verify that you can afford the monthly loan payment without affecting your quality of life.
Employer Contributions : Your employers must be making the corresponding contributions to your Housing Subaccount. If you are self-employed, you must have previously contributed to be eligible for the subaccount funds.
Once you meet these requirements and conditions, you’ll be ready to apply for your Infonavit loan and begin the process of obtaining the home of your dreams.
Infonavit Credit for Remodeling, Construction, and Home Purchase
An Infonavit loan isn’t just for home purchases; you can also use it to remodel , build, or expand your home. Below, we explain the different options Infonavit offers so you can make the most of your loan:
Home Purchase Loan : This is the most common loan and is used for the purchase of a new or used property. You can use it to purchase homes in real estate developments authorized by Infonavit or properties from individuals who accept this type of financing.
Mejoravit (Remodeling Loan) : If you’re looking to improve your home, Mejoravit is the option. This loan is specifically designed for the purchase of materials and labor for remodeling and home improvements. You can use it for projects such as renovating your kitchen, replacing your roof, or fixing plumbing fixtures.
Construction Loan on Own Land : If you already own land and want to build your home, you can apply for an Infonavit construction loan. With this loan, 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 purchase, remodel, or build, the Cofinavit program allows you to combine your Infonavit loan 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 contribution you have in your subaccount.
Thanks to these diverse options, Infonavit offers flexible solutions so you can remodel, build, or purchase the property that best suits your needs. Before applying, it’s a good idea to evaluate which of these products best suits your goals.
How to Get an Infonavit Credit if You’re Not Working?
Although Infonavit is designed for active workers who contribute to the Mexican Social Security Institute (IMSS), if you’re not formally employed, you can still access a loan under certain circumstances. Here’s how to obtain an Infonavit loan if you’re not currently employed:
Contributions to the Housing Subaccount : If you’ve worked in the past and accumulated funds in your housing subaccount , you can access an Infonavit loan even if you’re no longer actively employed. To do this, you must ensure you have enough money in your subaccount, which can be the case if you’ve worked in the past and your employer made the corresponding contributions.
Cofinavit Program Without Employment : This program is designed for workers who are no longer employed but have accumulated funds in their housing subaccount. In this case, you can combine your savings with a bank loan to obtain the amount you need to purchase or remodel a home.
Mejoravit Without Employment : If you want to make improvements or remodel your home, you can also apply for a Mejoravit loan, even if you’re unemployed. This loan uses your subaccount balance to finance the materials and labor needed to remodel your home.
Supplemental Bank Loans : If you don’t have sufficient funds in your sub-account, some financial institutions may offer supplemental credit options. This includes personal loans and other alternatives that can be combined with the available balance in your sub-account.
To obtain an Infonavit loan without working, the first step is to check your housing subaccount balance and the available options in My Infonavit Account . There, you’ll find the options that best fit your situation, depending on your savings and needs.
Frequently Asked Questions about an Infonavit Credit
Here we answer some of the most common questions users have about an Infonavit Credit :
How do I know if I can get an Infonavit loan?
You can check your Infonavit score in the My Infonavit Account section. If you have at least 116 points, you can start applying for your loan. Your salary and the accumulated balance in your housing sub-account are also important factors in determining the amount you can apply for.
How much does Infonavit lend me?
The amount you receive from Infonavit depends on several factors, such as your salary, the number of points you have, your age, and the amount accumulated in your housing subaccount. Loans generally range from $150,000 MXN to $1,000,000 MXN . To get an accurate estimate, we recommend using the Infonavit loan simulator available on its website.
What do you need to get an Infonavit loan?
To apply for it, you need to be a beneficiary of the IMSS , have at least 116 points , have an active employment relationship (if you are not working, there are alternatives such as the Cofinavit credit without an employment relationship ) and, of course, have the 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 may be frozen. You can check your credit status on the My Infonavit Account portal.
Can I use an Infonavit loan to buy a used home?
Yes, Infonavit offers loans for both new and used homes. However, it’s important to verify that the home meets the requirements established by the institute.
Can I combine my Infonavit loan with a bank loan?
Yes, you can combine your Infonavit loan with a bank loan through Cofinavit . This will allow you to obtain a larger amount and finance a more expensive property.
Does Infonavit offer credit insurance?
Yes, all Infonavit loans include damage and life insurance. This protects both the home and the loan holder in case of unforeseen situations.
Can a foreigner apply for an Infonavit loan?
Yes, foreigners can apply for an Infonavit loan in Mexico, provided they meet certain requirements. To be eligible, they must be affiliated with the Mexican Social Security Institute (IMSS) and have a valid work permit. Additionally, they must have worked in Mexico for at least six months, and their employer must make the corresponding contributions to the Institute. Make sure you have a good credit history and consult with Infonavit or a financial advisor to learn the specific details of the process and the necessary documents.
Conclusion
An Infonavit loan is a powerful financial tool that allows you to purchase, remodel, or build the home of your dreams, as long as you meet the institute’s requirements. There are various options and products available, such as Mejoravit , Cofinavit , or Infonavit Total loans, so you can choose the one that best suits your needs.
Getting the most out of your Infonavit loan depends not only on having the necessary credit points, but also on thoroughly understanding the application process, requirements, and the options the institution offers. If you’re ready to take the next step, we recommend you start reviewing your housing subaccount , take the “Saber+” course, and use the Infonavit loan simulator to make the best decision. Don’t wait any longer and start making your housing project a reality today!
Infonavit in the Riviera Maya: What Should You 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’s important to know that the vast majority of properties in this region are pre-sold, meaning they don’t qualify for an Infonavit loan, as this type of financing is only available for homes already built or under construction that meet certain requirements.
Although there aren’t many options available for using an Infonavit loan on 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 through your search and offer alternatives that fit your needs, whether you’re looking to purchase, remodel, or even access projects that are compatible with an Infonavit loan.
Don’t hesitate to contact us to explore the best options for your future home in the Riviera Maya. We’re here to help!
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