2023-09-14 03:44:25
When it comes to obtaining a house with the credit from the Institute of the National Fund for Housing for Workers (Infonavit), it may happen that the amount granted is not enough for the home you are looking for or that the property you want to acquire exceeds the value at provide, for these cases there is the Cofinavit model.
Cofinavit is a cofinancing scheme where the loan from your Infonavit is added to another from a financial institution and will be paid in accordance with the conditions agreed upon with the bank directly.
By 2022, Infonavit could lend an amount of up to 2,595,491.81 pesos, but there are properties that exceed this value, hence the importance of acquiring a bank loan to be able to acquire it.
If you want to be part of Cofinavit, you must meet certain requirements, both with Infonavit and with the bank, although the application process begins directly with the bank and they are the ones who continue the process with Infonavit.
Requirements to access Cofinavit
This type of credit has the same requirements from Infonavit to process a normal credit, which are:
Have a current formal job and contribute to Infonavit.
Have at least 1,080 points.
Obtain credit approval from a bank.
Sign the irrevocable letter of instruction, one where the co-financing credit is established.
Have an electronic appraisal and technical opinion of the quality of the home to be acquired and that is not older than six months.
Copy of the property title of the house or apartment that you want to acquire.
Not having used the Infonavit credit before.
Take the online course “Know more to decide better” through My Infonavit Account.
On the side of the banking institution, to obtain the credit the following requirements are necessary:
Minimum age of 25 years and for the maximum age there are two rules: the sum of the age plus the credit term must be equal to or less than 80 years; The age of the applicant and co-accredited must be less than 75 years.
Have a minimum verifiable income of 7,500 pesos.
Minimum tenure of two years between current and previous employment, with a minimum of three months in current employment.
Good bank credit references.
Credit application duly completed and signed, both by the applicant and by the co-borrower, if applicable.
Official identification of the client.
Proof of income. In the case of employees, it is the payroll receipt for the last month; in commission agents with a fixed salary it is the payroll receipts for the last three months; In the case of commission agents with a fixed salary, independent professional, landlord, business owner or shareholder of a corporation, they must present the last six months of checking account statements or deposit accounts for any changes.
Proof of address in the name of the applicant.
CURP and the requirements already established by Infonavit.
Characteristics of this type of credit
With this modality, Infonavit can make a loan of up to 1,024,951.20 pesos, although the amount depends on the payment capacity. The annual interest rate to be paid is 10.45 percent for all salary levels.
If the applicant has a salary of less than 8,830.55 pesos per month, he or she will be exempt from paying the degree expenses and the monthly payment is established in accordance with the salary.
Advance payments can be made and the credit settled in a shorter time without penalty, and there is the option of being able to combine the credit with that of the spouse, as long as they contribute to Infonavit and meet the requirements.
Regarding employer contributions, these will be paid to the capital of the loan and can be settled in a shorter time.
The home purchased will have damage insurance in the proportional part that is financed by Infonavit and the other part is likely to also remain insured, but in this case by the bank.
What happens to the house if I stop paying Confinavit?
As occurs in cases where you stop paying an Infonavit loan, the agency has the ability to take away your property in case of non-payment.
This happens under a scheme known as “Infonavit payment giving”, in which the home is returned due to non-payment and is understood as a payment in kind to settle the debt.
As part of this agreement, it must be known that all the money invested during the duration of the loan will be lost and that all rights and obligations over the property will be renounced.
The best thing is to go to Infonavit and resort to one of the payment alternatives that the organization offers by having extensions, debt deferrals, among others, so as not to lose the property.
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