2023-09-30 21:57:36
Mediotiempo Editorial
Mexico City / 09/30/2023 13:31:48
The Institute of the National Housing Fund for Workers (Infonavit) is a public organization in Mexico that has the participation of the workers sector, the business sector and the Government.
Infonavit’s objective is to establish and operate a financing system that allows workers to obtain cheap and sufficient credit for different needs related to housing.
It allows employees who belong to the formal work system and who contribute to the Mexican Social Security Institute (IMSS) to access loans to purchase a home, buy land, remodel or build where they currently reside.
What is “Equip your House”?
The Institute launches the Equip your House program so that workers can buy household items; this initiative came into effect at the beginning of September.
It is an individual loan, you can obtain a loan from 9,461 pesos to 63,073 pesos with an interest rate equal to that granted for mortgage credit of 3.09 to 10.45 percent, this depends on the salary of the employee who requests it.
“This way you will no longer wait to pay your mortgage to process an improvement loan or go into more debt with your credit card, where interest rates are at least 30 percent to buy your refrigerator or install air conditioning,” explained Infonavit.
How do I apply for the Equip your House credit?
To access the benefits of Equip your House you must request it at the time of contracting your Infonavit Traditional Credit or Infonavit Total, in addition to the fact that the difference between the maximum financing amount and the value of your house must be at least 9,461 pesos.
If the Institute authorizes you to Equip your House, you will be given two cards:
Card 1 – With 80% of the resources, which you can use to buy materials, furniture or equipment in authorized stores. Card 2 – With the remaining 20% to pay for labor. If you do not want to use this card for labor, you can use it at authorized businesses.
It is necessary to activate both cards through the application so that you can use the credit granted.
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