Cofinavit: Combining Infonavit and Bank Loans for the Home of Your Dreams

When it comes to getting a casa with the credit from the Institute of the National Fund for Housing for Workers (Infonavit) it may happen that the amount awarded is not enough for the home you are looking for what the property you want to acquire exceeds the value to be lentfor these cases there is the model of He bounded.

Cofinavit is a co-financing scheme where I know add the loan from your Infonavit with another from a financial institution and that it will be paid according to the conditions agreed upon with the bank directly.

For him 2022 he Infonavit could lend an amount of up to 2,595,491.81 pesosbut there are properties that exceed this value, hence the importance of acquiring a bank loan to be able to acquire it.

If you wish to be part of the He bounded certain requirements must be met, both with Infonavit and with the bank, although The application process begins directly with the bank and they are the ones who continue with the process with Infonavit.

Requirements to access Cofinavit

This type of credit has requirements from the Infonavit the same to process a normal credit What are they:

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, for the To obtain the credit, the following requirements are needed:

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 the Infonavit can make a loan of up to 1,024,951.20 pesosalthough the Amount depends on payment capacity. The annual interest rate to be paid is 10.45 percent for all salary levels.

In case the applicant has a salary of less than 8,830.55 pesos per monthit will remain exempt from paying graduation costs and the monthly payment is established according to the salary.

They can be done advance payments and settle the credit in a shorter time without penaltyand there is the option to power unite credit with that of the spouseas long as you contribute to Infonavit and meet the requirements.

Regarding employer contributions, these will be paid to the capital of the loan and it can be settled in a shorter time.

The living place that is acquired will have a insurance against damages in the proportional part that is financed by Infonavit and the other part is likely is also kept insured, but in this case by the bank.

What happens to the house if I stop paying Confinavit?

As occurs in cases where an Infonavit credit is stopped being paid, The agency has the ability to take away your property in case of non-payment.

This happens under a scheme known as “Infonavit payment information”, in which one returns housing due to non-payment and it is understood as a payment in kind to settle the debt.

As part of this agreement you must know that All the money invested will be lost in the time that the loan has lasted and that All rights and obligations over the property will be renounced..

It is best to go with him Infonavit y resort to one of the payment alternatives offered by the organization by having extensions, debt deferralsamong others, to avoid losing property.