Combining Infonavit and Fovissste Credits: The Fovissste Credit – Infonavit Individual

The Institute of the National Housing Fund for Workers (Infonavit) is a Mexican institution that grants mortgage loans to workers who are listed in the Mexican Institute of Social Security (IMSS).

For people who work in government agencies, who grants the credits is the Housing Fund of the Institute for Security and Social Services of State Workers (Fovissste).

But there is a mortgage loan that joins the Infonavit and Fovissste credits. It is the Fovissste Credit – Infonavit Individual.

With this credit, the two institutions join by adding the credit capacity for housing of a single beneficiary, when he/she is listed simultaneously in both institutions.

Characteristics of the Fovissste Credit – Infonavit Individual

1. The beneficiary shall not be subject to the procedure for the Granting of Traditional Credits Through the Point System. That is, you will not have to wait until the last quarter of the year to apply for the credit
2. The applicable interest rate is 4 to 6%
3. Amortization term of up to 30 years
4. The credit balance is updated annually according to the Measurement and Update Unit (UMA)
5. It is an ideal scheme for doctors, nurses and teachers who are listed in both institutions
6. The amounts granted by both institutions will be added to 100%.

Requirements to Obtain the Fovissste Credit – Infonavit Individual

To join the Infonavit and Fovissste credits, it is necessary to follow some steps and meet certain requirements. I’ll give you a general procedure below that you can follow, but it’s a good idea to check with both institutions for up-to-date and accurate information about the process, because policies and requirements can change over time:

• Review the requirements: Check the requirements established by Infonavit and Fovissste for the combination of credits. You must meet the eligibility criteria of both institutions
• Evaluate your current credits: Determine the conditions and balances of your individual credits with Infonavit and Fovissste. This includes knowing the amount owed, interest rate, remaining term, monthly payments, among other relevant details.
• Contact Infonavit and Fovissste: Contact both institutions to request specific information about the possibility of combining your credits. Ask about the programs or modalities available for the union of credits and request personalized advice
• Analyze the options: Once you have the information from both institutions, evaluate the options available. Consider aspects such as interest rates, terms, total amounts and any additional requirements that you must meet
• Gather the required documentation: Infonavit and Fovissste will request certain documentation to start the credit combination process. Be sure to collect and submit all necessary documents such as government ID, proof of income, bank statements, etc.
• Submit the application: Once you have gathered all the documentation, submit your credit combination request to both institutions. Make sure you follow the established procedures and meet the corresponding deadlines
• Wait for the answer: Infonavit and Fovissste will evaluate your request and provide you with a response. This can take time, so please be patient during this process.
• Carry out the necessary procedures: If your application is approved, you must complete the necessary procedures to combine the credits. This may imply the signing of new contracts or agreements, the cancellation of previous individual credits and the generation of a new payment plan.

Remember that this procedure is a general guide and the specific details may vary depending on your situation and the current policies of Infonavit and Fovissste. It is important that you check directly with both institutions for the most up-to-date and accurate information.

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