The Institute of the National Housing Fund for Workers (Infonavit), an organization that helps Mexicans so they can have their own home, has an age limit to request a loan, but beyond that there is a limit to carry out the loan. process, you should know that it could harm the time you have to settle the payment.
All workers have the right to access credit to acquire, build or remodel a home, but it is essential to meet the necessary requirements when carrying out the application process.
Requirements to request an Infonavit credit
Among the requirements to request an Infonavit credit are the following:
- Be entitled to the institution with a current employment relationship
- Prequalify yourself and be eligible for a credit (with only 6 months of continuous contributions you could already do so)
- Request an appraisal no older than 6 months (if necessary)
- Sign the consultation to the Credit Information Companies (SIC)
- Choose a notary public from the list that you will be given
- Take the free online course “Know more to decide better”
Institute of the National Housing Fund for Workers (Infonavit)
What is the age limit to access Infonavit credit?
As mentioned by the agency, to pay a loan within a period of 5 years, you must be a maximum of 65 years of age. So if you exceed this age limit, you will not be able to have the credit.
Below we leave you the deadlines as well as the corresponding age to be able to acquire the credit. This is so that you don’t go into debt all your life to be able to cover the payment.
- 10-year repayment term: 60 years of age
- 15-year payment term: 55 years of age
- 20-year repayment term: 50 years old
- 25-year repayment term: 45 years of age
- Payment term 30: 40 years old
In the case of working women, Infonavit grants a loan as long as they are up to 70 years old to pay in five years, so if you are under this age and need a loan, you must begin the process.
- 10-year term: 65 years
- 15-year term: 60 years
- 20-year term: 55 years
- 25 year term: 50 years
- 40-year term: 45 years
It is essential to take into account other factors that affect the worker’s debt capacity. In this sense, beneficiaries are encouraged to use ‘My Infonavit Account’ to prequalify.
According to the most recent information, women have up to 75 years of age to pay off their credit, while men have up to 70 years of age. Therefore, all workers are urged to begin the process at an appropriate age, allowing them time and ability to obtain their own housing.
In this case, it is not necessary to make an initial payment to access the credit, unlike banks that require a down payment to obtain a mortgage loan. Instead, Infonavit uses the savings from the subaccount to facilitate the process.
2024-02-25 23:21:32
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