The Institute of the National Housing Fund for Workers (Infonavit) launched a new credit product so that people can use their Housing Subaccount to pay their mortgage with the bank, taking advantage of lower interest rates.
This product, called Payment of Liabilities, has two financing modalities, which depend on the Balance in the Housing Subaccount (SSV) that the workers have and their debt with the bank or Financial Institution.
The first product is the Payment of liabilities with mortgage guarantee. If the balance in the Housing Subaccount (SSV) is less than the debt with the bank, the Institute grants a mortgage loan for the amount necessary to settle the debt with the financial institution and the house remains as collateral.
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The amount of credit from 9 thousand 461 pesos up to 2 million 595 thousand 491 pesos, if the amount of the credit plus the savings in the Housing Subaccount do not exceed the value of the house, the Title, Financial and Operation Expenses can be financed, the payment term ranges from 5 to 30 years, at the beneficiary’s choice, as long as the age plus the credit term is not greater than 70 years.
The second product is the payment of liabilities guaranteed by the Balance in the Housing Subaccount. If the Balance in the Housing Subaccount is greater than the debt with the Financial Entity, the credit guarantee will be the amount remaining in the Housing Subaccount after subtracting the amount used to pay the bank.
The single amount of credit for 9 thousand 461 pesos, if the amount of the credit plus the amount in the Housing Subaccount does not exceed the value of the home, the Financial and Operation Expenses can be financed.
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The term will be the one authorized by the Institute, according to the age of the worker, considering that the age plus the credit term is not greater than 70 years.
The financing can be conjugal if the loan with the bank was processed as a couple, as long as the interested parties are married under a conjugal partnership and meet the requirements for the granting of Infonavit credit.
In addition, once the Infonavit credit is acquired, the employer contributions corresponding to 5% of the integrated salary are paid to the principal of the debt, which reduces the term of the credit. In case of pending payments, employer contributions will be applied first to cover such payments.
To find out the maximum amount of their financing, the beneficiaries can access My Infonavit Account (https://micuenta.infonavit.org.mx/).
JM
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