Crediterreno INFONAVIT, the new INFONAVIT Credit Product

Last April, the Institute of the National Housing Fund for workers (“INFONAVIT”) released a new product for the acquisition of land for housing construction called Crediterreno INFONAVIT.

With the launch of this product, INFONAVIT seeks to meet a historical demand from an important group of beneficiaries interested in acquiring land for the construction of their home.

In addition, with this product, the Institute complies with the Decree by which various provisions were amended and added to the Infonavit Law, published in the Official Gazette of the Federation on December 16, 2020, through which the third article of the INFONAVIT Law to add the option for the beneficiaries to use the credit granted by the Institute for the acquisition of land destined for housing construction, which is a credit product already existing in other financial institutions in the country.

According to the INFONAVIT (ENVI) credit and housing needs survey corresponding to the first quarter of 2022, in Mexico 44.7% of the population intends to acquire land to later build their home, either gradually or total, so that it adapts to your current and future needs.

Crediterreno Infonavit allows beneficiaries who are listed in INFONAVIT to individually acquire land with residential or mixed land use that includes residential use, through different credit options that the Institute has, such as: Credit Infonavit, Infonavit Total, or Coinfonavit.

Through the product called Crediterreno INFONAVIT, the beneficiaries may finance up to 100% of the value of the land, considering for such purposes the amount that is less between that determined through appraisal and purchase price established between the owner and the seller; determining a maximum credit amount of $1,900,000, which will be subject to the credit capacity of the beneficiaries.

For this financing product, INFONAVIT has established a maximum payment term of 15 years, taking into account that to set the credit term, the age of the beneficiary plus the credit term years must not exceed 65 years.

The interest rate established by the Institute for this loan ranges between 6.5 and 8.20 percent, depending on the amount of the loan and the salary range of the borrower, among others. In the case of a second loan of this nature, the interest rate will be set between 9 and 11 percent.

This product has the option of being settled by the beneficiary in advance or of making advance payments without any type of penalty for the latter.

In a press conference, Mr. Carlos Martínez Velázquez, general director of INFONAVIT announced that only in the remainder of 2022 the Institute expects to grant 2,000 credits for land acquisition.

As a result of the aforementioned INFONAVIT housing survey, Mr. Martínez Velázquez pointed out that in the south-southeast area of ​​the country the demand for land is higher than in the rest of the country, so in the first stage of the product Crediterreno, the inhabitants of that area who request a loan for the acquisition of land will be able to access a bonus of 109 to 134 points, which will be assigned by the Institute depending on the entity where they acquire the land.

To access this credit product, the beneficiaries must have a current employment relationship, have a minimum of 6 months of employment seniority with their current employer, and achieve a minimum of 980 points before INFONAVIT, unlike the score required for a loan. for the acquisition of housing that is 1,080 points, and not have another credit from INFONAVIT in force.

Additionally, INFONAVIT has established a series of requirements that must be met by the land that wishes to be acquired by the beneficiary, in accordance with the following:

To be eligible for the program, the land must be equipped with infrastructure and services (drinking water, drainage, electricity, telecommunications, garbage collection and disposal, and public lighting), so that the beneficiaries can build their house according to their needs and preferences. .

The land acquired through Crediterreno Infonavit, must be located near health centers, schools, grocery stores, recreational spaces and sources of employment, among others, and be free of liens, and be up to date with the payment of services and taxes. predial.

The minimum area in square meters of the land will be set in accordance with the rules that for such purposes apply to each of the municipalities of the country.

As part of the information to be provided to obtain the credit, the beneficiaries must provide INFONAVIT with proof of alignment and official land number, appraisal, technical opinion of the property and the official document that proves the use of the land.

Finally, it is important to point out that the beneficiaries interested in obtaining a loan from INFONAVIT for the purchase of land must start their process by entering the option “I am interested in a loan” and then Land Purchase, which is found in the section “My Infonavit account” from the INFONAVIT internet portal.

José Antonio Suasnavar, Lead Partner of Salaries and Benefits at Deloitte Mexico