How long does it take to provide me with a home loan?

In Mexico, employees have various benefits granted by law when working within the country’s formal system, because it is regulated under established legislation; This allows workers to have SSocial security, Afore, bonus payment, vacations by law, disabilitiesas well as the acquisition of a housing loan.

Workers who have been discharged with the Mexican Social Security Institute (IMSS)have access to the Institute of the National Fund for Workers’ Housing (Infonavit), which quotes a credit to acquire a house, under the system of counting weeks worked and some requirements that it requests, such as acquiring 1080 points for a loan.

Although previously the institution requested only 116 points, and now it’s 1080Infonavit pointed out that this change does not mean that it is more complicated to apply for the credit, but rather that others will now be taken into account parameters that will give you points and with what you can acquire the mortgage loan.

The worker can collect a maximum of 694 pointsthis taking into account the salary, the savings of the housing subaccountyears of uninterrupted work and clean history in other requested credits, and by the company a maximum of 566 points if it punctually complies with the payments to the Infonavit. So, doing the math, the worker can get up to 1276 points.

One of the most common questions from employees is to know how long it can take me to access the points requested for credithowever, there is no established time, because it will depend on the rate at which the employee and the company obtain the points requested by Infonavit, although there is an estimate of between 2 and 5 years get all the required points.

From the following list of consideration factors published by Infonavitit may take longer for the employee to earn their points if any of the following is unstable:

  • Age and salary: In consideration of the worker’s integrated monthly salary, including his benefits, as well as his age, up to a maximum of 235 points may be accumulated.
  • Savings in housing subaccount: This factor accumulates points each time an amount equal to an integrated monthly salary is added. The maximum points that can be obtained in this way is 124.
  • continuous quote. The more time the worker has contributed, the more points he will have. The maximum that can be obtained for this concept is 191 points.
  • Type of worker: It is considered whether the worker has a permanent or temporary contract. The maximum that can be obtained for this concept is 123 points.
  • Employment stability: At this point, Infonavit evaluates the retention of personnel that the company for which the entitled person works has had the last three years. Up to 130 points can be added.
  • Payment behavior of the company: Infonavit will evaluate how compliant is the company for which the worker works. If the company fully complies, the worker can obtain 129 points.
  • Context: The location and line of business of the company is taken into account. Up to 243 points can be earned.

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Entitlements are invited to access the official Infonavit platform, as well as the institution’s social networks @Infonavitto learn more about the programs to which you can apply and be able to obtain a mortgage credit.

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