The Infonavit loan is one of the options available to Mexicans to acquire a home
.This type of financing granted by the federal government is exclusively for workers who contribute to the Mexican Social Security Institute (IMSS) and in order to access it, the score that the institute grants to the worker must be verified.
Infonavit grants workers loans that can be used for the purchase of a home or land, the construction of a home, the expansion or remodeling of a home or to pay off an existing mortgage.
What are Infonavit points?
Infonavit points are the method used by Infonavit to determine if a worker is eligible to receive housing financing from the federal government.
A beneficiary needs at least 1,080 Infonavit points to receive credit. The points are awarded according to seven variables, four of which depend on the worker while the remaining three have to do with the company he/she works for:
- Age of the beneficiary and his or her integrated monthly salary (with benefits). It awards a maximum of 235 points.
- The amount saved in the Housing Subaccount; it awards up to 124 points.
- The time of continuous contribution. The maximum number of points awarded is 191, as long as the contribution is permanent.
- The type of employment contract, i.e., whether the worker is permanent or temporary. It adds up to 123 points.
- Stability in the company where the beneficiary works; the best qualification adds 130 points.
- The company's compliance with its employer obligations, payment of quotas and its fiscal and legal behavior. It adds a maximum of 129 points.
- Finally, the system awards up to 243 points when evaluating the location and line of business of the company.
To verify if you are a candidate for an Infonavit housing loan, you must enter the institution's official website (https://www.mi-portal-infonavit.com/checar-puntos) and complete a very simple form, since you only have to provide your social security number (NSS) and your date of birth. It is not possible to verify the data without your SSN, but you can find it on your payroll receipt.
If your employment status remained unchanged in the previous two-month period, and you provided the correct data, when you submit the form you will immediately know the results, which may be:
If you have more than 1080 Infonavit points, you will be able to see:
- The pre-qualification of the credit
- The total amount of the loan
- The monthly discount you would receive
- Other financial conditions
If you have less than 1080 points, the system will tell you that you still cannot obtain a loan from the institution and will explain: The reasons why you did not reach the necessary score The estimated time it will take you to reach the required points
Another possibility is that the system will tell you that you are not eligible for credit and will explain the reasons, for example: You do not have a current employment relationship The company has not made the corresponding contributions
It is worth clarifying that the amount of credit Infonavit grants you does not depend on the score you obtain, but on:
- Your salary and job stability
- Your age
- Your savings in the Housing Sub-account
- The behavior of the company you work for
If you are interested in learning about other housing financing options, you can consult this article in our blog, where we explain how to choose a mortgage loan.
