The National Workers' Housing Fund Institute (Infonavit) has introduced the 'Equipa tu Casa' (Equip Your Home) program, a mortgage add-on designed for home remodeling, furnishing, or repairs.
This benefit allows members to make improvements to their new homes without having to wait until their primary mortgage is fully paid off. According to reports from xataka.com.mx, the available funds for this purpose range from 10,698.67 to 71,324.48 pesos.
Launched in 2023, this supplement works exclusively as an add-on to either 'Tradicional Infonavit' or 'Infonavit Total' mortgage types. To qualify, the amount borrowed for the home purchase must be less than the total credit amount offered by the institution.
The funds are deposited directly into the beneficiary's bank account. The interest rates, terms, and conditions for this supplement will match the primary mortgage, with the cost integrated into the monthly mortgage payment.
Requirements for application
To access this benefit, applicants must be active members with current employment. They must have contributed to the fund for at least six months and accumulated the 1,080 points required to qualify for a loan.
To apply, users must log in to the 'Mi Cuenta Infonavit' portal and select the mortgage type that best suits their needs. Applicants will need to compile a file with all required documentation and formalize the loan before a notary.
Alternative for existing home improvements
For those not looking to purchase a new home, but rather to improve or expand their current residence, the 'Mejoravit solo para ti' option is available.
This scheme allows for loans ranging from 10,698 to 169,039 pesos, using the balance in the housing subaccount as collateral. The loan offers repayment terms of one to ten years with a fixed annual interest rate between 10% and 11%.
