How Much Will Infonavit Lend Me If I Earn 15,000 Pesos a Month? This Is How Much You Could Receive as a Loan
Workers who have legally mandated benefits not only have access to Social Security, but can also apply for a loan from Infonavit (Institute of the National Housing Fund for Workers).
To qualify for a loan from this institution, different factors are taken into account, such as the points the worker has accumulated, their age, among others.
What Is an Infonavit Loan?
To begin with, it is important to understand what an Infonavit loan is. It is important to note that it is backed by the corresponding law, whose purpose is to require employers to contribute 5% of each worker’s salary to the National Housing Fund.
This fund is used to finance loans for purchasing, building, repairing, or expanding homes. The institute also offers other alternatives for paying off debts related to housing.
The institute is designed so that the resources accumulated in the individual housing subaccount can become a direct benefit for each worker.
Through this institution, workers can apply for loans to purchase a new or used home, build on their own land, or make improvements to their home.
The amount of credit a worker can access may vary depending on their salary, length of employment, and accumulated balance (points) in their housing subaccount. If this benefit is not used, the resources are transferred to the worker’s Afore account.
An important fact is that before applying for any loan, the worker must have accumulated at least 1,080 points in their account to be eligible to request a loan.
Regarding age, it is important to clarify that a person under 40 years old can access the maximum amount the institute can provide, also taking into account their current balance and accumulated points. After that age, although the worker is still entitled to apply for a loan, the amount may be lower.
How Much Will Infonavit Lend Me If I Earn 15,000 Pesos a Month?
A common question among people who contribute to Infonavit is what the exact amount of the loan they can receive will be.
In the Mi Cuenta Infonavit section, the loan amount can be calculated by taking factors such as the applicant’s age and monthly salary into account.
In this case, an example was calculated for a 30-year-old worker earning a monthly salary of 15,000 pesos who already has the required 1,080 points to apply. These were the results:
- Loan of up to: $691,847.46 pesos
- Interest rate: 6.72%
- Worker’s monthly payment: $4,474.18 pesos
- CAT (Total Annual Cost): 7.2
- Repayment term: 30 years
Each worker can check their personal situation through the Mi Cuenta Infonavit section of the official website, where their points, current balance, and employment history are registered. This allows them to determine the exact amount they may receive.
It is important to clarify that the higher the salary, or even the older the worker, the greater the amount they may receive as a loan. However, naturally, the monthly payment and interest rate may also increase.
According to Infonavit, the traditional loan can provide up to 2.8 million pesos to purchase a new or used home, build on your own land, repair or expand an existing home, or even pay off a mortgage from another financial institution.
The interest rate can range from 3.5% to 10.45%, depending on the worker’s salary. The maximum repayment period is 30 years.
Source: expansion
