For most Mexicans, building a house to their liking and that adapts to their needs, just as they imagine it in their dreams, goes beyond an aspiration. Romanized or not, the idea of buy land to later farm it Workers are more interested in purchasing a used or new home.
And to show a button, or a piece of information. According to the 2020 National Housing Survey of the National Institute of Statistics and Geography (Inegi), of the 23.9 million private inhabited homes in the country, the 57.3 percent were built or ordered to be built by some resident thereof.
Under this tone, the Institute of the National Housing Fund for Workers (Infonavit) offers beneficiaries the possibility of buying land on credit so that once they pay it off, gradually and according to their different needs, they can build their house.
Launched in April 2022, the Crediterreno credit scheme It offers workers a series of facilities so that they can buy land, one of them is that they require much fewer points to request financing than if they wanted to buy a house.
You pay in less time
So that they can start building their house as soon as possible, Crediterreno is designed so that workers choose a term that It takes from five to 15 years to pay it, as long as, added to your age, the period of time is not greater than 70 years.
However, you can pay off the financing early or make prepayments without any penalty.
“The objective of this product is to meet the need for land thinking that once they pay it off they can come to us to request a loan or an extension of it to start building the home,” said the senior manager of CORE Financing Options of the instituteDavid Yáñez Fernández, in the podcast Infonavit Easy.
As for the financing amountAlthough this depends on the payment capacity of the beneficiary, the shorter the term selected, the amount granted is reduced so that a loan for construction can be obtained later, says Infonavit.
According to the interest ratethis may be from 6.5 to 8.2 percent, if the purchase of the land is your first housing action, or from 9 to 11 percent, if you already have a house and want to acquire a second one as an investment or for relaxation.
In the event of any unforeseen event, the land remains as credit payment guaranteealthough Crediterreno has support such as life insurance, disability insurance, payment protection fund and extension in case of job loss.
1, 2, 3… How many points do you need?
Before applying for this credit scheme, The interested worker must prequalify to know if you meet the necessary points, which in this case are 980, 100 less than the 1,080 required to purchase a house.
He Crediterreno Infonavit scoring system, called B900, takes into account eight variables: continuous two-month contributions, with which you can add up to 82 to 173 points; age of the borrower, from 96 to 104; integrated daily wage (UMA’s), from 101 to 132; housing subaccount balance, from 106 to 313; job stability, from 90 to 131; company payment behavior, from 78 to 118; turn or pattern group, from 77 to 138; and type of work, from 95 to 112.
Additionally, this program gives a bonus in points depending on the state where the land that the worker wants to buy is located. If you are located in Chiapas, Guerrero, Hidalgo, Morelos, Oaxaca, Tabasco, Tlaxcala or Veracruz, states with high demand, you will obtain 134 points, and if you are located in any other entity, 109 points.
What are the requirements and how to process it?
To access this type of financing, the interested party must be a beneficiary of the institute with a current employment relationship, meet the requirements in accordance with current credit policies, authorize the consultation of the credit bureau, not have another active Infonavit product and be registered with a Retirement Fund Administrator (Afore).
If the worker meets all of the above requirements and already knows what land he or she wants to acquire, to process Crediterreno you must perform the following steps:
- Enter the My Infonavit Account portal to select the appraiser who will carry out the appraisal and technical opinion of the property.
- Identify the amount of your credit in the option I am interested in a Credit
- Complete the course Know more to decide better
- Integrate the file with the requested documents and fill out the credit application.
- Register your credit at the nearest CESI
Can you buy any land?
The land that the interested party wants to buy must be exclusively residential or mixed use and be located near hospitals, schools, grocery stores, recreational spaces and sources of employment, as well as have drinking water, drainage, electricity, garbage collection and disposal, telecommunications and public lighting services.
“There are many lands around that do not have all these services and obviously if we are looking for land to build a home, later, when the home is built, if it does not have all these amenities nearby it will not be habitable,” he added. Yáñez Fernández.
Another important aspect is that is out of any risk area such as geological faults, landfills, caverns and rivers that may overflow, as well as sufficiently far from underground ducts or power lines and outside areas that are restricted by regulations.
To verify that the land meets the requirements, the individual property title free of encumbrances, proof of alignment and official land number, and the official document proving land use must be presented.