financing that allows the purchase of land

The Institute of the National Housing Fund for Workers (Infonavit) announced that from Thursday it will be possible to request the Crediterreno Infonavit, a financing that will allow people to buy land to build their houses according to their needs and preferences.
Crediterreno Infonavit will allow workers who contribute to the Institute to acquire, individually, a land for housing use – or mixed, but that includes the same use – through two credit options: Total Infonavit or Infonavit Credit.
According to the agency, the additional benefit of financing is that it has “a specific points model”, called B900, with which the minimum score to request it is 980 points.

“Under this scoring system, the workers who process Crediterreno Infonavit will be able to access a bonus that goes from 109 to 134 points, which will be assigned depending on the entity where they acquire the land, there will be entities that present greater demand for land, where a higher score can be assigned,” Infonavit explained through a statement.
The land that wishes to be acquired through the credit must be located in areas close to health centers, schools, supply stores, recreational spaces and sources of employment, the agency clarified.
Likewise, the land must be outside any risk area, such as caverns, geological faults, landfills, flood risk areas, among others.

Infonavit pointed out that to verify that the desired land meets the above requirements, the beneficiaries must submit:

The title of individual property free of encumbrance.
Constancy of alignment and official number of the terrain.
Valuation.
Technical opinion of the property.
Official document that accredits the use of residential or mixed land that includes housing use.

The term contemplated is a maximum of 15 years, under the consideration that the longest age cannot be greater than 65 years. In addition, the maximum amount of credit will be based on the ability to pay the beneficiary.
The interest rate will depend on whether or not the worker has their housing need resolved. In case it is the first housing action, the rate will be between 6.5% to 8.2%, and if it is the second housing action, it will be from 9% to 11%.
The general director of the organization, Carlos Martínez Velázquez, reported that the financing is derived from the Reform to the Infonavit Law 2020, thanks to which it will be possible to buy a land according to the tastes and needs of the beneficiaries.
Read: Buying land, remodeling homes and not intermediaries: the changes proposed by AMLO to the Infonavit law
It is estimated that in its first year of operation there will be a demand of approximately 2 thousand credits, mainly in the central and southeastern area of the country.
Steps to acquire Crediterreno Infonavit
Those who want to apply for Crediterreno Infonavit will have to enter the Portal My Infonavit Account in the option “I am interested in a Credit” Land Purchase. Once there, they must identify the amount of their credit and their financial conditions, integrate the file with the requested documents; then, fill out the credit application and register the financing at the nearest Infonavit Service Center (CESI).
Registration
The beneficiary must register in My Infonavit Account, there will enter the questionnaire on profiling and identification of first or second property.
Eligibility
It shows available SSCV as well as financing options according to the result of the questionnaire. Either Profile A or Profile B.
Prequalification
The beneficiary may adjust the percentage of down payment that will be provided in order to visualize the adjustment in the rate according to the percentage of financing.
Inscription
The beneficiary may go to register their credit through established channels.
Titration
Up to 100% of the resources for the acquisition of the land (the value that is lower between purchase / sale and appraisal) can be financed.
Information will be collected that will allow to know this group of beneficiaries according to their profile and generate bases aimed at subsequently meeting their housing construction needs.
The Letter Under Protest of Telling the Truth will be digitized, in which the beneficiary states that the resources for the credit will be used for the purchase of land with housing use and that the information provided in the questionnaire is reliable.
Finally, Infonavit will deposit the balance of the housing sub-account into the seller’s account.
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Original source in Spanish