Can I pay the bank with my Infonavit credit?

If you are the beneficiary of the Infonavit but you requested financing For a home with another institution, you should know that you can use your savings from the Housing Subaccount as well as a loan from Infonavit to settle your mortgage debt with a different financial institution.

You must take into account that if you are formally working with the respective benefits provided by law, then you are the beneficiary of the Mexican Social Security Institute (IMSS), which in turn, gives you access to a Housing Subaccount. In this, you accumulate savings that are taken from your monthly salary, in order to create financing to acquire a home through the Institute of the National Housing Fund for Workers (Infonavit).

However, if Infonavit does not have the characteristics you need for the home you want, you can use your Housing subaccount for paymentr your mortgage from another financial institution.

How to use your Infonavit credit to pay a mortgage with the bank?

But how does it work? We cannot confuse what the Savings or Housing Subaccount means with the credit or financing granted by Infonavit. This is because what you have accumulated in the subaccount corresponds to you, and you can use it to partially or totally pay your mortgage with another financial institution.

However, if the value of the mortgage loan that you acquired with another financial entity exceeds the amount of the budget saved in your Housing Subaccount, it is at that moment when you can request an Infonavit loan, which will serve to finance the rest and thus cover the greater part of the mortgage that you applied for with another financial institution and despite the fact that you pay more interest, it will be towards a smaller amount.

For example, if the mortgage you requested has a value of 500,000 pesos, and you only have 300,000 in your savings subaccount, you can request an Infonavit loan for another 200,000 pesos, and thus cover the mortgage, and only pay interest for those 200 thousand pesos that Infonavit will give you on loan.

How to carry out the savings transfer process in the Housing Subaccount?

• You must have a pension opinion issued by the Mexican Institute of Social Security, with a date after July 1, 1997
• You must not have a current Infonavit credit
• If you find yourself in a situation of clarifying a homonymy, you must first conclude it
• Carry out the procedure at Infonavit or Afore

If you are over 65 years of age, then you must apply for the 1992 Housing Subaccount, the requirements are:

• Have registration in an Afore
• Request the savings directly at the Afore in which you are registered
• You must make an appointment in My Infonavit Account to request the return of your Subaccount savings.

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As we have mentioned in other informative notes of The Truth NewsYou can also request an Infonavit credit to complete your home payment if your savings in the Housing Subaccount are not enough, or if you still do not meet the requirements to be able to withdraw the accumulated savings.

In order to request an Infonavit credit to make the mortgage payment to another financial institution, you can request the traditional credit and allocate it for the payment of liabilities acquired with a different entity. It does not matter if you are going to acquire, build, repair or improve that house for which you requested the credit.

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