The Infonavit and the Association of Banks of Mexico (ABM) carried out the presentation of the credit Infonavit Account + Bank Credit, and it is expected to grant 25 thousand credits in the first year of operations.

This program allows the Institute's beneficiaries, who do not have an active employment relationship, to use their balance in the Housing Sub-Account as a down payment on a mortgage financing, which will be co-financed between Infonavit and their preferred bank.

According to Carlos Martínez Velázquez, general director of Infonavit, in this first stage five banks belonging to the ABM will operate: Banorte, BBVA, HSBC, Santander and Scotiabank. Later, other banks will join this initiative.

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As requirements, it is required to be an entitled worker without an active employment relationship, to be registered in the Afore and to attend the Infonavit workshop "Know More to Decide Better" in order to register the credit.

At a press conference, Martínez Velázquez indicated that the beneficiaries can request their credit individually or jointly, and once the beneficiary recovers his employment relationship as an employee, the employer contributions will be applied as a prepayment of the financing granted by Infonavit, if that there are penalties for advance payments.

It will also be requested that the borrower has life insurance and damage insurance, which will be applicable depending on the policy with the bank.

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Regarding the financial conditions, fixed monthly payments are established throughout the term of the loan, at an interest rate of 10.45% applicable to the proportional part of the Infonavit and another interest rate will be applied to the part granted by the bank and will be determined by the financial institution.

The repayment term will be calculated based on the age of the borrower, where the age plus the term should not exceed 65 years.

On the other hand, there is no restriction on the salary level, and financial and titling expenses are estimated at 3% of the credit amount that will be deducted from the corresponding credit to be granted by Infonavit.

Another condition is that 100% of the financing must not be greater than the value of the home or appraised value, whichever is less.

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Original note