If you work for a private company and you are registered with the IMSS, it means that you are also an Infonavit beneficiary and you have the right to a loan to buy a house, build or remodel the current one.
The first requirement to apply for your Infonavit credit is to have 116 points. But what are Infonavit points? How are they accumulated? How much are they equivalent to? At La Haus we explain everything you need to know.
The points are the evaluation mechanism that the institute has to select the beneficiaries who are ready to apply for any of the Infonavit mortgage loans.
How are Infonavit Points calculated?
There are four factors that are considered to reach 116 points or more (the maximum you can reach is 153): Age, salary registered with the IMSS, accumulated balance in your Housing Sub-account and number of continuous two-month contributions that you have contributed, is say, you have had a formal job.
The higher your salary, the greater the number of Infonavit points. The more money you have accumulated in your housing subaccount and the more years you have been working without interruption, the more points you will accumulate.
However, being over 116 does not mean that the institute will give you a higher credit. As we already explained, this is only a requirement and other factors are considered to estimate the amount to be financed.
A common mistake is to believe that points are equal to money, it is not. They are only the main requirement to be able to request your credit, they do not define the amount that Infonavit will lend you. Your mortgage is calculated based on these other factors: age, salary, credit history and behaviour of employer payments of the company where you work.
Infonavit does not deny you credit for having a low score on your credit report, but it does influence the amount it will loan you. Take it into account.
If you stop working, do you lose your Infonavit points?
Another common question is what happens to your points when you stop working for a while or change jobs.
If you lose your current job, in order not to lose your points, you have a maximum of two months to find a new one, with benefits that pay you social security and Infonavit. If the change takes longer, the institute will detect that you are no longer working and you will automatically lose the points corresponding to the two-month continuous contribution, temporarily losing the 116 points. To reach this minimum score again, you will need to work continuously for 2-3 years.
Another thing that can affect your score is if you change your job to one with a lower salary, or if your current income reduces.
Now that you know what Infonavit Points mean, you can have more clarity about when you can use them, what to do if you are not yet 116 and how to recover in case of job loss. At La Haus we give you some tips so that you can save for the down payment of your house and we advise you so that you can buy it at your own pace.