In addition to loans to buy houses, there are financing for those who want to make improvements to their homes. Remodel your home with the help of one of these remodeling credits.
Some lucky ones manage to quickly find the perfect house for them, others, however, acquire very good houses that require some improvements to be ideal and improve the quality of life of its inhabitants.
If your home is not in optimal condition, don't worry, a remodeling loan is what you need to get your plans moving as soon as possible.
These are the loans for home remodeling that exist in Mexico:
Infonavit credits
There are two types of Infonavit credit to remodel a house:
Infonavit credit: it is a traditional mortgage credit like those that some people acquire to buy a new home. The amount of credit that can be granted depends on the total value of your property, the type of remodeling you have in mind and the savings in your housing subaccount.
It can be requested regardless of your salary and the monthly discount is applied accordingly. It handles an annual interest rate of 12% and if you earn up to $ 7,191.79 pesos, no operating, titling and financial expenses will be charged.
Mejoravit: it is granted by a financial institution, so you will maintain your right to the mortgage loan from Infonavit, who will loan you an amount that must be less than 85% of your savings in this institution.
The amounts range from $ 4, 109.59 pesos to $ 57.534.31 pesos, depending on your salary and the chosen term to pay, which can be 12, 18, 24, or 30 months. It has an annual rate of 16.50% and a CAT, or total annual cost of financing, of 17.8%. It can be applied again after four months of waiting after the first application.
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Here you will find a list of requirements to request the support of these credits.
If you still do not know if you have the right to apply for a loan at this institution, you can consult this article.
Fovissste credits
The ISSSTE Housing Fund is a good option to expand and remodel your home.
It grants from $ 6,000 pesos to $ 80,000 pesos, or up to 85% of the amount saved in your Retirement Savings System account to be paid within a period of 18, 24 or 30 months. It has a CAT of 17% and with the debit card that will be provided to you, you can have the money in some official establishments.
The main conditions to be a candidate for this support is to be an active State worker and not have an unpaid Fovissste loan, as well as present official identification documents and have 25% of the total cash for the payment of the hand working.
Here you can learn more about other options that FOVISSSTE grants.
Credits from banking institutions
Mortgage Bancomer Fixed Mejora tu Casa: this bank credit option gives you fixed payments, as well as a rate without variations for the term you request the credit. The interest generated is tax deductible and up to 40% of the total expenses are financed.
The amount of the remodeling credit depends on the value of the property and the term in which it will be paid. For example, if your house has a cost of $ 180,000 pesos and you want to pay the loan in 10 years, this institution will lend you up to $ 72,000.00 pesos with monthly payments of $ 987.73 pesos.
Credit Scotiabank, remodel your home, residential housing plus: this financial institution offers an average CAT of 11.90% and a fixed annual interest rate of 10.35%. In a 10-year term to pay, it could lend you from $ 150,000 to $ 8 million pesos if the value of your property is at least $ 75,000 pesos. It can only be used for home remodeling and the type of monthly payment it handles is fixed.
To apply, you need to have 40% of the total money and earn a minimum salary of $ 20,000 pesos, having two years of seniority in your job and an age between 25 to 65 years.
Credit to remodel Banregio house: similar to the previous ones, the amount of credit approved by this institution will depend on the type of credit you choose (that is, the number of holders who request it), the term to be paid, the type of person benefited, the value of the property and the desired financing amount in percentage.
That is, choosing a type of insurance for a single holder for a term of 10 years, the value of the property being $ 500,000 pesos (which is the minimum amount of property value for which you will be granted a credit) and a financing of 50% of the expenses, Banregio would lend you up to $ 253,750.00 with monthly payments of $ 3,790.54.
Inbursa construction and remodeling mortgage loan: this option ensures that the interest rate, which is 12%, will remain fixed as long as you pay the loan. With an average CAT of 14.20%, Inbursa could offer you a total amount of $ 150,000 pesos regardless of the value of the home you want to remodel.
Whether new or used, this amount would have to be covered in the period that is convenient for you and can be requested by people between 21 and 75 years old. It does not have a required minimum salary, but it does need you to have at least one year of seniority in your job.
It's time to choose the credit that suits you best! Go ahead and remodel your house with any of these supports. And if you already have the plan, but have not yet decided what type of remodeling you want to carry out, this article will give you ideas that you can apply in your home to feel more comfortable.
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