How the Infonavit 'Buy now, pay later' scheme works
Find out what the new Infonavit scheme 'Buy now, pay later' consists of and open a home next year.
The Institute of the National Housing Fund for Workers (Infonavit) announced the new scheme 'Buy now, pay later', which was recently approved and confirmed by the Vice President of Housing of Concanaco-Servytur and counselor of the Institute, Carlos Medina Rodríguez .
The main objective of this program is to support beneficiaries who wish to apply for a mortgage loan to acquire a home in the remainder of 2020, in such a way that the first financing payment may be delayed up to 4 months.
If you are interested in buying a house through financing, we invite you to continue reading.
What do I need to do to request the Infonavit 'Buy now, pay later' scheme?
- Sign up within the stipulated period
- Download the Withholding Notice
- Deliver the Withholding Notice to your employer
- Deliver the documents to the notary public
- Sign the contract with the Infonavit Legal Representative
- Download the Discounts Suspension Notice
Sign up within the stipulated period
To request this' Buy now, pay later 'scheme, the first thing you will have to do is complete the registration process directly on the Institute's portal when entering'My Infonavit Account'.
The period established by Infonavit to start the process is from November 3 to February 23, 2021, so it is essential that you apply for the loan during that period; in case of not doing so, the request will be rejected.
Download the Withholding Notice
Once you have completed the previous step, it is time to download the Withholding Notice that Infonavit will grant you. This document has a legend that states:
"As a support measure for the worker, the discount must be made from the first day of the fourth month after receipt of this notice."
That is, if you request your mortgage credit In the month of November, you will begin to pay the first monthly payment in March 2021, as long as the Withholding Notice is delivered to you.
Deliver the Withholding Notice to your employer
When you have downloaded the Withholding Notice, it is important that you deliver it to your employer, since they will be in charge of sealing the document to withhold the payment of your credit from the first day of the fourth month after receipt.
Usually this document is delivered in the last days of the month of registration of the financing, for example, if you request your credit at the beginning of December, Infonavit will give you the Withholding Notice at the end of said month.
According to information from Carlos Medina, vice president of Concanaco Servytur and director of Infonavit, all mortgage loans acquired from the fifth two months of 2020 to the first two months of 2021, may request the 'Buy now, pay later' scheme; Therefore, if an entitled person acquires a house in February, they can start paying for it until June 2021.
Deliver the documents to the notary public
Infonavit will deliver your documents to a notary public specialized in real estate, which will be:
- Application for credit registration.
- Current appraisal of the house of interest.
- Original and copy of the certified Birth Certificate.
- Original and copy of a valid official identification.
- Bank statement of the worker with CLABE.
- Notice of Retention sealed.
In case of requesting a marital loan, you must also submit these documents:
- Original and copy of the certified Marriage Certificate.
- Original and copy of the Spouse's Birth Certificate.
- Original and copy of the official identification of the spouse.
Once the notary public receives all the documentation, he or she may proceed to read the contract of sale and sign the property deeds, which will be registered with the Public Registry of Property and Commerce.
Sign the contract with the Infonavit Legal Representative
The Infonavit Legal Representative will also be present at the reading of the sale contract, who will be in charge of carrying out the intermediate signature between the Institute and the beneficiary.
Download the Discounts Suspension Notice
When the documents are signed by all those involved, Infonavit will proceed to apply the benefit to the beneficiary. You will be in charge of downloading the Discounts Suspension Notice, from 'My Infonavit Account', within 11 business days after signing.
The 'Buy now, pay later' scheme is a great opportunity for beneficiaries who lost their jobs during the health contingency due to COVID-19, since Infonavit will not record the weeks without contributions, so that workers will not lose prequalification or the points they had already obtained.
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