Are you a state worker? You can now take out your home improvement loan

The Issste Housing Fund (Fovissste) announced the start of operations of its Renova loan, focused on home improvement of State workers and that will have as a guarantee the balance of the beneficiary’s subaccount.

According to the Fund, headed by Agustín Gustavo Rodríguez López, said scheme will be available from the following year and by which a beneficiary of the organization may obtain a minimum financing of 10,000 pesos and a maximum equivalent to 90% of the balance of his subaccount. , with a limit of up to 150,000 pesos, with payment terms of 12 to 36 months.

“The money from the financing may be used to improve your home (paint, waterproof, change kitchen or bathroom furniture and make minor improvements without structural damage to the property), as well as to acquire eco-technologies,” the agency said in a statement. .

The Fund specified that said credit will be granted by commercial banks and the balance of the worker’s housing subaccount will remain as collateral and, in turn, the Fovissste will apply the ordinary collection via payroll.

In addition to the financing money, the beneficiary of the loan may purchase equipment that he, or a family member, with a disability, requires to increase security and mobility within the home.

“The repair or improvement may be applied to the home that the worker lives without necessarily owning it,” the Fund specified.

The agency pointed out that said financing is aimed at base and trusted workers and does not count as a mortgage loan, so the beneficiary does not lose any rights for future loans.

• In order to access this financing, these are the requirements:
• Be in service as a State worker.
• Have an age equal to or greater than 25 years (the sum of the age plus the term of the credit must be less than 65 years).
• Not having an active credit.
• Add at least 18 months of contributions to your housing subaccount.

Likewise, the characteristics of the financing are:

• Fixed interest rate.
• CAT preferencial.
• Financing in pesos.
• Collection via payroll with a discount of no more than 30% of the base salary.
• The beneficiary may have up to 30% of the loan for labor payments.