When one buys a mortgage for buy a house or an apartment As part of the family heritage, many times we focus on the part of how much we are going to pay each month and leave aside other aspects that are important for the protection of the home.
“The goal of Infonavit in its social nature is to offer alternatives for borrowers and that they can take care of their credit from origination to settlement, along that path, we have 4 instruments”, said Pedro Valenzuela, general coordinator of Social Collection at the National Fund Institute of Housing for Workers.
In an interview for The EconomistValenzuela said that the borrowers of Infonavit They have a Housing Quality Insurance that protects or tries to create a standard with respect to materials, labor and construction processes.
This quality insurance is not paid by the borrower, there is no co-insurance or premium. Who has to acquire it by regulation and who has to buy it is the builder. The builder must have their unique technical opinion, the appraisal, and they, through a procedure established by the Institute, freely contact the insurers in the market and protect those homes.”
The sure It applies since 2017 for new homes, it protects up to 10 years from which the credit originated against any structural damage, for five years for waterproofing errors and for 2 years against risks with hydro-sanitary and/or electrical installations.
Borrowers can download their policy from their account Infonavit. “The important thing is that those accredited are demanding with the construction companies and developers.”
unemployment coverage
“Unemployment coverage we call it Payment Protection Fund (FPP) is a fund within the fund, because it is formed with the contribution of 2% of the borrowers who, through prompt payment, while they have a formal employment relationship, on average is 69 pesos,” he said.
The coverage is used when the formal employment relationship is lost. “It consists in that you only have to pay 10% of the monthly payment for six months, the FPP will contribute 90% to complete the payment. It covers commissions and interest, you can use it for six months, but the important thing is that if you recover the employment relationship you can use it again for another six months every five years.
“It is one of the incentives that the Infonavit in the market to return to formality, that is, if you do not have a formal employer you cannot access this benefit”, Valenzuela mentioned.
The FPP is administered by the Infonavit according to its investment policies, which are executed according to the General Investment Coordination and monitored by the Risk Commission and the Treasury.
“In the account statements and through micuentainfonavit it is specified how much they have to pay in case of using the FPP and in their general contracting conditions the factors also come, comes the monthly payment and comes the FPP monthly payment”.
Insurance
During the life of the credit, damage insurance is available. “What it covers are natural, geological and meteorological phenomena, such as: landslides, falling trees, earthquakes, earthquakes, floods and cyclones.”
The Infonavit is covered by a single biannual insurance policy, which is currently with Agroasemex. “The amount that appears in the account statement of the borrower from 6 pesos to 64 pesos monthly, the borrowers pay it month after month. When the event occurs and the borrower has up to 2 years to claim the mishap. He offers support for the loss of household goods of up to 25,000 pesos”.
They attend individual claims on average per year, between 350 to 400 individual claims, with 11,000 to 15,000 pesos depending on the opinion given by the insurer. Credit must be up to date.
self insurance
The self insurance It is a policy that the Law grants to workers through article 51 and protects those accredited against any permanent partial or total disability.
The partial has to be 50% or more and the permanent incapacity or invalidity has the benefit of liquidating the balance of the credit. “We worry about canceling the debt”, concluded Pedro Valenzuela.
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