Crédito Mejoravit is a specialized financial product offered by Infonavit (the Institute of the National Housing Fund for Workers) in Mexico. It is designed specifically for workers who want to repair, improve, or remodel their homes without affecting the structural integrity of the building. This loan provides a practical way to enhance your living space using your existing employment benefits.
Unlike a standard mortgage, Crédito Mejoravit is a short-term loan with competitive interest rates. It is an ideal solution for homeowners who need to address urgent repairs or simply want to upgrade their environment. In this guide, we will walk you through everything you need to know to secure and use this credit successfully.
What is Crédito Mejoravit?
Crédito Mejoravit is a loan granted by a financial institution through Infonavit. It uses your Housing Subaccount balance as a guarantee in case of unemployment. This means that if you lose your job, the funds already saved in your subaccount can cover the remaining balance of the loan.
The program was recently updated to offer two main options: Mejoravit Repara and Mejoravit Renueva. Both options allow you to perform various home improvements, but they differ in the amount of money you can borrow and the interest rates applied. These loans are specifically for non-structural changes, such as painting, waterproofing, or replacing kitchen fixtures.
Types of Mejoravit Loans
Understanding the difference between the two main types of Mejoravit loans is essential for choosing the right one for your needs. Each is tailored to different scales of home improvement projects.
Mejoravit Repara
This option is intended for smaller repairs and maintenance tasks. The loan amounts are generally lower, making it easier to pay off quickly. It is perfect for fixing leaks, painting rooms, or updating electrical outlets.
- Lower interest rates compared to traditional bank loans.
- Payment terms ranging from one to five years.
- The maximum loan amount is adjusted periodically based on the current economic indicators.
Mejoravit Renueva
This version is designed for more significant remodeling projects that still do not involve structural changes to the house. If you are looking to renovate your entire bathroom or install a new flooring system throughout the house, this is likely the better choice.
- Higher credit limits than the Repara option.
- Longer repayment terms to keep monthly installments affordable.
- Higher interest rates than the Repara version, but still competitive within the market.
Basic Requirements for Applicants
To qualify for a Crédito Mejoravit, you must meet several specific criteria set by Infonavit. Being an active worker is the most fundamental requirement, but there are other factors to consider before you begin the application.
- Employment Status: You must be currently employed and actively contributing to Infonavit.
- Points System: You need to have at least 1,080 points in the Infonavit system.
- Age Limit: Your age plus the term of the loan must not exceed 70 years (or 75 years for women).
- Property Ownership: The house being improved must belong to you, your spouse, your children, your parents, or your grandparents.
- Previous Loans: You must not have an active Infonavit loan at the time of application.
What Can You Use the Money For?
The funds from Crédito Mejoravit are restricted to specific types of home improvements. It is important to know what is allowed to ensure your project qualifies for the funding. Generally, any improvement that increases the quality of life or the value of the home without altering its structure is permitted.
Common uses for the loan include:
- Painting internal or external walls.
- Waterproofing roofs to prevent leaks.
- Replacing bathroom fixtures, toilets, or sinks.
- Installing air conditioning or heating systems.
- Improving floors, doors, or windows.
- Installing eco-technologies that save water or electricity.
- Adapting the home for family members with disabilities.
How the Funds are Delivered
Once your loan is approved, the money is not simply deposited into your personal bank account. Infonavit uses a specific system to ensure the funds are used for their intended purpose. You will receive a Mejoravit Card, which works like a debit card at authorized establishments.
Typically, 80% of the loan is loaded onto this card to be spent at hardware stores and home improvement centers that have agreements with Infonavit. The remaining 20% can be transferred to your personal bank account to pay for labor costs. This ensures that you have the materials needed while also being able to pay the professionals doing the work.
Step-by-Step Application Process
Applying for Crédito Mejoravit is a straightforward process, but it requires careful attention to detail. Following these steps will help you navigate the system efficiently.
Step 1: Pre-qualification
Log in to the “Mi Cuenta Infonavit” portal. Here, you can check if you meet the 1,080-point requirement and see the maximum amount you are eligible to borrow. This step gives you a clear idea of your budget before you start planning repairs.
Step 2: Gather Documentation
You will need to prepare a folder with several documents. These usually include your birth certificate, official identification (INE or passport), CURP, and a recent proof of address. You will also need a bank statement showing your CLABE number for the labor cost portion of the loan.
Step 3: Choose Your Project
Decide whether you need the Repara or Renueva option based on the quotes you receive from contractors or material suppliers. Having a clear plan will help you during the interview process at the Infonavit offices.
Step 4: Schedule an Appointment
Once you have your documents ready, schedule an appointment through the Infonavit portal or by calling Infonatel. You will need to visit a Service Center (CESI) to submit your application and have your documents verified.
Step 5: Activate Your Card
After approval, you will receive your Mejoravit card. You must call the activation number provided with the card to start using the funds. Remember to keep all receipts from your purchases, as Infonavit may audit the use of the credit.
Tips for Using Your Credit Wisely
Managing your Crédito Mejoravit effectively can save you money and stress. Since the loan is deducted directly from your paycheck, it is important to budget for the slightly smaller take-home pay you will receive during the repayment period.
Always compare prices at different authorized stores before using your card. Some stores may offer discounts specifically for Mejoravit users. Additionally, try to complete your repairs within the planned timeframe to avoid any complications with the labor portion of your funding.
Finally, ensure that the work being done is of high quality. Since you are investing your future housing savings into these repairs, choosing durable materials and skilled labor will provide the best long-term value for your home.
Conclusion
Crédito Mejoravit is a powerful tool for Mexican workers to improve their living conditions without the burden of a full mortgage. By understanding the requirements and following the correct application steps, you can transform your home into a more comfortable and valuable space. Start by checking your points on the Infonavit portal today to see how much you can borrow.
For more information on managing your personal finances or improving your home, explore our other articles on budgeting for renovations and navigating government benefits. Taking control of your housing credit is the first step toward a better home environment.