Many times the idea of buying a built home, whether new or used, does not sound appealing enough, as people want to build a property that is completely tailored to their needs. If this is your case, construction loans may be the ideal credit for you. Construction loans are a type of mortgage loan that, as its name indicates, are designed to finance the construction of a home on land that belongs to the borrower. Next, we present some of the best construction loans in Mexico and we explain how to choose the best one for you.
What are the loans for home construction that exist in Mexico?
- Bank construction loans
- Credits for construction of financial institutions
- Infonavit construction credit
- Construction loan from Fovissste
Bank Construction Loans
Banks are the most popular sources of credit that people who are interested in building a property go to, since unlike other institutions they do not require any type of affiliation.
In Mexico there is a wide range of home construction loans, which have a wide range of interest rates, loan amounts and requirements, depending on the bank that offers the construction loan
Within the list of banking institutions evaluated by the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF), in the period between January and June 2020, the 5 best rated banks for their mortgage loan product are:
Infonavit construction credit
Infonavit’s traditional mortgage credit allows its beneficiaries to access a sum of up to one million 846 thousand 165 pesos, depending on the beneficiary’s payment capacity, and an annual interest rate of 12%.
To access this financing you must have prequalification from Infonavit, as well as present the architectural project, work program, construction budget and construction license.
Construction loan from Fovissste
The Housing Fund of the State Workers Social Security and Services Institute (FOVISSSTE) offers its beneficiaries the Construyes tu Casa credit scheme, which grants up to one million 133 thousand pesos plus an amount equivalent to the balance of the Subaccount Housing, with an interest rate of between 4 and 6% per year.
To enjoy this construction loan you must be a beneficiary of Fovissste, have at least 9 bimonthly periods listed in the Housing Fund, and not have processed another Fovissste credit, in addition to the fact that the land where the property will be built must meet requirements such as:
- Have basic services (water, electricity and drainage).
- Being in an urban area or in the process of urbanization.
- Be owned by the borrower or be at least 50% co-owned.
- Be free of encumbrance and vacant.
- Have a current appraisal.
How to choose the best home construction credit for you
Although factors such as the annual interest rate and the maximum loan amount are some of the most important characteristics when choosing a construction loan, before choosing a loan you should also consider other factors such as the Total Annual Cost and the term of the loan credit.
If you are looking for the best construction credit for you, requesting a credit prequalification will allow you to know the construction credits to which you have access, as well as the interest rate that you would obtain, the maximum amount that you can obtain and other characteristics of the loans.
If you are ready to search for the best construction loan for you, with Credi Mejora you can obtain your credit pre-qualification quickly from the comfort of your home. What are you waiting for to know the best credit for you?