It gives you the freedom to choose the house that suits you according to your possibilities. Since 1972 it has funded more than 9 million home loans or one of every four households in the country. An institution in which the participating sectors private government and workers is constituted as a tripartite institution and not only is responsible for granting home loans; but also gives you various options for your heritage.
You can buy it either in a housing complex or in the open market with a private individual. If you are the rightful owner want to buy a home that is mortgaged by this same Institute, you can do it with any of the credits that the institute grants. This option is for you if you want to buy a home from the open market and improve it with the same credit.
The improvement should not affect the structure of the house you are going to fix. In addition, the cost of the improvement must be a minimum of 10,000 pesos and a maximum of 80% of the value of the house. Take into account that the maximum value of the improvement will be based on your salary.
This option is for you if you have your own land or if you are married under the partnership regime and wants to build on the land of your spouse. It is possible to use part of the credit to put the land in your name, register it with the Public Property Registry, or subdivide land. The amount with which you can do this will be taken from your savings in the Housing Sub-Account and will depend on your salary.
The maximum term to finish building your home is 180 days and the amount of credit is given to you in four exhibitions. If the land on which you are going to build is already a building, it will be included in the Structural Security Opinion but it will not count in the value of the works that you do.
This option allows you to modify the characteristics and appearance of your home. Consider the improvement you can make: You will be able to fix damages that imply to construct walls, columns, trabes or slabs, or to make demolitions and additional charges not foreseen. You can modify the characteristics and appearance of your home, as long as the improvement does not affect structural elements, nor build walls, columns, slabs or slabs.
You can paint, waterproof, change the furniture in your kitchen or bathroom, make improvements to your home, and increase the value of your assets. You can also make adjustments that you or a disabled family member need, to increase the safety and capacity of movement within the house.
When obtaining your credit you would receive with which you will be able to purchase construction materials or related to improvements in the house in the stores authorized. You can allocate up to 20% of the total amount of your credit for the payment of labor and will be deposited to the bank account you provide. It is important that the bank account be in your name to be able to do the process.