Cofinavit: Combining Infonavit with a Bank Loan

If you're wondering what Cofinavit is, the short answer is: a program that combines your Infonavit credit with a bank mortgage, so you can access a larger amount than Infonavit would grant you on its own. It works as a single loan with two sources of financing, which is useful when the salary you contribute with doesn't stretch far enough for the home you want. The bank evaluates your additional repayment capacity, and both parts are paid in a single monthly installment deducted from your paycheck, which makes the process simpler than it may seem at first glance.

How the program works

In Cofinavit, Infonavit contributes the portion of the loan based on your housing subaccount balance and your borrowing capacity according to your salary, while the co-financing bank provides the additional amount needed to cover the property's price. The combined monthly payment is deducted through payroll, just like a traditional Infonavit loan, which simplifies payment for the worker because there are no two separate bills to manage each month. There are variants: Cofinavit (the traditional joint loan) and Cofinavit Ingresos Adicionales (Additional Income), designed for people with income not recognized by their employer, such as commissions, rental income, or a business of their own, which the bank can take into account to increase the approved amount beyond what Infonavit would calculate using only your registered salary.

Main requirements

To qualify for this program, it's worth reviewing the points that both Infonavit and the participating bank usually ask for. The process always starts on the Infonavit side, with your pre-qualification, and continues with the bank you choose for the banking portion of the joint loan.

• Be an active Infonavit account holder (derechohabiente) with enough points to pre-qualify
• Have pre-qualification from your chosen bank, which varies by institution and its risk policy
• Provide proof of additional income if you apply for the additional income variant
• The home must pass the bank appraisal and fall within the maximum amounts allowed
• Sign a single contract covering both parts of the loan before a notary public (notario)
• Maintain a good credit history, since the bank runs its own credit bureau check

Variants and who they suit

Not every worker needs the same type of Cofinavit. If the income registered with your employer is already sufficient but you want to buy a higher-priced home, the traditional program is enough to add the bank loan to your base Infonavit credit. If, on the other hand, you earn income from side activities, variable commissions, or a business of your own that doesn't appear on your formal payroll, the additional income variant allows the bank to factor it in to calculate a higher repayment capacity, which can translate into access to a more expensive property or a more comfortable term. The final decision on rate, term, and conditions depends on the co-financing bank, so comparing more than one option before signing is often the difference between a comfortable loan and one that squeezes your budget every month.

Frequently asked questions

Does Cofinavit increase the loan amount available?

Yes. By combining the Infonavit credit with bank financing, you can access a larger amount than if you used only your traditional Infonavit credit, depending on the repayment capacity approved by the bank.

Can I choose any bank for Cofinavit?

No. You must choose from the banks that have a current agreement with Infonavit for this program, and each one may have its own rate and term conditions.

What happens if I stop working and have Cofinavit?

The bank portion of the loan follows the bank's rules, while the Infonavit portion may offer payment protection benefits depending on your employment situation; it's best to review this with both institutions in advance.