The Housing Fund (Fovissste) announced the creation of the Renova credit line, available as of next year and will allow beneficiaries to repair and improve their home.

According to the Fovissste, the loan will be granted by the commercial bank and will have as a guarantee the Balance of the worker's Housing Sub-Account; and, in turn, the Fund will apply the ordinary collection via payroll.

Through Renova, the beneficiary may obtain a minimum financing of 10 thousand pesos and a maximum equivalent to 90% of the Balance of his Housing Sub-Account, up to a limit of 150 thousand pesos; with payment terms of 12, 24 and 36 months.

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This money can be used for home improvement; that is, to paint, waterproof, change kitchen or bathroom furniture, and make minor improvements. As well as to acquire ecotechnologies or equipment that the worker or a family member with a disability needs.

In addition, the worker will not need to be the owner of the home to make these repairs or improvements.

Similarly, Fovissste highlighted that this new credit scheme will have a fixed interest rate, will be granted in pesos and will be charged via payroll; with a discount of no more than 30%.

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The beneficiary may also have up to 30% of the total amount authorized for labor payments.

The Fovissste indicated that this scheme is aimed at base and trusted workers and does not count as a mortgage loan; so the beneficiary does not lose any rights.

The requirements to obtain a loan with Renova are that the applicant must be in service as a State worker, be 25 years of age or older, the sum of the age plus the term of the loan must be less than 65 years and not count. with an active credit.

Additionally, the beneficiary must add a minimum of 18 months of contributions to their Housing Sub-Account.

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Original note