Fernando Soto-Hay recommends contracting the least amount of credit possible; In addition, the ideal is to consider at least 20% of the down payment for any type of home

According to document what works and what does not in the house?, Of the Institute of the National Housing Fund for Workers (Infonavit), one housing social interest is one that promotes the proper use of government resources to facilitate construction and acquisition of real estate of this type.

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Likewise, social housing must offer elements that allow its inhabitants to carry out their daily activities; as well as covering their basic needs and having a good quality of life.

These types of properties are classified into three segments, according to their price range:

• Economic: reaches a price of up to 311,656 pesos
• Popular: up to 528,230 pesos
• Traditional: maximum price of 924.403 pesos

If you want to acquire a social housing, the real estate portal Propiedades.com shares some points to consider before making the purchase:

Hitch

The first thing is to make a savings budget for the down payment of the property. Fernando Soto-Hay, general director of Tu Hipoteca Fácil, recommends contracting the least amount of credit possible; in addition to that, according to him, the ideal is to consider at least 20% of the down payment for any type of home.

In other words, for a house of 311,656 pesos, a down payment corresponding to 20% would have to be given; that is, 62,331.20 pesos. In the case of a Popular, it would be 105,646 pesos; while, for a Traditional, it would be 184,880 pesos.

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Leonardo González, Real Estate analyst at Propiedades.com, suggests contributing a minimum down payment of 15% and adjusting the term of the mortgage, according to the income flow of each person.

In addition, before having a fixed amount of the down payment, it is important to consider that there are other initial expenses: deed and notarial services.

Mortgage credit

Soto-Hay points out that the best financing option will be the one with the most accessible interest rate. Also, it is important to analyze the Total Annual Cost (CAT) before making any transaction.

As it is a low-income housing, it is best to use credit instruments from both the Infonavit and the ISSSTE Housing Fund (Fovissste).

Other elements that must be taken into account before acquiring a mortgage loan are the indicators; mainly the Price to Income , or the amount of income compared to the price of a property.

In this way, it will be possible to know the payment capacity that one has, and avoid assigning more than 40% of the income to the monthly contributions. According to González , it is desirable to project income (sources, cost savings or productive projects) in the long term, to pay off the debt as soon as possible.