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Instituto del Fondo Nacional de la Vivienda para los Trabajadores
From Wikipedia, the free encyclopedia
The Institute of the National Housing Fund for Workers (Spanish: Instituto del Fondo Nacional de la Vivienda para los Trabajadores; INFONAVIT) is the Mexican federal institute for worker's housing, founded in 1972, and located at Barranca del Muerto 280, in Mexico City.
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It is the largest mortgage lender in Latin America and the fourth worldwide, with over 12 million mortgages on its books and a new one added every 53 seconds.[1] The reform and expansion of Infonavit led to a transformation of the housing production system in Mexico, whereby more houses are now built by developers and purchased with a mortgage than through a self-build process,[2] and it enabled the growth of several national homebuilding firms such as Casas GEO, Homex and Consorcio Ara.
Infonavit receives 5% of all formal workers salaries and provides a series of housing-related mortgage products. These include a mortgage to buy a new or existing home, a mortgage to remodel a home or a mortgage to build a new home.