In a context where housing prices are becoming increasingly unaffordable, the Mexico City Housing Institute (INVI) is promoting a program that aims to make the dream of homeownership a reality: “Rent-to-Own,” a program that allows residents to rent and then purchase a home in the capital.
According to INVI, this scheme is a lease agreement that combines the obligation to purchase the property within a specified timeframe and price, considering the rent paid, or a portion thereof, as an advance payment toward the purchase.
In simple terms, the beneficiary lives in the property, pays monthly rent, and a portion of that payment accumulates as a down payment. At the end of the agreed-upon period, they can exercise their right to purchase the property through a loan, converting the rent payments into advance payments toward their home.
To complete the process, you must visit the service module located at Canela No. 660, first floor, Granjas México neighborhood, Iztacalco borough, at the Housing Demand Integration and Monitoring Office. Service hours are Monday through Friday from 9:30 a.m. to 1:30 p.m., by appointment only, scheduled through the website citas.cdmx.gob.mx.
At this location, a socioeconomic assessment will be conducted to determine if the applicant is eligible to participate in the program. According to INVI, those who meet the following criteria may be eligible for financing:
The results of the socioeconomic assessment, conducted by INVI or a designated third party, will determine the loan’s viability. This requirement is also mandatory for those requesting a loan restructuring within the program.
Source: nomecensures
