See real estate financing lines that allow the use of FGTS

The worker who plans to buy a property finds different lines of financing that accept the use of the FGTS (Fundo de Garantia do Tempo de Serviço), inside or outside the SFH (Sistema Financeiro da Habitação).

In Brazil, the main public and private banks grant financing through the SFH, which can reach 80% of the value of the property, for units valued at up to R$ 1.5 million.

The loan term can reach 35 years, but to have access to the modality, the buyer undergoes a financial assessment, as the value of the installments cannot exceed the ceiling of 30% to 35% of the gross income of the person who is doing the financing, depending on the financial institution.

WHO CAN USE THE FGTS IN REAL ESTATE FINANCING?

• You must have at least three years of work under the FGTS regime, adding up consecutive periods or not, in the same or different companies;
• It cannot be the holder of other financing granted by the SFH in the country;
• You cannot be the owner, promising buyer, usufructuary, possessor or assignee of another residential property completed or under construction in the municipality where you live or carry out your main occupation, not even in neighboring cities and in the metropolitan region;
• The property cannot have been the object of FGTS use in its acquisition or construction in the last three years.

The FGTS can be used by the worker in the acquisition, construction, amortization or settlement of the outstanding balance or payment of part of the value of the residential property financing, provided that the conditions for use are met. The appeal is also accepted for renovation of the property.

Take care not to get into debt

Lawyer Marcelo Tapai, a specialist in real estate law, guides the buyer to make careful financial planning before signing the financing. As it is a debt that can reach 35 years, it is necessary to be sure that you will be able to pay the installments so as not to default.

“There is no way in this interval that unforeseen circumstances do not arise in which you need to spend extra money. As it is a long-term financing, the person needs to keep in mind that they cannot have only the money of the installment. It cannot be a very fair planning. “

In the calculation, costs with issuance of documents, deed, mandatory insurance and other charges must be entered. “This can have an increase of up to 5% in the value of the debt. Some banks manage to add this to the amount financed, which will make the value of the installment increase”, he says.

See lines of financing that accept the FGTS resource in the main financial institutions.

CAIXA ECONÔMICA FEDERAL

Caixa Econômica Federal has different lines in which the worker can use the Guarantee Fund resource.

There are four lines of real estate financing with resources from the SBPE (Brazilian Savings and Loan System), which allow you to buy new or used property, build or renovate.

The SBPE lines of credit are:

• TR (Referential Rate): No gross income limit. Rate between 8% and 8.99% per year + TR. Payment term can vary between 90 and 420 months (between 7.5 and 35 years). It allows financing up to 80% of the value of the property.
• IPCA: There is no gross income limit. It varies from 3.95% and 4.95% per year + IPCA. Installment term between 120 and 240 months (between 10 and 20 years). It allows financing of up to 80% of the value of the property in the SAC system (Constant Amortization System) and up to 70% in the Price table.
• Flat rate: No gross income limit. Rate between 9.75% and 10.75% per year. Term can vary from 120 to 360 months (between 10 and 30 years). It allows financing up to 80% of the value of the property.
• Cash Savings: It varies between 2.80% and 3.50% plus remuneration on savings. Installments can vary from 120 to 420 months (between 10 and 35 years). It allows financing up to 80% of the value of the property.

Caixa also has the Casa Verde e Amarela Program, which uses funds from the Guarantee Fund to operate

• Yellow Green House/FGTS: Gross family income of up to R$7,000. Nominal interest rate can range from 4.25% to 7.66% per year (depending on family income and property location). Installment term from 120 to 360 months (10 to 30 years). It allows financing up to 80% of the value of the property.

For FGTS Quotaholders, there is also the option to finance properties of up to R$ 1.5 million in the Pró-Quotista line, which has no family income limit.

• Pro-Shareholder: Nominal interest rate of 8.66% per year. Allows for a minimum installment of 60 months (5 years), which can reach 240 months (20 years) in the Price table or 360 months (30 years) in the SAC system. It allows financing of up to 80% of the property value by SAC and up to 70% by Price.

Simulations with the different lines of credit can be done on the Caixa website.

ITAÚ

Itaú offers two lines of financing that accept FGTS resources, one with a floating interest rate and the other with a fixed rate.

The floating rate starts at 3.45% per annum plus the savings income and the adjustment of the outstanding balance by the TR. The fixed rate bears interest from 9.5% per year from the beginning to the end of the contract, with adjustment of the TR debit balance.

In both modalities, it is possible to finance up to 90% of the value of the property and to pay the financing in up to 360 months (30 years).

There are two amortization systems, MIX and SAC. In the SAC, the installments are amortized from the beginning of the contract. In MIX, there are fixed installments in the first three years and, after that, the other installments become part of the Constant Amortization System.

BRADESCO

Bradesco’s minimum rate is 9.50% per year plus TR in the Housing Finance System. The use of the FGTS is allowed for the financing of properties worth up to R$ 1.5 million.

The financing term is 360 months (30 years) and the worker can finance up to 80% of the value of the property. The maximum percentage of income commitment is 30% in the SAC table and 15% in Price.

SANTANDER

Within the SFH, Santander allows real estate financing of a minimum of R$90 thousand and a maximum of R$1.5 million. The interest rate varies from 9.49% to 11.49% per year, plus the TR by the SAC.

It is possible to finance up to 80% of the value of the property as long as the amount to be paid monthly does not commit more than 35% of the buyer’s gross income. The minimum down payment is 20% of the property value and the maximum term is 420 months (35 years).

It is possible to do a simulation on the Santander website.

BANK OF BRAZIL

At Banco do Brasil, SFH rates start at 9.01% per year plus TR and vary according to the customer’s profile, the financing term and the relationship with the bank.

Financing of up to 80% for residential properties:

• Financing amount: minimum of R$20 thousand and maximum of R$1.2 million;
• Skip month: you can choose one month a year without charging the installment, which is diluted over the course of the financing;
• Deadline: up to 180 days for the payment of the first installment of capital;
• Amortization: by SAC or Price;
• Financing time: up to 360 months (30 years), the shorter the loan term, the lower the interest rate.