Use of FGTS to pay late property installments starts this Monday

From this Monday (2), the FGTS (Fundo de Garantia do Tempo de Serviço) can be used to negotiate the payment of up to 12 installments of the housing loan in arrears.

The measure, authorized by the Council Curator of the FGTS in April, releases the use of the resource to deduct up to 80% of each installment in arrears. According to data from the council, 80,000 borrowers have at least three installments overdue and 50% of them have an account linked to the FGTS.

According to Caixa, the Fund’s administrator, the withdrawal from the FGTS account will be made in a single installment and the debited amount will be used in the monthly installments.

How to use FGTS in amortization

Order is made at the bank

• The worker must look for the bank where he made the housing loan and request the use of his FGTS to deduct up to 80% of each installment, up to the limit of 12 installments in arrears.
• The request is made through the FGTS Linked Account Movement Authorization, duly signed.

Minimum interval for using the FGTS

• Anyone who used the FGTS in that same financing agreement for less than two years (to amortize the debt, that is, reduce the debt balance or reduce the number of installments) will not be able to use the fund’s money again before this deadline
• The two-year interval is counted from the date of the last amortization/settlement

Maximum value of the property

The appraised value of the property must be up to R$ 1.5 million

Requirements for the worker

• The worker must have at least three years of work under the FGTS regime, uninterrupted or not.
• You cannot own another property in the municipality where you work or reside
• You cannot have any other active financing in the SFH (Finance Housing System)

Source: Caixa Econômica Federal

The measure is valid until Dec.

This Wednesday (27), Caixa released the new version of the FGTS Manual – Use in Own Housing, with all the rules that regulate the use of resources from FGTS accounts updated. See here.

The negotiation of up to 12 installments will be valid until December 31, 2022. After this period, the worker will again be able to use his FGTS balance to make the payment of up to three installments in arrears with the banks.

In court, according to lawyer Marcelo Tapai, the borrower has always managed to pay the number of delayed installments he wants, up to the limit of what he has in the FGTS.

“This 12-month limitation will also be disregarded by the Judiciary, if necessary, for an obvious reason: it is unreasonable for someone who has money in their FGTS account to pay interest and charges on a late debt or even run the risk of losing the property” , says Tapai.

Created with the objective of protecting the worker dismissed without just cause, the FGTS is due to those who work with a formal contract.

At the beginning of each month, employers deposit, on behalf of employees, the amount corresponding to 8% of the salary of each professional in an account opened at Caixa Econômica Federal.

The amount can only be used in some situations, such as unfair dismissal, retirement and for the purchase of a home, construction and to reduce real estate financing values.