Most people who intend to buy their own homes need to obtain funds through financing or loans. The FGTS amount can also be very useful for settling outstanding balances or paying installments on real estate.
But there are some rules for using the amount. One is not to have another property financed by the Housing Finance System (SFH).
In this context, we will talk about FGTS in real estate financing and present the rules for the use of values. You will understand what are the three main possible frameworks and find out if you can use your guarantee fund for the purchase and construction of mixed-ownership or renovation.
Need to know more about the topic? Follow the reading and stay inside!
Find out what the FGTS is
FGTS (Severance Pay Fund) is the fund paid by the employer to the employee. Therefore, all those who are governed by the Consolidation of Labor Laws (CLT) are entitled to this amount.
The government created this retention as a way of guaranteeing a reserve for the contractor. There are several possibilities for using this feature, some of which are mentioned below:
- worker dismissed without just cause;
- suspension of individual work equal to or greater than 90 days;
- diseases such as AIDS and malignancy;
- death of the worker;
- own housing purchased through the Housing Financial System.
To access the values, the apartment or house must be located in the city where the buyer has been living for at least 12 months. It is worth mentioning that the property will have to be evaluated by specialized professionals so that the price is in accordance with the possibilities of the future owner.
Know the rules for using the FGTS
The proponent cannot have active financing and does not own a residence in the same region, neighboring areas or metropolitan region where he will acquire.
In other words, he can have a property as long as it is not in a borderline, metropolitan region or the same region as the property he is acquiring, and he cannot have active financing throughout the national territory. If these rules fit, the use of FGTS is fine.
If the proponent has a property in a neighboring, metropolitan region or in the same region in which he intends to acquire another property using the FGTS, it cannot exceed 40% of the ownership of that property, so it is not configured as total property of the property.
As there are several rules for the use of FGTS, the banks divided them into frameworks, using authorization forms for the movement of linked accounts, called Damp.
There are three main frameworks for the use of FGTS for real estate financing. We will understand better about them, from now on.
The acquisition can be made in cash with the FGTS or as a percentage of entry. In this case, the grace period is three years, linked to the property.
It is possible to use FGTS to amortize the outstanding balance, in installments or installment amounts. In addition to the possibility of settling your outstanding balance, the grace period is two years, linked to the buyer, and its use for late payment is not allowed.
In this context, it is used to reduce the installments of the real estate financing contract. It is also possible to use the resource to deduct up to 80% of the monthly installment of real estate financing, in the period of 12 months, in addition to being able to be used to pay up to three installments in arrears. The minimum interval is 12 months between uses.
Check out other general rules that apply to all cases
It is essential to have three years of CLT work, considering the entire period employed. The property must be located in the same municipality of professional occupation where the buyer has lived for more than one year or in the same metropolitan region.
In addition, the applicant may not have any other financing in the SFH nor be the owner of another property in a fraction greater than 40% in the same municipality of his residence. The house or apartment must be in urban territory and be used for residential purposes only.
To be included in the SFH system, real estate can cost up to R $ 1.5 million nationwide. The FGTS amount must correspond, at least, to the price of a monthly installment.
Understand if the use of FGTS in the acquisition and construction of the mixed property is allowed
If the property is mixed and commercial activities are performed there, the FGTS cannot be used to purchase this space. However, the fund may be used for the acquisition of the area that will serve for the buyer’s residence with a description of it in the Valuation Report.
Find out if it is possible to use FGTS to build or finish construction and/or renovation
The fund cannot be used for the purpose of renovating, completing, improving, expanding or modifying buildings. FGTS values are only used to build on the land owned by its owner or to buy property under construction. Therefore, if a person already has a lot without buildings, he can also take the amount to buy a property.
Understand why you can count on a consulting firm focused on real estate financing
Hiring a consultancy focused on real estate financing has numerous advantages. The specialized consultants will guide the purchase of the property and point out the ideal financial solution for each case and according to the profile of the buyer.
Consulting can open up several opportunities, in addition to reducing bureaucracy and increasing the security of transactions. A specialist evaluates the conditions of each client and points out the best financial institution, according to their possibilities.
He also considers interest rates, financing terms and the value of the investment to avoid future problems. In this way, the best alternatives are presented to the buyer to meet their expectations.
So that you can better deal with all these rules and details, CrediPronto helps you at all stages of your process. In real estate financing, the buyer only needs to inform that he will use the FGTS. All necessary documentation will be delivered to the institution by the operation of CrediPronto and the withdrawal of the fund will be included in the release of funds.