Advertisements
Program update expands income limit.
Last Friday, July 7, the Minha Casa, Minha Vida initiative implemented new guidelines. Currently, tier 3 includes families with monthly incomes from R$ 4,400 to R$ 8,000.
The change seeks greater inclusion of the middle class in the Federal Government's housing program. Additionally, the program now lends for properties costing up to R$ 350,000, whereas previously the limit was R$ 264,000.
The FGTS funds available for purchasing properties have also increased. The maximum amount, which was previously R$ 47,500, is now R$ 55,000.
Interest rates have been revised. In tier 3, rates will be 7.66% per year for FGTS contributors and 8.16% for those who do not use the fund.
Minha Casa, Minha Vida expands to the middle class
Inês Magalhães, vice president of Housing at Caixa Econômica Federal, states that the recent changes to the program will expand the impact of Minha Casa, Minha Vida on the middle class, as the initiative now finances higher-value properties at lower interest rates.
Before the modification, a property valued at R$ 270,000 exceeded the maximum limit of benefit bracket 3. Therefore, it had to be financed through the Brazilian Savings and Loan System (SBPE).
Read also: Expanded benefits: FGTS home purchase program to receive an increase;
Inês emphasizes: “We are making an effort, led by the Ministry of Cities, to reduce the down payment whenever possible and, if possible, also reduce the installment, encouraging partnerships with states and municipalities”.
After the changes to the housing project, Caixa estimates that around 555,000 properties will be purchased through Minha Casa, Minha Vida by the end of 2023. Of these, 440,000 homes will be financed with FGTS funds, representing a 15% increase compared to the previous year.
Bracket 1 also has new guidelines
For bracket 1 of the project, the new guidelines came into effect last Monday, July 3. On that day, Caixa began receiving proposals from construction companies. A new subgroup began offering lower rates to families with monthly incomes of up to R$ 2,000.
This modification will allow families in the North and Northeast regions to obtain financing with interest rates of up to 4% per year, while in the other regions the rate will be 4.25% per year.
In the other subgroup of bracket 1, with an income of R$ 2,000 to R$ 2,640, the interest rate will be 4.25% in the North and Northeast and 4.5% in the other regions.
Minha Casa, Minha Vida now stipulates that land plots for bracket 1 must be well located. Caixa will assess various conditions, such as access to basic infrastructure and the availability of public services, such as education and healthcare, within a distance of up to 2 km from the properties.
Minha Casa, Minha Vida redesigns property structure
Minha Casa, Minha Vida established new guidelines for the construction of housing units. The minimum area is now 40 m² for houses and 41.50 m² for apartments, which must have space for balconies.
Installing air-conditioning points in both bedrooms is now mandatory. Space for bicycle parking areas in condominiums and for libraries are also requirements in the new version of the housing project.
The government of President Luiz Inácio Lula da Silva plans to make 2 million new units available to low-income people by the end of his term in December 2026.
Read also: Bolsa Família announces the introduction of debit cards to facilitate payments
Together, these new guidelines improve the quality of housing, more broadly guaranteeing the right to housing.
How can I simulate the financing?
The Minha Casa, Minha Vida program offers more competitive interest rates on financing and exemptions on the total value of properties if citizens fall within the benefit brackets.
With the changes to the housing program guidelines, many families have questions about the initial amounts required to access the benefit.
In this scenario, it is possible to simulate the amounts online. Caixa and Banco do Brasil are the state-owned institutions responsible for the simulation.
The housing program allows the purchase of ready-built properties financed by banks, or houses in housing developments built with the approval of the Federal Government.
However, this second option is valid only for families in income bracket 1. To simulate financing for your property, visit the project page on the Caixa Econômica Federal website.
What are the financing brackets?
To finance housing in an urban area through Caixa under Minha Casa, Minha Vida, citizens have up to 35 years to repay it.
Interest rate and discount amounts vary according to the income bracket, property value and location, see:
- Gross monthly income of up to R$ 2,000.00: Nominal interest rate of up to 4.50% p.a. and, for FGTS account holders, a rate of 4.00% p.a.
- Gross income from R$ 2,000.01 to R$ 2,640.00: Nominal interest rate of up to 4.75% p.a. and, for FGTS account holders, a rate of 4.25% p.a.
- Gross income from R$ 2,640.01 to R$ 3,200.00: Nominal interest rate of up to 5.25% p.a. and, for FGTS account holders, a rate of 4.75% p.a.
- Gross income from R$ 3,200.01 to R$ 3,800.00: Nominal interest rate of up to 6% p.a. and, for FGTS account holders, a rate of 5.50% p.a.
- Gross income from R$ 3,800.01 to R$ 4,400.00: Nominal interest rate of up to 7% p.a. and, for FGTS account holders, a rate of 6.5% p.a.
- Gross income from R$ 4,400.01 to R$ 8,000.00: Nominal interest rate of 8.16% per year and, for FGTS account holders, a rate of 7.66% per year.
