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Starting next Friday, July 7, 2023, Caixa Econômica Federal is launching a new cycle of real estate financing through the Minha Casa, Minha Vida program. The surprising news is that the maximum value for eligible properties has risen to R$ 350,000.
In the past, the limit was R$ 264,000. This significant change is intended to offer even more opportunities for families in various income brackets to purchase a suitable and comfortable home.
In addition, the recently established guidelines for construction now vary according to the size of the municipality, a new perspective that brings even greater inclusion.
Another crucial point in the update to Minha Casa, Minha Vida is a notable review of the amounts and limits, an important step toward the program's progress.
All program tiers have had their amounts increased, offering beneficiaries more opportunities to access housing.
Additionally, the ceiling for the FGTS subsidy has also been raised, increasing from R$ 47,500 to a surprising R$ 55,000.
Ultimately, do you want to understand everything about this incredible opportunity to own your own home with flexible terms? We have prepared a complete summary about it in this text! So, keep reading.
Expansions of Minha Casa, Minha Vida
As mentioned earlier, all the income brackets of the Minha Casa, Minha Vida program have been expanded, and further updates are still expected in the future, especially in bracket 3, which will see the income limit for participation increase.
In bracket 1, originally intended for families with an income of up to R$ 2 thousand, the permitted monthly income increased, now reaching R$ 2,640.
For families in brackets 1 and 2, with a monthly household income of up to R$ 4,400, the property price limits have been changed. Now, this amount varies according to the property's location, between R$ 190 thousand and R$ 264 thousand.
Additionally, the monthly installment, which is influenced by the gross household income, now has a range of values that varies according to that income.
Thus, the installment can vary between R$ 80 and R$ 396, providing families with greater flexibility to adjust the installment amounts to their financial capabilities.
Inês Magalhães, Caixa’s vice president of Housing, stated that expanding tier 1, aimed at the lower-income population, strengthens the actions of the government, the FGTS Governing Council, and Caixa to reduce the down payment amount for this group and facilitate access to homeownership.
On the other hand, in tier 3, for people with an income of up to R$ 8 thousand, they may finance a property worth up to R$350 thousand through the Minha Casa, Minha Vida program.
Other significant changes
Caixa Econômica Federal also changed the interest rates for financing through Minha Casa, Minha Vida. One of the main changes applied to families with an income of up to R$ 2 thousand.
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Thus, in the North and Northeast regions, the annual interest rate fell from 4.25% to 4%. Meanwhile, in the other regions of the country, the rate went from 4.50% to 4.25%.
For those with an income between R$ 2 thousand and R$ 2.640, the annual interest rates remained at 4.25% in the North and Northeast regions. In the South, Southeast, and Central-West regions, the percentage was maintained at 4.50%.
In income tier 2, for families with a monthly income between R$ 2.640 and R$ 4.4 thousand, loan interest rates vary, ranging from 4.75% to 6.50% per year.
In tier 3, for families with an income above R$ 4.4 thousand, the interest rate was set at 7.66% per year.
Requirements for Minha Casa, Minha Vida projects
Finally, it is important to point out that, as of last Monday (03), construction companies have the opportunity to submit projects to the Minha Casa, Minha Vida program.
However, there are now stricter criteria for housing projects.
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Eligible properties must have at least 42 square meters, with a minimum layout of two bedrooms, a living room, kitchen, and bathroom.
In addition, there has been a change in the requirements for the land where the developments will be built. They must be well located, with access to at least one urban infrastructure system.
There must be a school nearby, ensuring access to education, and at least one commercial establishment.
