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Mainly, the changes bring an increase in the assistance provided by the government
Starting July 7, the Minha Casa Minha Vida housing program, administered by Caixa Econômica Federal, will have new rules in effect, as confirmed by the bank itself. The FGTS Governing Council approved these changes the previous month.
Among the most significant changes are an increase in the government subsidy, lower interest rates, and an increase in the maximum value of properties that can be financed, now set at up to R$350,000. In addition, the income criteria that allow access to Minha Casa Minha Vida financing have been updated.
Changes to the Minha Casa Minha Vida rules
Starting at the end of this week, all negotiations carried out at Caixa branches or through correspondents will adopt the new conditions. The main changes are as follows:
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Income brackets
Beneficiaries who wish to finance a property are divided into three income brackets, each with different interest rates and benefits. See the new amounts:
- 1 – Income of up to R$2,640 per month;
- 2 – Income from R$2,640.01 to R$4,400 per month;
- 3 – Income from R$ 4,400.01 to R$ 8,000 per month.
Subsidy
The subsidy, which is the portion of the financing paid off by the Federal Government with federal funds, can now cover up to 95% of the total amount for lower-income families. The maximum subsidy offered at the beginning of the financing increased from R$ 47,500 to up to R$ 55,000 in brackets 1 and 2, marking the first revision since 2017.
Interest rate
The maximum interest rate charged to families with an income of up to R$ 2,000 was reduced from 4.25% to 4% per year in the North and Northeast regions. In the Southeast, South, and Central-West regions, the rate fell from 4.5% to 4.25% per year.
Limit
Properties available for financing in bracket 3 (income between R$ 4,400 and R$ 8,000) can now be worth up to R$ 350,000. The previous maximum limit was R$ 264,000. For brackets 1 and 2, the amounts range from R$ 190,000 to R$ 264,000, depending on the location in the country.
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The recent updates are believed to provide 57,000 new contracts in tier 3 of the Minha Casa Minha Vida program, with a large portion of them expected to take place by the end of 2023. For families with an income of R$3,300, an increase of approximately 12% in financing is expected, totaling 330,000 units. The budget allocated to the housing program this year is R$9.5 billion, with the goal of assisting up to 2 million families by 2026.
In addition to the current scheme, President Luiz Inácio Lula da Silva has mentioned the possibility of extending Minha Casa, Minha Vida to Brazilians with an income of up to R$12,000. Lula stated:
“It is necessary to expand Minha Casa, Minha Vida to the middle class. Those who earn R$10,000, R$12,000, or R$8,000 also aspire to own a home, and they want to have a quality home.”
How does the registration process with CadÚnico work to join the program?
To register with the Cadastro Único and participate in the Minha Casa, Minha Vida program, you need to follow the instructions below:
First, contact the city hall or the municipal department responsible for social housing programs to request enrollment in the program;
Next, complete the housing registration form at the city hall or with the department responsible for the municipality's housing system;
Subsequently, submit the necessary documents, such as an identity document (RG), CPF, proof of residence, proof of income, and an Income Tax return or bank statements for self-employed individuals;
Finally, wait for the housing unit draw.
It is worth remembering that registration in the Cadastro Único is free. The rules and procedures for enrolling in the program may vary depending on the region of the country. Therefore, it is advisable to check the updated information at your city's city hall or on the Caixa Econômica Federal website.
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