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Do you have outstanding debts with Itaú bank? Tap here to learn about a tip that may help you reduce your outstanding balance!
Allocating part of the budget to pay off debts can affect a family's finances, especially when we consider long-term commitments, such as real estate financing. In such situations, account holders at Itaú and other financial institutions have the option of applying a tip to ease their outstanding debts.
Every month, employees contribute funds to the Severance Indemnity Fund (FGTS). However, they can only withdraw these amounts under specific circumstances, such as dismissal without just cause, retirement, or purchasing a property.
Thus, employees have the option of using this amount to make the down payment on a new property. However, many are unaware that this resource can also pay down or reduce the debt on a mortgage. Therefore, this becomes a valuable alternative for those who wish to reduce their outstanding balance with Itaú. Learn more!
How to use FGTS to pay off an Itaú mortgage?
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Those who have entered into real estate financing agreements with Itaú or other banks can use their FGTS balance in 3 ways:
- To initiate the financing;
- Reduce/pay off the debt;
- Cover a portion of the installment amount.
In the first scenario, the account holder uses the balance as a down payment, thus meeting the terms of Itaú financing. In the second, the employee directs FGTS funds toward paying off part of the loan or settling the financing in full.
In the last option, the individual uses the funds to discount up to 80% of the total installments over a period of 12 months. Thus, the amount to be paid decreases for one year.
Terms
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For Itaú bank, the account holder must meet certain conditions to use the FGTS balance. Among them are:
- Make payments within the established terms;
- The person responsible for the account and the financing must be the same;
- It is necessary to have at least 3 years of FGTS contributions;
- It only applies to residential properties;
- The individual may not have another real estate financing agreement, whether with Itaú or any other institution.
