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Last Tuesday, June 20, 2023, the Guarantee Fund for Length of Service (CCFGTS) Curatorship Council announced that the Minha Casa, Minha Vida (MCMV) housing program would undergo a series of changes in July.
The agency reported that the government will implement changes to the MCMV rules, with the intention of simplifying access to financing. In other words, the main objective of the current administration is to attract new applicants to the country’s most wide-reaching housing program.
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Thus, the CCFGTS ratified a set of measures proposed by the Ministry of Cities. Along these lines, it is useful to become familiar with some of the new Minha Casa, Minha Vida rules and understand how it has become more ‘accessible’.
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Changes to Minha Casa, Minha Vida
In summary, among the main changes to Minha Casa, Minha Vida, it is important to emphasize the modification to the maximum permitted value for the program's property. From now on, participants in MCMV Tier 3, that is, people earning between R$ 4.4 thousand and R$ 8 thousand, can finance properties of up to R$ 350 thousand.
Additionally, the financing limit for properties under the social program has also changed for other MCMV tiers. In this context, it is possible to purchase properties worth up to R$ 264 thousand.
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Finally, it is important to note that the Ministry of Cities will regulate the Minha Casa, Minha Vida matter by the end of this month. If the ministry manages to complete the necessary process, the changes to MCMV will take effect the following month.
Reduction in interest rates
In addition to the points highlighted, another important change to Minha Casa, Minha Vida concerns the interest rates charged under the social program. For example, beneficiaries in tier 1, people with an income of up to R$ 2,000, from the North and Northeast of Brazil will have access to a reduced rate of up to 4%. Meanwhile, tier 1 applicants in the other regions will have interest rates reduced to as low as 4.25%.
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Finally, it is important to highlight that the same procedure should apply to participants in tier 2, people with an income of R$ 4,400, of Minha Casa, Minha Vida. In this case, the rate will be up to 4.25% for residents of the North and Northeast. For people in the South, Southeast and Central-West, the rate will be 4.50%.
