The board of trustees of the FGTS (Guarantee Fund for Time of Service) approved, on Monday (13), new rules for the use of the fund’s money for financing popular properties. The proposal presented by the MDR (Ministry of Regional Development) increases the discount on the value of the property financed by families earning up to R$ 2 thousand.
The change also standardizes the interest rates offered to these families in the Casa Verde e Amarela program, in addition to increasing the value of properties that can be classified as low-income housing, intended for families with gross monthly income of up to R$7,000.
The new rules will only take effect in 2022. After the publication of the resolution by the FGTS, the MDR will have 30 days to regulate the operating conditions, detailing, for example, how the new discount should be calculated. Caixa Econômica Federal has another 30 days to make its own regulation, and the other financial agents will have 120 days to adapt their systems to the new standard.
See the details of the changes:
Increased add-on discount
The complementary discount is a kind of help given by the FGTS in real estate financing. The FGTS pays a part of the value of the construction or acquisition of housing so that low-income families can reduce the amount to be financed.
Currently, the Ministry of Regional Development considers two criteria for granting the discount: the gross monthly family income and the location where the property will be purchased.
Under the new standard, three other factors will be taken into account:
- Family financing capacity
- Commitment of expenditure in relation to the average income in that unit of the federation
- Useful area of the property
In practice, according to the MDR, families with less financing capacity will receive a score that will increase the discount amount, with the aim of facilitating access to credit. Families who buy larger properties, within the low-income housing table, and those who have greater income commitment with fixed expenses will also have more discounts.
The MDR did not specify what the average value of the new discount will be.
Change in the value of affordable housing properties
The council also approved an update to the table of properties that are considered low-income housing.
There was a 10% readjustment in property values in the following locations, according to the classification of the IBGE (Brazilian Institute of Geography and Statistics):
- State capitals defined as metropolises
- State capitals and municipalities with a population greater than or equal to 250 thousand inhabitants
- Municipalities with a population greater than or equal to 100,000 inhabitants that are part of Metropolitan Regions of capital cities, Campinas (SP), Baixada Santista and the Integrated Development Regions
- Municipalities with a population equal to or greater than 100,000 inhabitants
- Municipalities that have less than 100,000 inhabitants, but that are part of Metropolitan Regions of capital cities, Campinas (SP), Baixada Santista and the Integrated Development Regions
- Municipalities with less than 250 thousand inhabitants classified by IBGE as regional capitals
- Municipalities with a population greater than or equal to 20 thousand inhabitants and less than 50 thousand inhabitants
In municipalities with a population greater than or equal to 50 thousand inhabitants and less than 100 thousand inhabitants, the increase was 15%. There was no change for the other municipalities.
With the increase of 10% to 15%, depending on the size of the municipality, the maximum value in the table goes from R$240 thousand to R$264 thousand.
In the new table, the values vary between R$ 135 thousand and R$ 264,000, depending on the region.
Interest rate standardization
There was also a change in interest rates for housing financing under the Casa Verde e Amarela program with the FGTS. Under the previous rule, there were differences in interest rates for families earning up to R$2,000, depending on the property that was purchased.
The proposal approved at the meeting this Monday (13) unified interest rates for all families earning up to R$ 2 thousand per month. With this, the final interest is now 4.75% for the North and Northeast and 5% for the Midwest, South and Southeast.
Anyone who has been a FGTS shareholder for at least three years has a 0.5 percentage point discount on the interest rate.