The Board of Trustees of the FGTS (Service Time Guarantee Fund) authorized the use of FGTS Futuro for the low-income population to purchase their own home. The decision was taken at a meeting of the body on Tuesday afternoon (26).
The amount can be used to generate income and help pay the installments for properties purchased through MCMV (Minha Casa, Minha Vida).
The initiative will go through a testing period, directing the new FGTS modality to families with a monthly income of up to R$2,640, which make up Track 1 of the housing program. The objective is, then, to cover all MCMV bands, whose family income limit is R$8,000.
For the measure to come into force, Caixa Econômica Federal needs to publish the operational rules for the modality. The deadline for the operation to begin is up to 90 days.
FGTS Futuro consists of the use of future deposits from the Guarantee Fund made by employers into an account in the worker’s name to generate income and help pay the installments of the financing contracted under Minha Casa, Minha Vida.
According to the rules of the federal housing program, the borrower can commit up to 30% of their monthly income to the home installment. If the family proves income of R$2,640, for example, they will be able to pay installments of up to R$792 in financing.
However, if the installment of the property to be financed is R$1,000, with FGTS Futuro, this difference of R$208 per month will be supplemented with the deposits that will still be made by the employer.
The government’s expectation is that more than 43 thousand families with incomes of up to two minimum wages will benefit annually from the measure, which only applies to new financing. Of this total, they estimate that 31 thousand families will be included in the program, while the others will increase their credit potential.
The impact of FGTS Futuro will be R$11.4 million on this year’s budget, R$97.15 billion for new hires within Minha Casa, Minha Vida.
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The implementation of FGTS Futuro is an old request from the real estate sector. Abrainc (Brazilian Association of Real Estate Developers), which worked to release the modality with the federal government, states that the financing capacity of beneficiaries of the MCMV program will be expanded.
The approval will heat up the segment even more. In the last 12 months, there was a 42.2% increase in the volume of units sold by Minha Casa, Minha Vida and a 55.1% increase in the total sales value, according to the Abrainc-Fipe survey.
“The expectation is that, over time, the payment capacity of these beneficiaries will be monitored and that, in the future, a larger group of families can be covered by the initiative”, says Luiz França, president of Abrainc.
For real estate law specialist, Marcelo Tapai, the measure could increase family debt. “It’s giving credit to those who have no backing,” he says.
If the worker is fired, he will not have the right to withdraw the FGTS Futuro that was compromised and will be responsible for the portion that was previously covered by the deposit made by the former employer. If you fail to pay, you run the risk of losing the property.
Caixa may suspend collection for up to six months and incorporate this unpaid amount into the outstanding balance, as occurs in other housing financing lines.
Tapai recommends caution to interested parties not to buy a property well beyond their ability to pay.
HOW THE FUTURE FGTS WORKS
- The modality allows workers with a formal contract to supplement housing financing with future FGTS credits as a form of security.
- With the use of future FGTS it will be possible to reduce the value of the installment and increase the payment capacity by approximately 8% (amount deposited in the worker’s fund account month by month)
- Initially, only families with a monthly income of up to R$2,640 will be able to use the future FGTS
- The decision to use FGTS Futuro to finance the property is exclusive to the worker and only applies to new contracts
- As with all lines of credit, the total amount to be deposited will be made by the financial institution
- Based on the amount deposited monthly by the employer (8% of the worker’s salary), the bank calculates the period for which it will initially be necessary to guarantee future deposits
HOW FUTURE FGTS IS CALCULated
- Under this measure, future FGTS installments may be incorporated into the financing capacity calculation base, as if it were extra income.
- The bank will carry out a simulation based on the current monthly deposits made by the employer’s company to its FGTS account
- The difference required to pay off the installment will be automatically paid by Caixa Econômica Federal to the institution, monthly, with the worker’s money that would go to their account in the guarantee fund.
- According to the rules of Minha Casa, Minha Vida, the value of each installment can compromise up to a maximum of 30% of the combined income of the property buyers. For example, if the family proves income of R$2,640, they will be able to pay installments of up to R$792 in financing
- If the installment of the property to be financed is R$900, for example, with the future FGTS, this difference of R$108 per month will be supplemented with the deposits that will still be made by the employer
- These resources will be blocked until the debt is paid
- If the worker is fired, he will have to assume the portion that came from the former employer’s deposit in the FGTS. If you default, you could lose your property.
- In case of unfair dismissal, a fine of 40% of the entire amount deposited by the former employer will be paid normally
- If any of the other withdrawal situations occur, such as retirement or serious illness, the 8% committed cannot be withdrawn either.
WHEN THE FUTURE FGTS STARTS TO WORK
- After being approved by Congress, the future FGTS was regulated in October of the same year by the Board of Trustees of the Severance Indemnity Fund (CCFGTS). The expectation was that the benefit would come into force in the first quarter of 2023, which did not happen
- In February 2024, the Lula government announced the idea of unlocking the use of FGTS Futuro
- For the measure to start working, Caixa Econômica Federal needs to publish the operating rules for the benefit. From then on, the operation must begin within 90 days
