Understand how using FGTS Futuro will work when purchasing your own home

Understand how using FGTS Futuro will work when purchasing your own home
Understand how using FGTS Futuro will work when purchasing your own home

Workers with a formal contract who receive up to two minimum wages will be able to use future deposits from the Service Time Guarantee Fund (FGTS) to purchase their own home. The information was confirmed by the FGTS Board of Trustees, this Tuesday (26), after the approval of the FGTS Futuro regulations for Track 1 of the Minha Casa, Minha Vida (MCMV) Program.

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According to the Federal Government, the expectation is to benefit 43.1 thousand families in Band 1 of the MCMV in the testing phase. However, to come into force, Caixa Econômica Federal still needs to approve a series of operational standards.

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Understand how it will work

Every month, the employer deposits 8% of the salary with a formal contract into the FGTS. Through FGTS Futuro, the worker would use this additional 8% to prove their income. With the Guarantee Fund considered within the monthly income, the borrower will be able to finance a more expensive property or purchase the property initially planned and accelerate the amortization of the financing.

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In practice, Caixa Econômica Federal, the operating agent of the FGTS, will automatically transfer the employer’s future deposits in the Guarantee Fund to the bank that granted the housing financing. The worker will continue to pay the remaining amount of the benefit.

If the modality is successful, the government intends to extend FGTS Futuro to the entire Minha Casa, Minha Vida, which covers families with income of up to R$8,000.

FGTS Future in practice

The Ministry of Cities provided four simulations of the use of FGTS Futuro by a family with an income of up to R$2,640 that buys a property through Minha Casa, Minha Vida that commits 25% of the income (R$660) to the installments.

According to Caixa Econômica Federal, with FGTS Futuro, the same family will be able to finance a property with an installment of R$792, as if they were committing 30% of the income. The difference, of R$132, constitutes the so-called accessory financing.

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In this scenario, the family that uses FGTS Futuro will have four possibilities. In the first, the borrower will use the extra R$132 to pay off the accessory financing installments. If someone in the family gets a job that temporarily increases their income, future deposits that come in extra will pay off the outstanding balance.

In the second possibility, family income does not change throughout the financing, and the R$132 in future deposits will be used to pay the accessory financing.

In the third, family income temporarily drops to less than two minimum wages, and the borrower now has less than R$132 deposited monthly in the Guarantee Fund. In this case, the amount deposited in the FGTS will continue to pay the accessory financing installment, and the difference to the R$132 will be incorporated into the total debt on the deposit.

In the fourth possibility, which involves the dismissal of the worker and the absence of a monthly deposit in the FGTS, the R$ 132 installment will be incorporated monthly into the outstanding balance for up to six months, which means the suspension of installments.

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*With information from Agência Brasil

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The article is in Portuguese

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