What is FGTS Future? How it works? Who is entitled? See questions and answers about the news

What is FGTS Future? How it works? Who is entitled? See questions and answers about the news
What is FGTS Future? How it works? Who is entitled? See questions and answers about the news

Financing contracts housing with guarantee on future deposits of the Service Time Guarantee Fund (FGTS)the call FGTS Future, should begin in April. The information was released by Caixa Econômica Federal after the use of FGTS Futuro is approved by the fund’s Board of Trustees.

According to the Ministry of Labour, the objective of the measure is to increase access for lower-income families to housing credit, enabling the amount that will still be deposited in the fund to be used as a guarantee in obtaining financing. See questions and answers on the topic below.

What is it?

FGTS Futuro allows credit borrowers to provide fund deposits that have not yet been made as collateral for real estate financing. The modality allows, through the worker’s authorization, the use of future deposits in their account for the settlement, amortization or payment of housing loan installments.

The measure will allow Caixa, the FGTS operating agent, to provide information about the worker’s linked account to the financial institution, which will request the blocking of amounts for payment or amortization of installments.

Who can use it?

Families with a monthly income of up to R$2,640 can use FGTS Futuro and the resources can guarantee the acquisition of new and used properties through the My home, my life – in other words, the initial focus will be on Track 1 of the housing program. The government’s expectation is to benefit up to 43.1 thousand families in this profile.

Caixa Econômica Federal, which operates Minha Casa, Minha Vida, sees the potential to expand the use of FGTS Futuro to other bands of the program, if the modality is successful at first.

How it works?

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

To use the modality, the account holder must authorize the deposit of credits available in FGTS accounts for a period of 120 months. Authorization can be done through the FGTS application. The option to use FGTS Futuro can only be made at the time of contracting the financing.

The objective of FGTS Futuro is to expand access to housing credit for lower-income families. Photograph: Daniel Teixeira/Estadão

In the process, Caixa will inform the worker of their ability to pay for financing, with and without the use of future deposits. If he chooses to use FGTS Futuro, the amounts will be blocked in the linked account until the outstanding balance is fully paid off.

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.

What if there is a dismissal?

In case of dismissal, the worker will not be able to withdraw the balance committed to financing the property. The surplus available in the account is used to reduce the debt, with the exception of the 40% termination fine in case of dismissal, which the worker will be able to access.

Caixa Econômica Federal will suspend the amount relating to FGTS Futuro for up to six months, with the unpaid amount being incorporated into the outstanding balance. It would be a period of time for the credit borrower to be able to relocate professionally, to another CLT vacancy, without having to pay a higher monthly payment. This aid is already applied to housing financing granted with FGTS resources.

After this period, if the credit borrower is unable to obtain a new CLT bond, the installment will increase: the amount previously paid plus the 8% of the previous salary deposited by the former employer. / WITH INFORMATION FROM AGENCY BRASIL

The article is in Portuguese

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