Deciding to exchange the rent for the installments of the financing of your property is an important step, but only the first among several that precede the realization of the dream of home ownership. Which mode should I choose? Which financial institution offers the best conditions for my case? What is the best entry price I can offer? These and several other questions on the topic are beginning to emerge and often seem to have no answers.
Have you identified yourself a little with the situation and want to know more about what it takes to finance a property, as well as how best to make it fit your budget? Then check out our article!
Types of Real Estate Financing
Perhaps the most important step to obtain financing is to know its modalities. Among them, SFH and CH stand out. The SFH (Housing Finance System) is a financing system for properties whose value cannot exceed 750 thousand reais in SP, RJ, MG and DF, and 650 thousand reais in other locations. In this modality, it is possible to use FGTS in the granting of credit.
The CH (mortgage portfolio), on the other hand, has free interest rates, there are no limits to the maximum amount to be financed, but banks usually finance 30% to 60% of the property value and the amounts are above 750 thousand for SP, RJ and MG and 650 thousand for other locations.
Proof of income for Real Estate Financing
Once the desired property has been chosen, it will be necessary to assess your income for the purpose of credit approval, as well as to establish what will be the value of the installments to be paid, as these cannot exceed 30% of your earnings.
For this step, the following documents may be necessary: income tax (IR) declaration, bank statement, service provision contract, payslip (document issued by companies that prove payment to their employees) for the last three months or decorate (document issued by accountants to self-employed or self-employed professionals).
Documentation for Real Estate Financing
After the previous step, in this final phase you will need to present some more documents necessary for the issuance of the real estate financing contract. The list is as follows: RG, CPF, birth or married certificate and debt certificate referring to federal taxes. If you choose to use the balance in your FGTS account to pay off part of the financing, you will also be asked for a simple copy of the Work Card; a copy of the last IR statement – and of your spouse or cohabitant in case of marriage or stable union; original, stamped, updated and dated statement of your FGTS balance and two proof of residence, one of a maximum of 3 months and the other of a minimum of 1 year.
It should be noted, however, that the documents requested may vary slightly according to the financial institution granting the credit, so be sure to check this list before presenting all the documentation.
Financial Consultancy for Real Estate Financing
There are several ways to acquire a property and, in each of them, a multitude of financial institutions with the most varied interest rates, terms, entry values, etc. Being able to find great financing according to your needs can be a bit complicated. After all, too low installments involve a longer term and, consequently, higher interest. Installments that are too high can lead to payment difficulties and the loss of a substantial amount, in addition, of course, to the property itself.
Thus, a good option to find this optimization point is to count on the help of a financial consultancy. She will be able to present you with a comparative simulation of values and terms, as well as assist in the use of your FGTS balance, analyze the property’s documentation and monitor directly in all other stages of this process.