The Board of Trustees of the Service Time Guarantee Fund (FGTS) approved, this Wednesday (26), the release of the use of the fund for properties worth up to R$2.25 million for old and new contracts. With the change, FGTS can be used to finance units up to this value, regardless of the contract signing date.
The decision corrects a distortion created after the increase in the ceiling of the Housing Financial System (SFH), from R$ 1.5 million to R$ 2.25 million, made official in October. Contracts signed after June 2021 could not be included in the new limit, while financing prior to that date continued to be able to use the fund’s resources, which generated asymmetry between borrowers.
Time frame
In 2021, a resolution of the FGTS Board of Trustees required that the value of the property on the date of signing the contract was compatible with the ceiling established by the National Monetary Council (CMN). In practice, this created two milestones: contracts signed by June 11, 2021 and contracts signed from June 12, 2021.
With the increased ceiling, borrowers with recent contracts were prevented from using the FGTS, even when the property fell within the new value range, of up to R$2.25 million. The impasse generated complaints to financial agents and the Central Bank, in addition to the risk of legal action.
A wording adjustment to the resolution eliminates this differentiation and guarantees the same treatment for everyone. According to the Council, the change should have a limited impact, with an estimated increase of around 1% in the fund’s movement.
Advantage for middle and high income
Standardization should especially benefit families with incomes above R$12,000, who have been facing rising property prices in hotter markets, such as São Paulo, Rio de Janeiro and Brasília. In these regions, the previous ceiling of R$1.5 million no longer reflected the reality of the real estate market.
With the decision, any contract within the SFH will be able to use the FGTS balance to purchase the property, amortization, settle the financing or reduce installments.
The change approved by the FGTS Council takes effect immediately and standardizes the rules for accessing the fund in housing credit, reducing uncertainty for consumers and financial institutions.
Rules for using FGTS remain
Despite the increase in the ceiling, the criteria for using FGTS in real estate credit were not changed. Among the requirements continue:
Contribution time
Minimum of three years of work with FGTS contributions, continuous or not.
Financing ceiling
In October, the maximum financing limit was raised from 70% to 80% of the property’s value.
In practice, the buyer needs to have a smaller down payment.
Ownership and use
The property must be urban and intended for private housing.
The buyer cannot have another residential property in the city where he lives, works or intends to buy, nor have any other active financing in the SFH.
Location
The property must be in the municipality where the worker has lived for at least one year, in an adjacent metropolitan region, or in the municipality in which he carries out his professional activity.
Interval for new use
The FGTS can only be used again after three years to purchase another property.
Valuation limit
The value of the property must be equal to or lower than the SFH ceiling, currently set at R$2.25 million, regardless of the date of signing the contract.
