Apartment financing is a real estate credit option offered by several banks in Brazil, which in turn, have different interest rates according to the value of the property that the customer wants to obtain.
Talking about apartment financing is also talking about dreams, isn't it? Having a home of their own remains one of the main goals of every good Brazilian who pays his taxes on time. But how to make it difficult times? Why should I?
When we talk about difficult times, we are talking about a period of economic crisis, maybe you will argue against it and say: “ah, but the world is always in crisis”, in fact, it is not a lie, the world has been going through economic crises for a while, however, the current moment is not just a routine crisis: it is a GLOBAL PANDEMIC OUTBREAK.
In advance, we apologize for the big letters, we put it on purpose, just to alert you that it's a serious problem that the world is being forced to face.
However, on the other hand, companies cannot stop completely. Many companies are adopting work from home to continue serving their customers. So that's why today we're going to talk about possibilities for apartment financing, even in a time of crisis like this.
Apartment financing interest rates.
Below is a complete comparison of the main apartment financing rates from the main banks in Brazil. Among the banks with the greatest facility for financing, and therefore the best rates, are Caixa Econômica Federal and Banco do Brasil.
Of course, there are other banks with fees and other procedures as interesting as these. Below is a comparison of the main rates for an apartment loan in 2020.
Anyway, without further ado, right?
| Bank | Housing Financial System (SFH) | Real Estate Financing System (SFI) - letter of credit | pro-shareholder FGTS | funding limit |
| Cashier (traditional modalities) | from 6.5% per year + TR | from 6.5% per year + TR | between 8.76% and 9.01% per year + TR | up to 80% of the value for new properties and 70% of the value for used |
| Cashier (new line, updated for inflation) | from 2.95% + IPCA | from 2.95% + IPCA | doesn't work | up to 80% of the value of the property |
| Bank of Brazil | from 7.4% per year + TR | from 7.4% per year + TR (in the mortgage housing portfolio) | 9% per year + TR (available for new and used properties) | up to 80% of the value of the new or used property |
| Banco do Brasil (new line, updated for inflation) | from 3.45% + IPCA | from 3.45% + IPCA | doesn't work | up to 70% of the value of the property (for private and style clients) |
| Itaú Unibanco | from 7.45% per year + TR | from 7.45% per year + TR | doesn't work | up to 82% of the property value (both new and used) |
| Bradesco | from 7,30% per year + TR | from 7,30% per year + TR (in the mortgage housing portfolio) | doesn't work | up to 80% of the value of the new or used property |
| Santander | Interest starting at 7.99% per year + TR | from 7.99% per year + TR | Rates from 7,59% +TR (only for new properties) | Up to 80% of property value (both new and used) |
However, we need to say here The comparative overview above was made by the G1 news portal, in a special editorial on interest rates on apartment financing, if you want to check out the full article, Click here.
Another very important detail that needs to be highlighted here is that interest rates for real estate financing, by banks are the minimum, and that, in order to obtain lower interest rates, the borrower almost always needs to accept a series of conditions, especially greater relationship with the financial institution.
However, it is valid to say that the level and time of relationship with the bank, value of the property, as well as the profile and income of the consumer also tend to directly influence the interest charged by banks.
But after all, how is the current real estate financing scenario?
In general, we can say that a family with income monthly fee of R$ 5 thousand reais is already minimum income to finance a property from at least R$ 150 thousand to R$ 220 thousand, depending of course on the financial institution, depending on the bank, paying an entry of up to R$ 66 thousand. It is also possible to distinguish the financial system to be used.
But let's go, for some important information for 2020, it is valid to say here that the reduction of interest rates and the decrease in the demands of banks, including Caixa Econômica Federal, made the purchasing power of Brazilians in relation to the purchase of property increased.
Trimming finance, public banks
Many do not know, for example, that Caixa Econômica Federal, for example, is responsible for more than 65% of real estate financing in the country.
But another super valid detail to say is that the bank finances between 50% and 90% of the value of the property, depending on a series of factors, including whether you are a public or private employee.
However, for financing to be possible, it is crucial that the property you want to buy is included in the Housing Finance System (SFH), in a price range of up to R$ 750 thousand, however, on the other hand, we need to make some observations , as it is important.
In addition, to acquire a property following the SFH rules, you cannot have another property in your name. Now, another financing option is through the Real Estate Financing System (SFI), where there are no limitations on property values and you can have another property in your name.
Important considerations about apartment financing
Currently with SFI, it is possible to finance from 40% to 60% of value for private workers and from 50 to 70% for civil servants. However, it is worth remembering that through the SFI it is not possible to use the FGTS for the entry or payment of installments, while through the SFH this is possible.
But what is the minimum income to finance a property?
According to the rules of apartment financing, minimum income to finance a property and the value of the same are related.
Trimming financing is approved by any financial institution following the “30% rule”, that is, the amount of the installment to be paid monthly cannot exceed the maximum amount of 30% of the family income, because after all, each bank has its rule.
Therefore, we can say that this condition restricts the price range of properties that fit, however, it is a way for financial institutions to protect themselves against default by their customers.
Let it be clear, here it is not so important that your income is evaluated at the time of financing. If other people in the family also work, such as your wife or children, it is possible to compose the income by counting the salaries of all the residents of the house.
But do you still have doubts? Probably yes, right?
Phone numbers to contact about financing
