May 16, 2022

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Is your house in arrears?  You can use FGTS

Is your house in arrears? You can use FGTS

The FGTS Board of Trustees authorized Use of FGTS credit (Service Time Guarantee Fund) in batch up to 12 arrears Mortgage. The funds are available to those who finance their homes through the Housing Finance Scheme (SFH).

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The measure comes into effect on Monday, 2, and runs until December 31, 2022. About 40,000 families should benefit in case of default, according to the Ministry of Labor.

“According to data provided to the Board by the National Consortium for the Financial System (Consif), there are currently 5 million borrowers with mortgage contracts – 80,000 of them are in a position hypothetical serious, with more than 3 overdue installments,” the Ministry of Labor informed.

To date, FGTS resources can only be used to amortize the outstanding balance when there are up to 3 overdue installments. With the change published in the Official Gazette, the new limit is now 12 installments.

FGTS in Mortgage

FGTS is a type of savings account for workers with an official contract, but its balance can be withdrawn only in cases established by law. In case private houseIt is possible to use the resources to buy or build and amortize mortgage installments.

Using the fund to pay late installments is new. If the worker has the equivalent amount of 12-month benefits, they can use the credit to reduce the value of the premiums by up to 80% for the next 12 months. This leads to a reduction in the final number of financing installments.

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Another option is to use the FGTS to deduct a portion of the monthly installment, which reduces the value of the next installments.

In the case of those who are going to buy or build their own homes, it is essential that they have had at least three years of contributions, adding working time in all businesses.

This type of withdrawal is only available to those who are not the owners, beneficiaries, possessors, assigns or potential purchasers of another residential property, built or under construction, in the same municipality, metropolitan area or in neighboring cities. The holders of other funding granted by the fund also do not have the possibility.

It is important to note that the recovery of the FGTS balance for settlement or unusual amortization of the debt balance of housing finance must have an interval of at least two years between movement and the next.