New rules for Minha Casa, Minha Vida come into effect this week

As of this week, the new Minha Casa, Minha Vida begins to be valid. According to Caixa Econômica Federal, the new rules will come into effect on July 7. The Curator of the Severance Indemnity Fund (FGTS) approved the updated regulation last month.

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Above all, among the main changes, the one that draws the most attention is the increase in the subsidy for financing home ownership. The cut in the interest rate also draws attention, after all it is “cheaper” to pay the installments that the program offers.

Even now, the Minha Casa, Minha Vida housing program will meet requests of up to R$ 350,000.

What changes in the new Minha Casa, Minha Vida

As of July 7th, all negotiations carried out at Caixa agencies or correspondents will be based on the new rules. Understand the most important changes in the “new” Minha Casa, Minha Vida:

1. who can finance

The range of income to be able to finance a home has increased:

• Tier 1: monthly income of up to BRL 2,640;
• Range 2: monthly income from R$ 2,640.01 to R$ 4,400;
• Range 3: monthly income from R$ 4,400.01 to R$ 8,000.

2. Property value in Minha Casa, Minha Vida

Now, low-income families can buy the immobile with up to 95% discount. For people who are in Tier 1 or Tier 2, it is possible to pay R$55,000 at the entrance.

• For Level 1: properties between R$190,000 and R$264,000;
• For Level 2: properties between R$190,000 and R$264,000;
• For Tier 3: up to BRL 350 thousand.

3. Minor interest

Interest varies between 4% and 4.5% per year. The amount depends on the region where the person lives and their range salary involved.

Finally, contracts must be signed directly with Caixa Econômica Federal for the acquisition of a home within the Minha Casa, Minha Vida 2023 program.