Conquering their own home is the goal of many families. This goal represents getting out of rent, ensuring housing stability and having your assets. Nowadays, the path to the purchase of the first property can be easier. Housing subsidy programs can go a long way toward achieving this goal in life.
What is the housing subsidy?
The housing subsidy is a discount, given by the Federal Government, to help low-income families acquire their own home.
Thus, through this subsidy, an amount of the mortgage installment of the property is discounted monthly, which results in a discount on the total value of the property.
This amount is paid by the Government and does not need to be returned later by the buyer.
This subsidy is only valid for the purchase of the first property, which must be residential.
A practical example: if you are entitled to a subsidy of R$20,000, and intend to buy a property worth R$100,000, you will only finance the amount you have to pay, in this case, R$80,000. The R$ 20 thousand discount are paid by the Government.
How does the housing subsidy work?
The housing subsidy includes assistance to families from 4 income groups: up to R$1,800.00, R$2,600.00, R$4,000.00 and R$7,000. This income refers to the gross monthly value of the group of members of this family.
In addition, to apply for the subsidy, the buyer needs:
- be Brazilian or naturalized;
- be over 18 years old;
- not having previously financed any property;
- not having been assisted by any housing program.
How do I know the amount I am entitled to?
The value of the housing subsidy is not fixed, it is assessed on a case-by-case basis. Several elements are analyzed, with the monthly family income being the main determining factor. In addition, the value of the property and its location, for example, are analyzed. The lower the family’s income, the higher the approved amount.
It is possible to estimate the subsidy amount online, through a simulator. For this, it is enough to have the total family income and the price of the property.
How to apply for the grant?
There are currently several housing subsidy programs, from federal to municipal. Some examples are: the Minha Casa Minha Vida program , the COHAB , the Casa Paulista and the Nossa Casa.
To be eligible for the Minha Casa Minha Vida program, for example, the income bracket is considered. Families with a monthly income of up to R$1,800.00, to start the selection process, must register with the city hall of their cities, or with any organizing entity. Families from other income brackets, on the other hand, can request entry into the program through an organizing entity, or individually.