Do you dream of your own home? Learn how to use FGTS of the Future to purchase your property

Now there is something new that could attract many who dream of owning their own home, especially those whose income reaches the minimum wage. The Board of Trustees of the Fund for Term of Service Guarantee (FGTS) has approved an initiative called FGTS futureProgram member My home, my life. The idea is to allow workers to use future FGTS credit to help purchase a property.

How it works?

Basically, every month the employer deposits 8% of the employee's salary into his account FGTS. With the new FGTS Futuro rule in place, these future deposits could be considered part of the worker's income. This means that by including FGTS in your income, it is possible to finance a higher value property or even pay off the planned home more quickly.

Caixa Econômica Federal, responsible for the FGTS, will be responsible for making this happen, directing future deposits directly to the bank that granted the real estate financing. The worker, in turn, must continue to pay the remaining installments.

If the initiative is successful, the government plans to expand this benefit to more participants in the Minha Casa, Minha Vida programme, reaching families with incomes up to R$8,000.

Four practical examples

See some examples provided by the Ministry of Cities to get a clearer understanding. Consider a family with an income of R$2,640. Typically, this family allocates 25% of its income (i.e. R$660) to house payments. With FGTS Futuro, this same family can commit up to 30% of their income, increasing the monthly installment to R$792, and this increase of R$132 is what they call “additional financing”.

There are four possible directions this method could take:

1. Repayment of additional financing: Use the additional R$132 to pay the additional premiums.
2. Stable family income: If the income does not change, the amount of R$ 132 will continue to cover the additional financing.
3. Low income: If income decreases and the FGTS deposit is less than R$132, this smaller amount goes to additional financing, and the difference increases the total debt.
4. Job loss: If the worker loses his job, the benefit of R$132 may be suspended for up to six months.

Ultimately, the FGTS Futuro presents itself as a great help to those looking to take over a space to call their own. However, it is important to wait, as there are still details that need to be approved by Caixa before it can effectively take effect.