Employees have several labor rights in our country. Among them are vacations, the 13th salary, the weekly paid rest, notice, overtime, unhealthy or dangerous premiums in some cases, the nightly premium, the meal break and a fund created by the government to reserve values which can be used in some occasions, such as buying a home.
In this context, we will explain how it is possible to acquire a house or apartment using the Guarantee Fund for Seniority. Here, we will present several questions and answers so that you can get all your doubts about this subject answered. After all, it is important to know the rules on the use of FGTS in the purchase of a property.
Do you need to understand what are the requirements related to the property and what is the necessary documentation to make your purchase? Continue reading and check it out!
1. Is it possible to purchase a property using the FGTS?
FGTS was designed to offer security to workers in cases of unfair dismissal. As a result, every month employers need to deposit 8% of the employee’s salary in an account that is opened at Caixa Econômica Federal (CEF) and which is linked to the contract made between the company and the employee.
In this way, the monthly deposits are added up and form an amount that can be used by the employee in a housing loan or in cases of serious illness. However, there are several rules related to the buyer and the property that will be acquired, and the FGTS cannot be used in some situations.
In short, the FGTS cannot be used to buy commercial properties or undeveloped land. On the other hand, the fund is also not used for the purchase of building materials for renovations and extensions of houses or apartments. The employee will also not be able to use the values to purchase real estate for family members or third parties.
2. Who can use the FGTS to buy a property?
Not all employees can use the FGTS to purchase their property or to amortize real estate financing. In order to have access to the fund, the worker must be a native or naturalized Brazilian – and if he is a foreigner, he must present a permanent stay visa in our country.
In addition, the candidate must be emancipated or of legal age and not have active financing in the Housing Finance System (SFH) within the Brazilian territory. To withdraw, it is necessary to have, at least, 3 years of accumulated launches, no matter if the sum involves several companies or different times.
The employee will not be able to use the FGTS if he is already the owner of another residential property in an urban area that is under construction or has already been built. And, if he wants to use the fund for the payment of the outstanding balance, he will have to keep the payments of the financing installments up to date when making the request to the bank.
3. What are the requirements for using the FGTS in relation to the property?
The rules for real estate are also applied to define whether the FGTS can be used by the worker or not. The property cannot be located in a rural area, but in the urban perimeter. It must be used only for the residence of the fund account holder and will undergo an inspection before being approved and released.
The property must have its real estate registration registered with the Property Registry and it must be free of impediments for negotiation. Another important aspect to be considered is that the house or the apartment cannot have been purchased before using the FGTS in the period of 36 months. These rules are valid throughout Brazil.
For the construction of a new property, the employee will need to contract specific financing for this modality, as the financial agent will control the resources. In this case, the amounts will be released gradually and as the work progresses. But this is only possible if you already have an undeveloped piece of land.
There is also a requirement that the property must be located in the municipality or metropolitan region where the worker is employed. The employee will need to prove that he has lived in this location for at least 1 year and that he works with a registered card.
4. How much of the FGTS can be used to purchase real estate?
The total amount of FGTS can be used to purchase a residential property. However, the government, through SFH, usually establishes a ceiling for the housing finance program. The maximum value of the property to be acquired may be up to R $ 1.5 million in any federative unit and this is checked during the evaluation.
This limit changes, which is why it is relevant to always be updated before starting to trade. The assessment is carried out by a company hired by the bank that will provide the credit, and to pass this stage it is necessary that the property is able to be inhabited, free of constructive vices.
If there are flaws that make the dwelling on the property unfeasible or that reduce its value, it is likely that it will not pass the assessment. Before going to the bank, you can request real estate registration and check if there is a registration or if there are pending tax or legal issues that may prevent transactions.
5. What is the necessary documentation to use the FGTS to buy real estate?
Several documents are required for the use of the fund in the acquisition of real estate. The worker must present his General Registry (RG), his Work and Social Security Card (CTPS) to prove his employment relationship, an account statement linked to the FGTS and his Individual Income Tax Declaration (DIRPF).
Individual workers can provide a declaration prepared by the union or by the agency that manages the workforce. Employees who are married or who live in União Estável will have to present the DIRPF of their spouse or cohabitant. The Passport or the National Driver’s License (CNH) can also be presented.
We have reached the end of this article that brought you 5 questions and answers about the use of FGTS in the purchase of property! It is very important to know these rules that involve using the fund to purchase a house or apartment. After obtaining this knowledge, it is already possible to analyze and take advantage of this possibility.