FGTS can be used to pay off up to 12 late mortgage installments

Last Wednesday, April 20, a decision was published in the Official Gazette, in which the Board of Trustees of the Termination Compensation Fund announced (FGTS) Allows the Fund balance to be used to settle up to 12 installments of mortgaged mortgages contracted under the Financial Scheme for Housing (SFH) overdue.

Currently, according to the rule, a citizen with more than 3 overdue installments cannot use the resources of the FGTS to amortize the outstanding balance.

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It is worth noting that the measure is temporary and will take effect on May 2, and has an expiration date until December 31.

The resolution states that the aim of the initiative is to “allow better service to workers” in the use of the FGTS.

According to the rules of the FGTS, the balance can be used for settlement or extraordinary depreciation of the outstanding balance for housing financing, subject to a period of at least two years between each movement.

Who is entitled to this procedure?

Citizens who have residential properties whose value does not exceed 1.5 million BRL in the appraisal can benefit from the procedure and that the maximum financing percentage of the property value is 80%.

Does the procedure apply to all contracts?

Since the decision has not yet been regulated, it is not yet known what is the minimum contract period to be able to use the FGTS. However, recently concluded contracts will have more difficulty using the FGTS for delayed funding, as the measure will only be valid until December 31, 2022.

And those who have already used the FGTS to amortize funding in less than two years will not be able to benefit from this measure.

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