Knowing how to finance a property can prevent you from getting complicated when carrying out this project so important that it is the acquisition of a new property. Searching for the right information to accomplish this becomes essential to making the right purchase.
It is worth mentioning that some basic requirements such as being a Brazilian or a naturalized foreigner, over 18 or emancipated, and having civilian capacity, that is, fully enjoying mental faculties and not being involved in any type of addiction that compromises conscience, are premises to raise real estate financing.
As we have already reported, misinformation and precipitation can cause some people to act anxiously and enter into a property financing contract that is not advantageous for them. The reason for this is that they do not bother to read the agreement they are signing, nor do they search and ask the necessary questions that will clarify the details and possible questions they may have.
At such times, important issues such as the number of monthly fees to be paid and the taxation of interest on them may not be properly calculated in the family budget, bringing inconveniences that can impact the standard of living.
The best way to avoid such a mistake is to simulate the bank or construction company that will finance the property. You shouldn’t just run a simulation and be satisfied, but rather do some research until you find the ideal offer that suits your interests. Without that, it is difficult to make a successful purchase. Think carefully and evaluate carefully.
2. Choice of bank
The financing conditions are many and they can vary in the number of installments to be paid, interest rates and even the maximum amount to be financed, depending on your income and the time it will take to pay for the property.
Therefore, it is again important that you research and do not accept the first option as the only, nor the best. Find out what is being offered and see if it meets what you are looking for and fits your financial planning.
The best way to have peace of mind when financing a property is to organize and be cautious when choosing the bank and the contract to be signed.
3. Delivery of documentation
After that initial phase of discovering which is the best property and the best institution to finance it, it is time to hand in the documentation. You will need to prepare a series of documents to close the contract and below we list them, check out:
- General Registry (RG);
- Individual Taxpayer Registration (CPF);
- certificate of federal tax debts;
- birth or marriage certificate, for those who are married.
- It is worth mentioning that whoever plans to use the Guarantee Fund for Time of Service (FGTS) must present some extra documents. See the list below:
- original FGTS extract, issued at a Caixa Econômica Federal branch;
- copies of proof of residence: one from a maximum of three months ago and another from a minimum of one year ago;
- copy of the Work Card (CTPS);
- copy of the most recent income tax return (IR);
- when married or in a stable relationship, you must present a copy of the most recent income tax declaration of the spouse or partner.
4. Analysis of the banking profile
After the documentation is delivered, the agency that paid for your property, and now you repay it through financing, will analyze your conditions to meet this financial commitment.
This process can take up to 30 days and if there is any pending issue at the Credit Protection Service (SPC) and SERASA, approval may be compromised. Therefore, if there is any pending issue of this nature, it is important to resolve it beforehand. Thus, when analyzing the banking profile, there will be no problems in making the intention of financing the property viable.
Even in the case of high-income families, there may even be some small debt that has gone unnoticed and that compromises this stage. Therefore, it is important to check if everything is right so that the plans come to fruition in the best possible way.
5. Property evaluation and technical visit
Having a real estate agency with a good group of brokers can make all the difference, both when choosing the property and the best form of financing, as well as when evaluating the property and making a technical visit.
Professionals with a trained eye for this will be able to tell you how the works are going and what to expect from that construction. Being able to count on this assistance brings greater peace of mind about the business that is being done and allows you to invest in something that will not bring headaches in the future.
6. Signature of the contract
After evaluating your documents and approving for funding, it is then time to sign the contract. You will only do this after you have followed all the previous steps, mentioned in the topics above. Only then will you have the security of doing a safe and worthwhile business.
7. Notary registration
If you have arrived at the time of signing the contract following the precautions we have indicated throughout this post, congratulations! For now, it is the final step, in which the contract must be taken to the Real Estate Registry Office so that you can finally have that property in your name.
When you sign a financing contract by the bank, the need for a deed to be issued by the city hall is dispensed with by the fact that the contract itself is considered a faith document by law. Therefore, you do not have to spend time and resources in solving this part of the process.
The bank will issue the fiduciary write-off release letter, and you can then register the purchase and sale agreement with the notary.
8. Expenditure involved in financing
It is important to be aware of the expenses involved in financing, such as the Property Transfer Tax (ITBI), in the amount of 2% on the price assessed for the property. Of these, 1.5% is the amount related to savings and the other 0.5% is the amount financed.
Having done all this, it will be up to you to maintain the financial planning carried out for the purchase of the property, to complete this process with satisfaction and success for the achievement of your goals.
As you can see, it is completely possible to finance a property, either for own housing or for investment. Nothing that a good dose of information does not solve and helps you to be more clear on this journey.