Buying a property is not always an easy matter to be resolved. Among the main problems encountered by potential buyers is the form of payment. After all, not everyone has the resources to pay a house or apartment in cash. However, there are several alternatives that can be used for this purpose, such as consortia, financing and associative credit.
Consortium and financing are already well-known modalities among Brazilian consumers, not only for buying real estate, but also for the purchase of vehicles, furniture and even trips, for example. But a form that is still little known is that of associative credit, which, in general, is aimed at financing projects that are still in the plant.
And for you to better understand this alternative and its advantages, below we explain about this type of credit that can also be used for the acquisition of the expected home or own apartment. Check out!
What is associative credit?
It is defined as associative credit resources destined specifically for the financing of real estate in the plant, that is, houses or apartments that are not yet ready. It works as follows: a construction company or developer organizes the sale of these properties and when all the contracts have been acquired, the business or construction is financially viable in a credit institution, which may be a bank, and the works are started.
That is, for the construction to be carried out, it is necessary to ensure that a minimum number of buyers close purchase contracts and, from that point on, a financial institution will release the necessary resources for the project.
Realize that it is a different situation than when opting for common financing, where it is not necessary to necessarily choose a property in the plant and the buyer will also not depend on the closing or not of other sales contracts to have access to your property. However, especially for those who dream of the first property, this credit has some advantages.
You can use money from FGTS (Guarantee Fund for Time of Service) when signing the associative credit agreement. The financial institution that approved the credit will guarantee the release of the necessary resources throughout the work and, even, there is an economy with respect to the payment of notary fees.
How does it work for buying real estate?
A construction with resources from associative credit goes through some key stages until its completion. First, there is the funding phase, where the developer or construction company sees a business opportunity and begins to study the possibilities, identifying the potential of the project, the necessary resources and how the financing will be made.
If the project is commercially viable, a second phase begins – which is a little more bureaucratic -, where some approvals will be necessary with city halls and other public bodies, for example. These two initial stages do not involve property buyers, that is, everything must be done between the developer and / or the construction company in conjunction with financial institutions.
With the initial issues and approvals resolved, it is time to sell the properties that are still projects. At that time, the responsible company must invest in well-targeted marketing campaigns to reach the desired audience. Typically, these companies are present at real estate events such as large fairs to attract buyers.
When signing the associative credit agreement, the buyer must wait for the approval of the financial institution, which will analyze its socioeconomic profile before issuing a positive or negative decision.
In many cases, the companies responsible for the enterprise use their own resources to start construction and, thus, they are able to attract buyers more easily so that associative credit is made viable. After all, a customer will have much more security in buying a property that is already being built. The final phase of the entire process is the execution and completion of the work, which will take place according to the release of funds by the financial institution.
It is important to highlight that the construction company must strictly comply with the schedule presented when applying for the credit, as delays can result in the termination of contracts and even the company’s disqualification as eligible to obtain this type of resource.
What are the requirements?
For the buyer, associative credit is a great alternative for those who want to pay interest on account and also use subsidies from the Federal Government. The institutions that offer this type of credit are Banco do Brasil and Caixa Econômica Federal.
Following the requirements of Caixa, which is a highly sought after bank for real estate financing, the target audience of the associative credit modality is Individuals with a monthly income of up to R $ 5,400.00. The necessary documentation that the beneficiary and also the spouse must present are:
- identity document;
- proof of income;
- proof of marital status;
- positive certificate with negative effects from the IRS.
In case the person wants to use FGTS resources, other documents are still required as proof of working time with contribution to FGTS and last income tax return. Caixa Econômica Federal itself, as the enabler of the construction, determines that the deadline for delivery of the property must be between 2 to 24 months. In addition, the income presented may consist of more than one person in the family.
What are the advantages of associative credit?
Well, by now you may have realized that associative credit is a great possibility for creating new business for companies, right? But be aware that, for buyers, there are also a number of advantages when investing in this financing. Among the main ones, we can list the following:
- interest rates are some of the lowest in the real estate market;
- the costs of writing and registering property are cheaper;
- FGTS can be used in business;
- if there is a delay in the work, the buyer does not need to pay the work fee, which is interest paid to the bank.
Did you see how there are different possibilities for obtaining credit for the purchase of your own home? Now you already know associative credit and can include it in your list of possibilities.
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