My Home, My Life – tips

The program “My Home, My Life” created by the Brazilian federal government in 2009.

With the aim of providing access to decent housing for low-income families.

Since then, the program has delivered more than 5 million housing units across the country.

In this article, we will discuss how the program works and give three tips for those who want to benefit from it.

Program Operation

First of all, the “My Home, My Life” aimed at families with a monthly income of up to R$7,000.

Who do not own their own home or have housing finance in their name.

The program offers subsidies for the purchase or construction of a home, in addition to lower interest rates on real estate financing.

Interested families must register with their city halls or with partner entities of the program, such as housing cooperatives and residents' associations.

In summary, the program has four income brackets, which determine the amount of the subsidy and the conditions of the financing.

At track 1, intended for families with an income of up to R$1,800.

The subsidy can reach 90% of the property value and the financing is done with interest rates of 4.5% per year.

At track 2, for families with income between R$ 1.8 thousand and R$ 2.6 thousand.

The subsidy can reach R$1,400,000 and interest rates are up to R$6,100,000 per year.

Already in track 3, for families with income between R$2.6 thousand and R$4 thousand.

The subsidy is up to R$27.5 thousand and interest rates range from R$71 to R$81 per year.

Finally, in the track 4, for families with income between R$4,000 and R$7,000.

There are no subsidies and interest rates are up to 10% per year.

Tips to Benefit from the Program

1. Plan Your Finances: Before signing up for the program, it is important to do a financial analysis and understand how much you can afford to pay for the financing installments. Remember that the program requires a financial contribution from the beneficiary families.
2. Find a Trustworthy Real Estate Agent: To choose the ideal property, it is important to have the help of a trusted real estate agent. They will be able to help you find options that fit your profile and negotiate the best conditions.
3. Pay Attention to Deadlines and Documents: The process of acquiring a home by “My Home, My Life” can be bureaucratic and time-consuming. Therefore, it is important to be aware of the deadlines and documents required to avoid delays and inconvenience. Read all the information available about the program carefully and seek help whenever necessary.

Conclusion

To participate in the program, you must meet the established income criteria and look for a branch of the Federal Savings Bank or of the Bank of Brazil for more information and to apply for funding or a grant.