Find out the maximum price of the apartment you can buy, according to your monthly household income.
When starting to buy an apartment, the first question to be answered is: where do I want to live?
And to answer that question, you will inevitably need to know what maximum amount fits in your pocket, to see if the neighborhood of your dreams is within your reach.
To reveal the maximum amount that the buyer can finance according to their family income, 9 income brackets were considered, ranging from R$6,000 to R$40,000, so you can fit in more accurately.
If you haven’t followed the latest news in real estate financing, check out the following:
- Caixa, which holds almost 70% of the country’s real estate credit, now offers the possibility of including the value of the Tax on the Transmission of Real Estate (ITBI) and the notary public’s costs in new contracts. That is, although the measure increases the total amount of funding, it reduces the amount needed to file a lawsuit;
- With the reduction of the Selic rate in 2020, being the lowest in history at 2% per year , bank financing rates followed, also showing a decrease;
- However, recently the Monetary Policy Committee (Copom) of the Central Bank decided to raise the Selic to 2.75% per year. It is worth remembering that this was the first increase in the basic interest rate since 2015;
- The National Monetary Council (CMN) regulated a new provisional measure that allows a financed property to be used as collateral for a new loan with the same bank as the initial financing.
Maximum property price according to monthly family income
Using this table as a guide, a family consisting of 2 people, for example, that earns R$5,000/month each, has a family income of R$10,000 and with a down payment of R$150,000.00, it is possible to buy an apartment of up to R$513.394, like the great SP Morumbi Monument, which proposes a new way of living in São Paulo.
Remember that it is important to consider that 20% will be the down payment and 80% will be the financed amount.
Check out some information about the calculation below:
- Only SAC amortization system was used, in which the amounts of debt installments are decreasing;
- The simulated entry value was 20%, the minimum value practiced today by banks;
- A loan term of 30 years was used, the maximum period generally offered by banks in real estate financing;
- The simulation only considers the over-the-counter fees, which are presented to customers who have no prior relationship with the financial institution;
- In the simulation, a rate of up to 5% referring to taxes on the maximum financed amount was added. In fact, you can check the calculation made in more detail on the Apto platform.
This part of real estate financing requires a lot of attention, with good or bad economics. It’s a laborious step, but it can’t be different, after all, there’s always a lot of money involved and it’s probably the purchase of your life, so it’s worth the effort.
But now that you understand which apartment you can buy according to your income, the process is much less complicated, isn’t it?!