New rules for Minha Casa, Minha Vida come into effect this Friday

This Friday (7) the new rules that increase the subsidy for the acquisition of real estate from the Minha Casa, Minha Vida (MCMV) program and that reduce the interest rate for low-income families, in bands 1 and 2 of the program.

As announced at the end of last month, the subsidy for low-income families – with a monthly income of up to R$2,640 (tier 1) and up to R$4,400 (tier 2) –, increased from R$47,000 to up to BRL 55 thousand.

The subsidy is a kind of discount applied according to the family’s income and the location of the property. As of today, the property ceiling for bands 1 and 2 of the program will be R$ 264,000 for municipalities with a population of 750,000 inhabitants or more; BRL 250,000 for cities with a population between 300,000 and 750,000 inhabitants; BRL 230,000 for those with a population of between 100,000 and 300,000 inhabitants; and R$ 200,000 for cities with a population of less than 100,000 inhabitants.
property value

The maximum value of the property by income bracket was also increased. Thus, for families with an income between R$4,400 and R$8,000 (group 3), the maximum property value increased from R$264,000 to up to R$350,000 in all states.

It is estimated that the measure will bring an increase of 57,000 new hires in track 3, of which 40,000 will still be in 2023.

Interest charged to families with a monthly income of up to R$2,000 fell from 4.25% per year to 4% in the North and Northeast regions; and from 4.5% to 4.25% per year in the South, Southeast and Midwest regions.