Buying a property is a life goal for many Brazilians, after all, nothing better than investing money in a place that will be the owner. But before taking such an important step you must evaluate: what is the best consortium or financing for real estate?
Answering the best option to buy your own home: consortium or financing for real estate is not easy as there are many issues involved in the process. It is important to note how much you have to spend.
When talking about which is better: consortium or financing for houses or apartments, people should take into account that there are pros and cons. Ideally, talk to a professional to clear questions, such as your bank manager.
Which is better: consortium or financing for real estate?
Financing is a type of contract made through banks, which is much sought after by those who think of acquiring home ownership. It is worth mentioning that, the bank advances or lends the money to the customer to buy the property, but will charge the amount with interest and charges.
In financing, the bank buys the property and the buyer begins to pay the installments every month until the debt is repaid. The maximum term to finance is 30 years, but a longer term tends to increase the value of the benefit and the shorter the time the less the benefit.
It is important to note that the buyer will need to separate a sum of money to give entry to the home financing. The amount can vary from one banking agent to another.
Private banks always follow the guidelines of the Federal Savings Bank and end up charging similar amounts in financing. The financing in the Caixa made through the Housing Finance System (SFH) charges interest from 9% per year + TR and for quotaters using the FGTS the value is from 7.85% + TR.
The consortium, other than financing, is a type of operation in which no interest is charged. A group of people meets through institutions and companies specialized and authorized to form a kind of single box in which all members contribute with monthly fixed amount and a management fee.
However, it is essential to reinforce that the property is not acquired instantaneously with the consortium. What happens is that participants can be drawn and viewed with the letter of credit or bid to achieve it.
Advantages and disadvantages of the financing and consortium
There are benefits and drawbacks in the consortium and bank financing to buy the home itself. Each person must evaluate their real need and the amount they can spend on the operation.
- Agility – when the financing is approved the money is already released for the client to buy the property. In addition, it is possible to dilute the parcels over long periods.
- The interest rates of the financing are high, while in the consortium there is no interest. Another negative aspect of the bank financing is the bureaucracy, since it is necessary to present many documents and the interested party must give a cash entry.
- The consortium has fewer fees and interest, no entry is required. On the other hand, it is an option for those who do not have an immediate need to live in the property, because getting the letter of credit can take years, you have to wait for the raffles or make a high bid.
- Entry and value – you choose the amount at the time of hire and there is no entry. Already in the financing, in some institutions you need to have the money in hand to give input (it is possible to finance through the banks’ websites)