Buying a property is at the heart of Brazilians' life projects, but a cash purchase is not always possible, since it may take many years to save the necessary money . Thus, it is necessary to seek credit in the market to achieve this objective, and among the most common options are the consortium , the loan and the financing .
Knowing the differences between these modalities is essential to ensure the best use of the budget and help the consumer to make the healthiest decision for their pocket. Know more!
The consortium is a shared purchase , a kind of collective savings that brings together people with similar goals in groups . Every month, each member of the group pays a certain amount that will make up the common fund and monthly one or more members are contemplated, that is, they are entitled to credit and can carry out their projects.
The contemplation is accomplished by drawing through the national lottery, or through bidding , which is nothing more than the advance payment of installments.
As the consortium members do not lend money from an institution, but self-finance, there is no interest charge . The client also does not need to have part of the value of the property, since there is no charge . Only the administration fee is charged on the installment for the company responsible for organizing and managing the consortium groups. The value of this fee is very low when compared to interest from other types. At Ademilar , it is around 0.1% per month , one of the lowest in the market .
In addition to savings , flexibility is another important advantage of the consortium , as several plans are offered, with varying amounts of credits and installments, which adapt to the budget and the needs of each consortium member. In addition, the client has the freedom to choose the property he wishes and also the construction company or the real estate company that will mediate the acquisition. In addition, if the consortium member chooses a property with a lower value than the credit , what remains can be used to pay expenses with documentation or reduce the balance due .
As the credit is adjusted annually according to the INCC (National Construction Cost Index), the installments are also automatically adjusted. This is so that the purchasing power of the consortium member and other group members is maintained. When the customer is contemplated, the credit is transferred directly to the seller of the property, which is equivalent to having cash on hand, thus guaranteeing cash purchasing power to the consortium member, who can negotiate good discounts .
Financing a property means borrowing money from a bank to be able to buy the good and pay off that debt in up to 35 years through installments on which interest that can reach 9% per year . To grant the financing, the institutions also charge TAC (Credit Opening Fee) and IOF ( Tax on Credit, Exchange and Insurance Operations) . Because of these issues, at the end of the payment period the customer can pay up to twice the value of the property.
In addition, only a part of the property can be financed, that is, the consumer needs to pay a down payment of at least 10%, but which can reach 30% of the value of the property.
The financing is carried out through a bank and each institution establishes specific rules on payment terms, the amount of interest, the duration of the contracts and how much of the property can be financed. There is usually a lot of bureaucracy in this process, involving income analysis and buyer history.
There are also different lines of credit (Minha Casa, Minha Vida, SFH and SFI), which differ according to the maximum amount to be financed. Another feature is the debt amortization system . In the Price table , the value of the installment remains the same throughout the payment term, whereas in the SAC table the customer starts paying a higher installment amount, which decreases over the years.
A loan is a contract between the consumer and a bank, cooperative or other financial institution in which an amount is received and must be repaid within a specified period. Unlike financing, the amount borrowed does not have to have a specific purpose, the client can use it in the way he sees fit . Precisely because there is no real guarantee that payment will be made (such as an alienated property that can be recovered in the event of default), the interest on the loan is usually higher .
The exception is the payroll loan , which offers more security to the bank, since the installments are debited directly from the payroll or the INSS benefit. However, this modality is only available to INSS retirees and pensioners, civil servants and employees of companies that have agreements with the bank. As part of the income is compromised even before it falls into the consumer's account, this type of loan can make financial planning difficult and even lead to over-indebtedness .
By comparison, while in the traditional personal loan the interest amount to exceed the monthly 20% in payroll interest rates is in a maximum of 6.27% per month . In both cases, IOF is also charged .
The main differences between consortium, loan and financing
After all, which of these is the best option to buy a property?
The best option is one that does not compromise the budget, nor affect the quality of life . In this sense, the consortium proves to be a smart choice , after all, it allows the consumer to schedule the purchase of the property , favoring long-term financial planning . Even if he pays rent and wants to acquire his own property, there is the possibility to opt for the reduced installment , in which 70% of the common fund of the installment is paid until contemplation .
As there is no interest or the need to register, the budget is not compromised, and a possible financial reserve can be used to try to anticipate contemplation through a bid .