To obtain financing and acquire your own home, it is essential to prove your income. This is because the financial institution uses this information to define aspects such as the down payment amount, the amount of the installments, the applicable interest rates and your eligibility for government housing programs.
The income considered in the process is the sum of all the income of the people who will live in the property, such as spouses, siblings, parents and children, for example.
See how the process of adding income to purchase a property works:
Only the people who will actually live in the property can have their income combined. For example, it is not possible to finance a house with your sister if she will not live there. The higher the family income, the higher the maximum value of the property that can be financed.
The minimum income required varies according to the value of the property you wish to finance. It is important to remember that the financing installment cannot compromise more than 30% of your monthly income.
For example, if you intend to finance a property worth R$140,000 with R$100,000 of the value and the maximum payment term is 30 years, the monthly installment will be around R$500.00. In this case, the minimum family income required would be approximately R$2,000, according to data from Federal Savings Bank.
In other words, the lower the value of the property, the lower the income requirement. In addition, it is essential to consider interest rates, which vary from institution to institution. Higher interest rates require a higher income to cover the financing.