We know that it is not easy to get money to make your dreams come true, especially those that require a larger investment, such as a retirement, a trip, or even starting a business.
For these purposes, it is obvious that you will need more income. A high-value, long-term loan that has viable interest rates would be the best option. However, the big question is: where to find a concession with these characteristics? The secured home loan may be the answer you are looking for.
In this text, we will explain how this type of credit works and how to do it. Follow!
What is a home equity loan?
Known in the market as fiduciary alienation, this type of concession is characterized by being a loan in which the interested party makes his property available as a guarantee for the release of the credit.
The institutions that grant this type of credit usually accept from houses to apartments, commercial establishments, and even land. It is important to make it clear that the chattel mortgage is not the same as a mortgage. The two have as main characteristics the use of the property, however, they have very different concepts, as we can see below.
Differences between mortgage and disposal
As we mentioned in the topic above, the two categories of credit are not the same. The main difference is the fact that, in the mortgage, the institution is not defined as the owner of the property.
What happens is that the owner of the residence establishes in the contract that, if he is unable to repay the loan, the property can be handed over to the lender. However, this process is usually much more bureaucratic than the alienation, because, for the financial company to obtain the house, it needs to file a lawsuit.
What is needed to do?
First, it is necessary to make it clear that, despite the facilities, this type of credit requires the interested party to fulfill some prerequisites. To know:
- the structural conditions of the property must be in good condition, in addition, its value must not be less than R $ 150 thousand (for properties outside the capital) and R $ 200 thousand (for homes in the capitals);
- the contractor must not be more than 80 years old when the loan reaches the end;
- an assessment is made not only of the state of the house but also of its location, the type of population, HDI and the per capita income of the region.
With these requirements met, the interested party will begin the process to make their loan.
How did it work?
The first step is to perform a simulation on the institution’s website. It is a standard procedure, as it is from there that the finance companies can check if you are able to handle this concession.
Once the loan chances have been confirmed, it is now time to fill out the registration form and send a copy of the documents. We emphasize that the required documents, in this case, are RG, CPF, proof of residence, marital status and income, property registration and IPTU booklet.
After sending, the bank will perform a financial and legal assessment of your situation. If everything agrees, they will analyze the conditions of the residence. This is done through a contracted engineer who goes to the location, takes measurements and takes pictures to send the financial institution.
Provided that your home is in good condition, the bank will ask you to send your original documents for the preparation of the contract and send it to you to sign.
Upon receipt, the contractor must authenticate it at the registry office. Upon registration, the institution then deposits the required amount in the consumer’s account.