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Those who find it difficult to obtain credit at reasonable interest rates have the option of obtaining a loan secured by property. It's not enough to simply sell your property; you must also have a clean record, pass a credit check and carry out a physical and legal assessment of the property provided as collateral. and obtain registration approval However, this modality offers the most advantageous contracting conditions on the market.
Follow this page to find out more about this type of loan and its advantages and disadvantages! We've put together all the possible answers to these questions. You'll also find out how this type of loan works at Rodobens. Have a good read!
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What is a guaranteed mortgage?
When you get a loan, the bank (or finance company) looks for guarantees that you will fulfil your obligations and make payments on time. As long as the organisation offers this loan option, any property owner can serve as collateral.
Read also: CrediHome secured loan: Long-term credit online!
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The asset is associated with the bank by means of fiduciary alienation. Your document contains a notice prohibiting the transfer of this property to another owner. This notice is removed as soon as the credit process is settled and the asset is returned to the owner's disposal.
This already happens by default in standard property finance transactions. However, there are additional refinancing possibilities that include using a paid-off asset as collateral for a new loan.
What are the benefits and dangers associated with this form of credit?
The main benefit of a secured loan is the lower interest rate. Nobody wants to lose anything they've already realised, right? Consequently, it's inevitable that this type of loan will have a lower default rate.
So while the interest rate on a personal loan (without collateral) can exceed 900% per year, the interest rate on a loan with real estate collateral cannot exceed 20%. Quite a contrast, isn't it?
On the other hand, the asset cannot be traded for the duration of the loan. In other words, you can't trade or sell your property if the need arises.
What precautions should be taken when providing guarantees?
As there are two sides to everything, you need to be particularly cautious when taking out a secured loan. Of course, the right thing to do is to honour any obligations assumed; this ensures that the client always has access to credit on the market and receives the best conditions available.
It's important to take extra care to preserve the progress you've made. See below.
Establish a financial strategy
This is invaluable advice for any financial transaction, whether it's a mortgage, a property consortium or a loan secured by real estate. The aim of planning is to eliminate financial impediments in the way of payment, thus ensuring that the decision is safe and effective.
Create a monthly budget for your home, estimating, for example, how much you can spend on household expenses and entertainment without compromising your entire income. The focus is constantly on avoiding impulsive spending and maintaining financial discipline!
Have a financial reserve
Have a safety reserve to escape difficulties caused, for example, by medical emergencies or unemployment. This will help you to be less vulnerable to the unexpected and to keep your balance when things get back on track.
Avoid taking on new debts
Try to avoid incurring additional debts over the payment period. You can calculate everything on the tip of the pencil and guarantee that you'll be able to meet all your payments, but have you thought about what would happen if something unexpected happened? With a limited budget, a single mistake can destroy everything.
At the time, make payments in instalments
Payment of the monthly instalment should take precedence. As soon as you have income, you should start paying the next instalments. Each bank has its own credit policy: after a certain number of unpaid payments, the bank can liquidate the debt and sell its assets at auction to settle the obligation.
Therefore, no payments should be made after the due date. This way, you'll always have access to credit and can renew your property-backed loan whenever you need to!
How does the Rodobens property-backed loan work?
This solution must now be presented to the Rodobens Bank. It is important to note that we are part of an organisation with more than seventy years of history.
This entire period has been underpinned by a relationship of greater respect and transparency with the clients of our services: loans, acquisitions, consortia and financing.
Annual percentage rate
As you might expect, the main advantage of a loan secured by property is that the credit operation becomes less risky for the lender. But at this point, you might ask yourself: "What does this mean for me, the client?"
Well, all credit operations treat risk in the same way: the higher the risk, the higher the interest rate. Interest rates are lower the lower the risk. That's why the interest rate on a Rodobens secured loan is significantly lower than the interest rate on a traditional loan found on the wider market.
The Rodobens Real Estate Secured Loan is currently available in São Paulo, Paraná, Santa Catarina and Rio Grande do Sul through our approved partners. With us, the interest rate starts at 0.89% per month plus IPCA, which refers to the Broad Consumer Price Indicator, which is Brazil's main inflation index.
Payment phrase
Another significant advantage of the CGI is the extended payment period. This means you can get a loan with a maximum term of 120 months, or 10 years. However, this is not the only option.
After 12 months, you can sign a contract if you wish, as the aim is to develop a negotiation that meets your needs and expectations with responsibility and transparency.
Credit values
Thirdly, there is uncertainty about the amount of the loan. As you may have seen, everyone who applies for a Guaranteed Home Loan wants a substantial amount of funds, something that is crucial in the current economic climate. Rodobens therefore offers a range of prices in the CGI between R$ 50,000 and R$ 500,000.
However, the credit on your contract is limited to the value of the property as collateral, and loans of up to 50% of the property's value can be issued. To obtain a loan of R$ 500,000, the property must be valued at at least R$ 1,000,000.
In addition, the minimum value of the property for contracting this line of credit is R$ 200,000.
Loan approval procedures
Finally, it's intriguing to know the step-by-step process for acquiring a Rodobens Home Loan. With us, the whole procedure is incredibly simple, quick and intuitive; just follow the steps described below.
- Simulation of operations;
- Credit analysis to ensure that the proposal fits your profile;
- Assessment of the property's physical condition by a specialised company;
- Legal valuation of the property and potential buyer;
- Sign the agreement;
- Registration of the contract with the Land Registry;
- Release of credit to the account specified by the client.
If you have any doubts about any of these steps, consult our experts, who can explain them in more detail. Our ultimate goal is to provide you with fast and transparent credit so that you can make the best decisions for you, your business and your family.
Visit our website to find out about the benefits of obtaining a loan with a property as collateral from a conventional institution recognised in the market.
