Real estate refinancing is a loan line that has been growing in terms, but is not yet widely used by Brazilians, due to the lack of knowledge and the risks it proposes.
The conditions for making such a loan are often advantageous in many cases. Bank is another financial institution that offers this line of credit, respecting the normal requirements of the market.
To apply for refinancing, the customer must be a bank account holder. Bank accepts both commercial and residential real estate on its behalf or from third parties. Because it is a large bank, there is less flexibility in matters of credit and legal documentation and analysis.
The Bank has no minimum value for credit and this may represent up to 60% of the property value appraised. Interest rates range from 3% to 15% of your loan amount, and the repayment term is up to 120 months (10 years).
To apply for refinancing, you need to talk to your account manager and submit all personal and property documents. After that, the bank will make a simulation and, if there is still interest, you will go through a credit analysis and your property through an evaluation. Then, just sign the contract and within a few days, the credit is released into the account of the account holder.
While on average the personal loan has interest of 5.61% per month and the overdraft has an average of 12.58%, the refinancing of a property has much lower values, depending on the bank or finance range between 1.15% and 2.5% per month.
Most lines of credit, such as personal loans, work for maturities of 12, 24 or at most 60 months (5 years). Already the payment of refinancing a property can reach up to 20 years.
There are not so many bureaucracies to get a high credit amount or delay in getting it released. In many banks and financials, it is possible to refinance property even though the name is negated. The amount of credit released in this type of loan can reach up to 60% of the property value appraised, even exceeding the range of USD 1 million. Money is also usually released shortly after signing the contract, as to be able to refinance a property in many banks, you must be an account holder, which facilitates the process.
There are no restrictions! The money you get from refinancing property can be used any way you want without any complications.