Have you ever thought about building a house from scratch, with your face? For some people, it is better to build their own property, wall by wall, than to go after a finished house. If you are considering financing for construction , Bradesco has one of the main solutions available on the market. But before looking for the bank and making any decision, it is always good to know the conditions for this type of operation.
Therefore, we will explain in this article how Bradesco credit works to raise your own house from scratch. We will also show you what is the offer of real estate credit for construction today and which is the best bank to finance the construction of your dream home.
Financing for construction at Bradesco: how does it work?
Bradesco has one of the main lines of financing for construction in the country. It is a type of credit that uses resources from the so-called Housing Financial System (SFH), which finances properties worth up to R$ 1.5 million. The credit is for properties that have already started construction, and that are at least 30% ready.
According to Bradesco, the client can finish the construction of the house up to two years after signing the contract. In this type of financing, the money is released as the works progress, gradually.
According to Bradesco, this line of credit is also limited to people over 18 years of age, who pass the credit analysis and provide the requested documents. A fee for the bank to study the feasibility of the work will also be charged, and deducted directly from the customer’s account.
Understand how real estate financing works
Understand real estate credit for construction
Real estate credit for construction has a lower offer than the lines for financing ready-made property. In addition to Bradesco, Caixa has the main type of credit for this specific purpose, using FGTS resources within the Housing Financial System (SFH).
The public bank offers credit both for the construction of a property on its own urban land and for the purchase of land with a property under construction. In these two situations, the payment term is up to 35 years . The other conditions are:
- Be Brazilian over 18 years of age or emancipated (can also finance those who have a permanent residence visa in the country)
- Prove payment capacity (it is not possible to commit more than 30% of the family income to the installments)
- Not having a dirty name in debtor records (such as Serasa and Boa Vista)
Other existing lines of credit are used only for the purchase of construction materials at partner stores, and not to cover the general costs of the work. Bradesco itself offers the “ CDC Construction Material ”. It works like this: you buy the products at once and only pay up to 62 days later.
The purchase amount can be distributed in 48 installments. The minimum credit, according to Bradesco, is R$ 500. The maximum reaches R$ 500 thousand. The interest rate depends on the bank’s credit analysis (in our simulation, it was 3% per month).
It is important to note that this line of credit only finances the purchase of materials for construction, and does not include the necessary labor or even the purchase of the land where you will raise your property.
If you’re interested in getting credit to buy land , we’ve done a special article about it here on the Loft blog. Caixa also has a specific line for purchasing materials: Construcard , which we have already discussed here.
What is the best bank to finance a construction?
To find out which is the best bank to finance a construction, you need to carefully analyze the lines of credit that each one offers and your personal needs. There is no single answer to this question: it all depends on the customer’s profile.
If you are only interested in purchasing materials for the work, in addition to Bradesco and Caixa, Banco do Brasil has a line for the purchase of construction material. It even covers furniture designed under special payment conditions. The maximum limit is up to BRL 50,000, spent only at affiliated establishments. The debt can be paid in up to 54 installments, with the first installment in up to 180 days.
It is important to note that financing for the purchase of a finished property (whether used or new) does not include expenses with works. So, if you’re thinking about buying a new home and starting a renovation, make good financial planning and save a “stocking foot” to leave your new home the way you want it.
Credit analysis at Bradesco: how to be approved?
To be approved in Bradesco’s credit analysis, it is necessary to meet some requirements, not very different from the requirements of other banks:
- Show a good track record as a payer: not having a dirty name and not having a low credit score assigned by credit protection agencies (such as SPC and Serasa)
- Prove your income : be able to gather the necessary documentation to prove to the bank that you have enough monthly earnings to meet the installments of the operation. These documents can be pay stubs, bank statements, annual billing statements (for small business owners), income tax returns to the IRS and others.
- Not having previous relationship problems with the bank, and thus not appearing on internal restriction lists
Felipe Soares, a business analyst at Loft Cred , says that “financial organization in advance is very important for any credit operation”.
He points out that the incidence of interest is higher in longer financing. Therefore, according to Felipe, if you want to make the financing not so expensive and fit better within your monthly income, the ideal is to organize yourself for a while until you are able to pay a higher down payment. Thus, the amount “borrowed” by the bank does not need to be so large.
Is it possible to use a simulator for CDC Bradesco?
CDC Bradesco has its own simulator, which is on the online banking page . If you are interested in buying construction materials for your work, it is worth estimating what the installments would be and how much would be the Total Effective Cost (CET) for this line of financing.
- As a test, we did a simulation for a purchase worth R$100 thousand in construction materials, with 48 months to pay and a down payment of only R$5 thousand.
What documents are needed to finance construction with Bradesco?
According to Bradesco, the documents required to finance the construction of a property with the bank are:
- Copy of RG and CPF
- Proof of marital status (marriage certificate for married people and birth certificate for single people)
- Deed of prenuptial agreement drawn up at the Notary’s Office and registration of the document at the Property Registry Office (in case of married buyers)
- Clearance certificate of debts related to federal taxes and the Active Federal Debt (required only from employers or rural producers)
It is also necessary to provide, for the property under construction:
- Enrollment certificate with denial of encumbrance (valid for 30 days)
- Simple copy of the most recent IPTU booklet cover
- Clearance certificate of municipal taxes and fees and valid for 90 days or as required by the responsible General Property Registry
- Completed “Work Feasibility Study” bank form
- Schedule filled in by the responsible engineer
- Descriptive construction memorial completed by the responsible engineer
- Construction budget completed and signed by the responsible engineer
- Copy of the work permit, provided by the local municipality
- Registration of the work in the INSS
Take advantage of the partnership between Bradesco and Loft
Did you know that you can finance construction with Bradesco without having to go to the branch or fill out forms? This is possible thanks to the partnership between Bradesco and Loft . Loft has a real estate credit advisory that serves as a mediator between customers and banks, taking care of all the bureaucracy necessary for a property financing to get off the ground.
Our team analyzes the bank’s simulation for customers, and we are able to help them with the best available line of credit for their profile. We also send the required documents to the bank, fill in forms for you and coordinate the resolution of pending issues that may arise during the process. When the contract is issued, we organize your signature and register the document at the registry office for you.
Loft support is free , it only ends when everything goes well and the money is released to the seller of the property.
