In July 2023, President Lula de Silva announced a number changes to the My House My Life programme which are beneficial to everyone. The four main changes are as follows:
The subsidy to the buyer has been increased and is now up to 55,000 Reais per property, opening the market to even more potential property buyers and hence creating more demand.
The mortgage interest rate for buyers within the MCMV programme has been reduced to as low as 4% for those in most need. This is less than half the typical mortgage rate on the open market for general property buyers.
The budget for 2023 has been increased substantially. Originally set at 68bn Reais for this year by the previous administration, the new government has added an additional 28bn Reais to cover the expected increase in demand following the other changes.
The tax paid by promoters on the sale of a property has been reduced from 6% of the sale price to just 1%, increase the potential profitability.
As a result of these changes, Oak IF Group is pleased to announce the it will increase the returns for our investors to the range of 12%-15% depending on the structure of the investment agreement.