June 13, 2024

Understand the change in mortgage credit announced by Caixa

1 min read
Understand the change in mortgage credit announced by Caixa

At a time of rising prices in the country, driven mainly by gasoline and electricity, the dream of home ownership is getting closer.

from October 18, Caixa Ecomica Federal will apply a new interest rate for mortgage loans. With this drop, sector entrepreneurs expect the impact on the market to be immediate and one million people are expected to enter the country’s real estate market.

The decline was in the form of financing linked to savings. In this line, in addition to the variance in savings, the rate of 3.35% has been applied. Now, it’s up to 2.95%.

“Another important point was the six-month grace period and the expansion of financing to 35 years,” explains Caixa President, Pedro Guimarães.

The decision goes against the market. With the Selic benchmark rate hike, other private banks have recently raised interest rates. Low interest rates on home ownership should ignite discord among financial institutions.

In August, Caixa recorded the largest mortgage contract in history. There were more than R$14 billion in new financing contracts. With the interest rate cut, the bank expects to break new records and reach R$140 billion this year.

In 2020, the bank recorded R$116 billion in housing finance contracts and in 2019, about R$80 billion.

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