The bank will reduce the financing quota for properties of up to R$1.5 million and require a larger entry from buyers
THE Caixa Econômica Federal reported this Tuesday (October 15, 2024) that it will make changes to financing for properties costing up to R$1.5 million, in addition, it will require a higher down payment from buyers. The changes come into force from November 1st, as determined by the Power360.
According to Caixa, in loans made with resources from the SBPE (Brazilian Savings and Loan System), the bank will start financing the purchase or individual construction of properties that have an appraisal or purchase and sale value of up to R$1.5 million.
The customer also cannot have another active housing loan with Caixa.
Another change announced by the bank is that Caixa will only finance up to 70% of the value of the property through the SAC (Constant Amortization System). Currently, in the model that is valid until the end of October 2024, the permitted quota is up to 80% of the value of the property.
Through the Price system, Caixa will finance up to 50% of the value of the property, previously the bank financed up to 70%.
SAC SYSTEM
The total value of the installments decreases over time, as they are paid, due to the decreasing portion of interest – example: In the current model, if a property is worth up to R$700,000, Caixa finances up to R$560,000 (80%) . Then, the client pays 20% of the value of the property as a down payment, in this case, R$140,000.
In the new model, valid from November, the same R$700,000 property will have up to R$490,000 (70%) financed by Caixa. The other 30% (R$210,000) is paid by the customer.
SYSTEM Price
The total value of the installments is constant during the contracted period. In the current model, if a property is worth up to R$700,000, Caixa finances up to R$490,000 (70%). Then, the client pays 30% of the value of the property as a down payment, in this case, R$140,000.
In the new model, valid from November, the same R$700,000 property will have up to R$350,000 (50%) financed by Caixa. The other 50% (R$350,000) is paid by the customer.
Caixa informed that the limitation on the value of the property of R$1.5 million and the change in financing accounts do not apply to housing units linked to projects financed by the bank, therefore, it maintains the current conditions.
PANORAMA
Caixa states that given current demand and the budget approved for housing credit in 2024, it is likely that portfolio growth will exceed the maximum limit foreseen for the period.
Caixa’s housing loan portfolio has already surpassed the R$800 billion mark, with more than 7 million active contracts. The bank is the largest home equity lender in Brazil, with 68% of the market.
In 2024, the bank granted, until September 2023, R$175 billion in real estate credit, which represents an increase of 28.6% compared to the same period in 2023. There were 627,000 real estate financings, benefiting around R$2 .5 million customers to date.
In relation to contracts with SBPE resources, in 2024 the bank had a market share of 48.3% in contracting the country’s financing, which corresponds to R$63.5 billion in operations carried out by the bank until September 2024.
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