Caixa Econômica Federal announced today the reduction of interest rates on real estate credit, during an event for the civil construction sector held in Brasília. The event was attended by the president of the bank, Pedro Guimarães, and representatives of the sector.
According to Caixa, the modality will have rates from 2.95% per year (3.35%), added to the remuneration of savings, which represents a drop of 0.4 percentage point. Simulations with the new conditions of the credit line can be carried out from October 4th. The client will have up to 35 years to pay the loan, in addition to the option of a six-month grace period for the beginning of the installment of interest and amortization.
“If we hadn’t carried out the movement quickly, the sector would have a problem. So much so that, after the agricultural sector, real estate was the sector that had the least impact during the pandemic last year. And this came from breaks for 2 .5 million families. But instead of putting the brakes on as everyone else did, we put it on the accelerator. By doing what we did, our default rate is lower than it disappeared,” said Pedro Guimarães, president of Box.
“This is a very sensitive moment, when we have a little higher inflation. It is a moment that, when we lend for 30 or 35 years, it is obvious that it is a very sensitive moment”, he added.
Currently, Caixa’s housing loan portfolio amounts to R$534.6 billion and 5.8 million contracts, corresponding to a 67.1% share of the domestic market. In August 2021 alone, the month with the biggest contracting in Caixa’s history, there were BRL 14.01 billion in new contracts — an increase of 33.3% compared to 2020, and 208.5% compared to 2019.
During the event, Guimarães also celebrated the results presented by Caixa, and said that today the state-owned company lends about 500% more money than the same period in 2018.