Pressured by the recent increases in the Selic Rate (the economy’s basic interest rate) and the withdrawal of money from savings accounts, Caixa Econômica Federal raised interest rates on real estate financing with resources from the Brazilian Savings and Loan System (SBPE).
Rates rose by 1 to 2 percentage points, depending on the modality. The adjustment has been valid since January 2nd for new contracts. Interest on the credit line adjusted by the Reference Rate (TR) rose to TR plus 10.99% to 12% per year. Until the end of 2024, rates were at TR plus 8.99% to 9.99%.
For lines adjusted by savings, the rate increased for the passbook remuneration plus 4.12% to 5.06% per year. Previously, interest was paid on the passbook plus 3.1% to 3.99% per year.
In a note, the bank informed that interest rates are defined according to the market situation. “Caixa clarifies that the definition of the bank’s interest rates is based on the analysis of the association of market and situational factors, within the prudential rules for defining credit conditions”, replied the bank.
The changes only affect financing linked to the SBPE, intended for the middle class and granted with resources from the savings account. The Minha Casa, Minha Vida credit lines, which finance properties worth up to R$350,000 to families receiving up to R$8,000, did not have an increase in interest.
Responsible for around 70% of real estate financing in the country, Caixa changed, for the second time in two months, the rules for the sector. In November, the bank increased the entry value from 20% to 30% and created modalities linked to the Interbank Deposit Certificate (CDI), whose rate is linked to the variation in the Selic.
Lack of resources
THE tightening in the granting of housing credit It results from two factors: high Selic Rate and lack of resources. Since September, the Central Bank (BC) raised the Selic from 10.5% to 12.25%. Furthermore, the real estate market is facing an increase in withdrawals from savings accounts and greater restrictions on Real Estate Credit Letters (LCI), approved at the beginning of 2024.
According to the Central Bank (BC), savings accounts recorded the fourth month of consecutive net withdrawals in October, with account holders withdrawing R$6.3 billion more than they deposited. Savings statistics for November will be released this Wednesday (8) in the morning. Another factor that contributed to the limitation of credit was the increase in demand for Caixa lines, amid rising rates at private banks.
