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The rates applied by the Federal Savings Bank generally mark the mortgage market, but they are not necessarily the weakest of all lines of financing, especially those not subsidized by the government.
Monday (7), Caixa's new president, Pedro Guimarães, said the middle clbad should pay the market interest rates for housing finance. "It's going to be a market interest [na Caixa Econômica Federal]." Caixa will respect market interest rates, "he said.
Since last year, interest rates applied by major banks to lines financed by Savings account and aimed at more expensive real estate were very close.As a result, Caixa has adopted the market rates on non-subsidized lines, that is to say outside the Minha Casa program, Minha Vida
| Bank | Housing Financial System (SFH) | Financing System | Comparison of Minimum Rates Announced by Banks on the main lines of credit:
Real Estate (SFI) – letter of credit |
limit of financing FGTS | proportional | ||
| from [8,7%] of 8.75% per annum + TR [19659004] from 8.75% an + TR for real estate up to at R $ 1.5 million and 9.5% per annum + TR for real estate above R $ 1.5 million | between 8.76% and 9.01% per annum + TR [19659007] up to 80% of value for new real estate and 70% of value for used | ||||||
| Bank of Brazil | from 8.49% per year + TR | does not operate (offer interest from 8, | Itaú Unibanco | from 8.3% per year + TR | from 8 years + TR in the mortgage letter) | 9% per annum + TR | has not reported |
| 3% per year + TR [19659007] does not work | up to 82% of the value of the property (new or used) ) | ||||||
| Bradesco | from 8.85% per annum + TR | from 8.85% to year + TR | does not operate | up to 80% of the value of the new or used property | |||
| Santander | from 8.99% per annum + TR | from 9.49% ann ee + TR | from 8.49% + TR (limited to construction financed by the bank) | Up to 80% of the value of the property (new or used), which can include 5% as the ITBI and the registration |
It should be remembered that the rates advertised by the banks are the minimum and that to obtain lower interest rates, the borrower must almost always accept a series of conditions, especially a closer relationship with the financial institution.
The level and timing of relationships with the bank, the value of the property, and the profile and income of the consumer also have a direct influence on the interest charged by the banks.
In addition to the interest rate, compulsory insurance, depreciation system used (SAC or price chart) and all services required by the bank to guarantee the rate proposed should also be taken into account when selecting funding.
According to Central Bank data, average market interest rates for real estate finance increased from 11.9% per annum in October 2017 to 9.5% in October of the year. last.
Maximum ceiling of R $ 1.5 million for real estate financing with FGTS
Interest rates vary depending on the different types of real estate financing. Those manufactured by the housing finance system (SFH) and the pro-quota (for workers with a formal contract) are often the most sought after by those who do not comply with the rules of the Minha Casa program, Minha Vida.
In the financing by the SFH, the interest is limited to 12%, the discounting of the balance being due to the reference rate (TR).
Since the end of October, the limit of the value of the property that can be financed by the Housing Financial System (SFH) – which allows the buyer to use the balance of FGTS accounts – is 1 , R $ 5 million.
The Real Estate Financing System (SFI) does not regulate financing conditions and its lines are generally for more expensive properties requested by buyers who can not comply with SFH rules and use FGTS resources.
Average interest rate for real estate financing
In% per annum
Source: Central Bank
Interest rate of My Home, My Life
Rates of The lowest interest rates are those of the Minha House program, My Life, subsidized by the government, operated almost exclusively by Caixa. See below the current rates announced by the bank:
interval of 1.5 (income up to R $ 2,600)
- Interest: from 4.59% to 5.11% per annum
up to To R $ 7,000)
- Interest: from 5.11% to 8.47% per annum
Banco do Brasil also offers My Home My Life lines, from 5.16% per year for real estate of an amount less than R $ 300,000 and families with family income less than R $ 9,000.
Letter of Credit FGTS and Pró-Cutista FGTS
La Caixa also offers the letter of credit FGTS, intended for the families whose income is lower than R $ 9 000, with rates also of 5.11% per year .
The Pro-Cotista line (financed by the FGTS and intended for workers with a formal contract), which historically had a more attractive interest and which usually runs out before the end of the year, was announced this year in Caixa with interest very close to so-called market rates of 8.76% (at the end of 2018, it was 7.85%). The G1 questioned the Box about the change and is waiting for his return.
The budget approved by the FGTS Conservative Council at the end of last year provides an amount of R $ 4.25 billion for the Pró-Bustista line in 2019, a decrease of 15% per annum. compared to R $ 5 billion available. by 2018. In 2017, the budget was R $ 7.74 billion. In 2016, it reached R $ 8.6 billion.
Under the Pro-Quota rules, interested parties must demonstrate a minimum 36-month contribution period to the FGTS or a balance in a linked account of not less than 10% of the value of the valuation of the property. They also can not own a residential property in the metropolitan area where they live or work, nor have funding in the SFH.
The Pro-Cotista line is also operated by Banco do Brasil and, since last year, also by Santander, but is limited to construction financed by the bank.
Total Credit Portfolio
BRL Billion, by Bank
Source: Central Bank / Cumulative until September 2018
Caixa continues to be a leader in the real estate market , with 69.5% in the segment. But since the beginning of last year, Bradesco has lost leadership in real estate credit with savings.
The increased harmonization of bank rates comes against a backdrop of a slow recovery in the real estate market and the banks' focus on mortgages and personal loans to offset lingering weakness consumer demand. investments.
Share of market in real estate credit with savings resources
% of real estate credit in savings resources granted in 2018
Source: Abecip / jan-nov 2018
"In 2018 , the rates The fall of Selic and the poor performance of the real estate market due to weak demand have dropped interest, "says lawyer Daniele Akamine, lender real estate.
For her, the statement of the new president of Caixa Boosts the prospect of a possibility of higher rates for real estate financing in 2019. "If the expected warming would occur in 2019, the rise in interest rates in all banks," he said. 19659070] The lawyer also believes that, if interest rates are raised, Caixa could lose even more market. "By giving the MCMV priority to the public and by abandoning the middle-clbad customers likely to To acquire other banking products s, in addition to real estate credit, CEF will be in the area where the default is higher, "he said.
Real estate credit in the country
Source: Abecip
The financing of real estate with savings resources amounted to R $ 51.3 million. Billions of dollars accumulated in 2018, until November, according to the Brazilian Association of Real Estate Credit and Savings Entities (Abecip). The volume represents an increase of 30.1% over 2017, but remains well below the level before the recession. In 2014, it reached 112.9 billion rand.
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