Interest cut by Caixa expands access to real estate credit, says Abrainc president

Interest cut by Caixa expands access to real estate credit, says Abrainc president

in interview to CNN This Thursday (24), the president of the Brazilian Association of Real Estate Developers (Abrainc), Luiz Antonio França, said that the cut in interest rates for real estate financing by Caixa will expand access to credit for people who dream of having a home own.

“When we see an interest rate policy like the one announced by Caixa, below 9%, in the current scenario of the Brazilian economy, this proves to be an inducer for people who want to buy property to take advantage of this moment”, he said.

According to an announcement made by Caixa, the new rates start at 2.8% per annum plus the remuneration on savings (currently at 6% plus the TR, the reference rate, which totals 6.17%). In this condition, the maximum annual rate is 8.97% per year, according to the institution.

The president of Abrainc said that the reduction in interest is significant, especially when compared to the other rates that currently make up the market.

“The interest rate on mortgages compared to the Selic rate is very attractive. I don’t see a bank on the market today offering money to a company at the same rate and for the same term, so it’s an opportunity for people to buy their home with long-term planning,” he said.

The announcement of the reduction of interest on financing for home ownership took place this Thursday (24), at an event held by Abrainc itself, in São Paulo. According to the president of Caixa, Pedro Guimarães, the change is valid from Monday (28).

Source: CNN Brasil