President Luiz Inácio Lula da Silva will launch a new model of housing credit at 10 a.m. on Friday (10), aiming to support the growth of housing financing amid reduced savings resources. An announcement of a new housing reform program is also expected, which will serve as an electoral platform for next year. It is expected that at least R$20 billion will be injected into the housing market through housing loans, mainly from public banks and potentially from private financial institutions.
Currently, 65% of savings resources must be directed towards housing credit, with 20% being collected compulsorily by the Central Bank and the remaining 15% being freely used by banks. The new model eliminates part of these requirements, expanding concessions through market instruments. The changes, subject to approval from the National Monetary Council (CMN), were designed to support the growth of housing financing in a scenario of scarce funding from savings accounts.
The rules are expected to undergo a testing period before becoming official. The first year will function in a “hybrid model,” where the new format will run alongside the old one. This model was adopted at the market’s request, as construction banks were concerned about the real impact on increased home financing.
The housing reform program is expected to serve three income groups, with credit available at Caixa Econômica Federal starting at the end of October. Promised by the President for months, this program is anticipated to aid in his re-election campaign. The credit line will cater to different income brackets, with interest rates ranging from 1.17% to market rates based on income levels.
“Citizens who wish to renovate their homes, build a garage, a bedroom, or a bathroom have the right to go to a bank and obtain credit with the lowest possible interest,” said Lula in May during the 26th March in Brasília in Defense of Municipalities.
Deixe um comentário