The number of Caixa’s competitors for home loans and financing has grown. Bank and financial inquiries and inquiries to finance the purchase of the home in spite of the “crisis in Brazil” has also increased, the reason may be the signs of a loosening economy. In years ago Caixa Econômica Federal reigned sovereign in the real estate financing market, nowadays times are different and future borrowers no longer have Caixa as a right institution to request their financing.
In recent months, Caixa has been adopting successive policies on credit and criteria for the release of funds. In addition, even though it is a state-owned bank, it refuses to pass on the Selic cuts, and many other things … Caixa Econômica’s rivals celebrate demand for real estate credit ostensibly by excluded customers. According to experts, resources have dried up and so credit has become difficult.
Loan offer for real estate
High-ranking officials from competing institutions attribute much of this movement thanks to the return of potential borrowers who are worrying less about losing their jobs in the face of good signs of the weakening crisis in the country. In fact what must be happening is the migration of about 30% to 40% of the clients that were formerly from the Caixa Economico and who are looking for these banks by interested parties that can not obtain a real estate loan.
As said before, Caixa has always had a much higher percentage of funding, and today is limiting it with the use of more stringent strict approval criteria. When charging higher or lower interest rates, it has always been the borrower’s discretion to choose where to get the approval of his loan, especially those who have good score and credit score.
It is not so much that we see so much loan offer being offered by all advertising media. Who “wins” are the borrowers who find good opportunities to take advantage of. On average, banks, Itaú Unibanco, Banco do Brasil and Bradesco Santander Brasil recorded a 30% simulation of housing loans.
Real estate loan in Santander
Santander Brazil, according to the bank in July the interest rate began from 9.49% for 60 days that was soon extended until December. Like the lowering Selic, one of the government’s arms to contain crises, all retail banks and fintechs have massively offered the financing to purchase the home itself, including secured home loan.
The experts predict that the Selic will fall to 7% in the coming months, in practice the cost for banks to raise funds in the market will be very close to that offered by savings, 6% more TR. An executive in the real estate lending segment of Bradesco reported that the volume of simulations increased 30% higher in the last two months.
For operations between 20, 30 years the interest rates offered by banks end up taking away the candidate’s chance of getting loan approval in order to get some of those interested back, some banks have raised the amounts that can be financed. At Itaú, for example, the ceiling went from 75% to 80%.
Facilities for lending to property
The interesting in the last two years and that banks have stepped up the methods to streamline any approval process that can be culturally time consuming and complex, and this discourages potential borrowers. Because of this, online capturing channels and sending digital documentation have been widely used.
In BB’s real estate credit, the average time for approval of real estate loan proposals dropped to 20 days before they were 55. Of course many factors lead a borrower in completing loan to property in particular bank, however, knowing that the borrower now is much more likely to get an approval with fair terms, that’s good news.
Loans and financing
Choosing Caixa means spending more money than you may have now, but you can either access competitors or continue to opt for the Cash for Loans and Financing of your real estate – what will it be?