October 18, 2024 9:26 10 min read
Happy Friday! São Paulo’s energy supplier says the city’s week-long power outage has been resolved, but warnings of new storms over the weekend have residents worried the problem will return. . In today’s issue:
Restrictions on real estate credits Brazil’s goals at the upcoming UN climate change conference Hunger and malnutrition in Brazil’s food production hub
Access to real estate credit is becoming increasingly rare
Brazil’s largest real estate finance company is tightening rules. Photo: Alf Ribeiro/Shutterstock
Caixa, Brazil’s largest state-run bank, will reduce the amount of loans it lends to middle-class households looking to buy real estate. Starting in November, the bank, which also administers federal aid programs, will lower the limit on lending limits for properties valued at up to 1.5 million reais (about $265,300).
How it’s played. Caixa will now finance up to 70% of the property value (down from 80%) with the most common mortgage system, with interest rates decreasing over time. The fixed rate system also reduces the loan limit from 70 percent to 50 percent of the property value.
The move will force buyers to make large down payments and force millions of households to postpone their home-buying plans. In addition to these changes to its own mortgage regime, Caixa also…
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