Selic escalation makes real estate financing 20% ​​more expensive

The consecutive highs of the Selic already increase by 20% the value of real estate financing of those who are preparing to take credit at the bank. The hike in the basic interest rate affects all new mortgages.

According to simulations carried out by Anefac (National Association of Executives), the financing of a property worth R$ 650 thousand is costing more than R$ 1.5 million.

The average income required to buy an apartment worth R$450,000 went from R$13,000 last year to R$16,000.

The calculations were made considering the SFH (Finance Housing System), through which the buyer obtains credit of up to 80% of the total value of the property to pay in up to 35 years in installments that cannot exceed 30% of the income.

Used by the Central Bank to control inflation, the basic interest rate left 2% in January 2021, is at 13.25% and is expected to rise again in August. In addition to serving as a reference for the collection of interest and charges on financing, the Selic also impacts income ranges for contracting credit.

When the Selic was at 2% per year, banks charged an interest rate of 7% per year on housing loans. This rate is now between 8% and 10%, and banks have not yet readjusted it with the new Selic, according to Anefac. The expectation is that the last increase in the Selic rate will only be passed on to real estate financing in the second half of the year.

“In many cases, those who planned to buy their own home considering the old rates will not be able to afford the financing or will not reach the minimum income required”, says Marcelo Tapai, a specialist in real estate law.

Tapai recommends redoing the financing calculations before taking the risk of defaulting. “If it is necessary to undo the deal, the best thing is to transfer the property”, he says.

“If you have to opt for the contract with the construction company, the buyer will have to give up 50% of the amount already paid plus a brokerage fee. To reduce the fine, you can file a lawsuit”, says the lawyer.

Check simulations* of real estate financing

FINANCING OF BRL 300 THOUSAND

FINANCING OF BRL 450 THOUSAND

FINANCING OF BRL 650 THOUSAND

FINANCING OF BRL 1 MILLION

*Simulations made by the vice president of Anefac, Miguel Ribeiro de Oliveira, for a period of 30 years (360 months) by the SAC (Constant Amortization System)