Interest on home financing is below 10%

Despite the Selic soaring from 2% at the beginning of 2021 to the current 13.75% per year, the largest banks in the country plan to keep the mortgage rate at around 10%, even with the forecast of a new hike in the basic interest rate. interest on the economy this month.

“Banks know that it is outdated now, but that the Selic will fall again”, says Miguel Ribeiro de Oliveira, executive director of Anefac (national association of finance executives).

“As they are long-term financing lines, the Selic has a lesser influence. And the banks have already raised interest rates back there. When the Selic was at 2%, housing credit was at a rate of 7%”, says Oliveira.

In the lines of credit that accompany the profitability of savings, the annual interest rate is lower. This happens because every time the Selic exceeds 8.5% per year, savings yield a fixed amount of 6.17% per year. Therefore, the interest rate will be 6.17% plus the fixed amount set by the bank plus TR.

In the first half of this year, the volume of credit granted for real estate financing fell by 6%. compared to the same period last year, but it remains above the total released throughout 2019. The drop was driven by financing via savings, according to Abecip (Brazilian Association of Real Estate Credit and Savings Entities).

Abecip projects that 2022 will be the second best year in the history of the sector, behind only 2021.

Fees charged by banks

Itaú offers mortgage loans with a fixed interest rate starting at 9.5% per year from the beginning to the end of the contract, with adjustment of the outstanding balance by the TR, currently close to zero.

In the line of credit for savings, Itaú charges interest from 3.45% per annum plus savings income.

Santander states that its mortgage rates start at 9.49% per annum plus TR.

Bradesco states that it made the last adjustment in mortgage rates in September last year, increasing in the traditional modality from 9% per year plus TR to 9.5% per year plus TR.

In savings-oriented financing, the bank maintained the interest rate based on the passbook yield plus 2.99% per year.

Inter’s mortgage rates today start at 9.5% plus TR.

Banco do Brasil’s current mortgage rates start at 9.39% per year plus TR and vary according to the customer’s profile, financing term and relationship with the institution.

The last adjustment took place in July, and the previous rates were from 9.01% per year plus the TR. There are no plans for further adjustments.