Caixa, the Brazilian state-owned bank and one of the five largest banks in the country, announced today (5.Jun.2019) the reduction of interest charged on real estate financing and the equalization of the rates practiced in the SFH (Housing Financial System) less than R$ 1.5 million – and in the SFI (Real Estate Financial System) – for higher value properties.
Now the two systems will practice rates ranging from 8.5% per year to 9.75% per year. Interest on the SFH (which also allows the use of FGTS funds) now ranges from 8.75% per year to 9.75% per year. In the SFI, they range from 9.75% to 11%.
For customers who do not have a direct relationship with the institution (counter), the maximum rate went from 11% per year to 9.75%.
The FGTS is an account intended for Brazilian workers. It's a cash reserve. Practically, a saving. The fund seeks to ensure the worker in difficult situations, such as dismissal without just cause and also in the acquisition of a property. The FGTS is a right guaranteed by the Brazilian Federal Constitution that every employer pay monthly.
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