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Caixa Econômica Federal increases mortgage lending for higher-value properties

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Caixa Econômica Federal increases mortgage lending for higher-value properties

CaixaEconômica Federal has doubled the maximum value of real estateproperties that can be financed through savings deposits to 3 million Brazilianreais from 1.5 million reais.

The state-run bank also increased the maximum loan-to-valueratios to be financed to 80% from 70% for new properties worth over 750,000reais in the states of São Paulo, Rio de Janeiro, Minas Gerais, and the FederalDistrict, and those worth over 650,000 reais in the other states.

The new rules take effect July 25, the bank said in a July18 news release.

As of July 18, US$1was equivalent to 3.26 Brazilian reais.