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SÃO PAULO – Caixa Econômica Federal announced on Thursday (9) that it will grant a six-month grace period to finance new properties, both for individuals and companies.
The novelty is part of the package of new measures focusing especially on real estate credit in an attempt to combat the economic effects of the coronavirus pandemic.
Pedro Guimarães, president of Caixa, estimated that this six-month grace period for individuals and companies should help maintain the employment of 1.2 million construction workers and left a message for companies in the sector. “We have a commitment to construction companies, but we will not accept layoffs, we want protection for the employee. If the employee faces problems or there are layoffs, these rules do not apply to the company, ”he said at a press conference this morning.
Caixa also reported that it has R $ 43 billion allocated to real estate credit programs, in addition to the R $ 111 billion previously announced for new lines of credit.
“This never happened and Caixa shows alignment with the crisis facing the country. Part of our client base is for people with lower incomes, so all the measures we have announced are valid for all clients in all income lines, including legal entities. Our concern is to keep jobs, loans and the housing program. There is a total of R $ 154 billion to help Brazilians. We will maintain balance at that time, “said the president.
Guimarães also made it clear that the bank will extend the terms and make the measures more flexible if the crisis continues. “Caixa will act and react to the crisis. If the situation worsens, we can expand the lines of credit to guarantee aid to all, ”he said.
See the measures announced in the scope of real estate credit:
Individuals
For individuals, Caixa provided some options:
a) The primary measure is the 180-day grace period for those who wish to purchase new properties. “The novelty is valid for any Caixa customer, be it Minha Casa Minha Vida or middle-income. We are giving Brazilians a break to make their own dreams of home come true, ”says Jair Luiz Mahl, Caixa’s Vice President of Housing.
b) People can request a break of up to 90 days from the payment of credit contracts: it applies to the real estate credit line of any bank and to all clients. “From Minha Casa Minha Vida customers to middle-income customers, everyone is covered,” reiterates Mahl.
If customers do not wish to suspend their respective installment payments, starting on Monday (13), Caixa also informed that it will be possible to make partial payments. “In this case, the client needs to contact Caixa by phone and inform them of their option and the amount of the payment,” he says. Telephone contact: 0800 726 0101.
c) Clients who are building their own house will be inspected using digital models. “We will do a non-physical inspection to protect employees and customers,” says Mahl.
d) The defaulters of the real estate credit contracts that have not been able to pay the installments for more than 61 days from Monday (9) will also have access to a pause in payments of up to 90 days. “These clients will be contacted or can contact Caixa to request a temporary service. Our evident objective is to keep Caixa’s contracts active and at the same time go through this period. For this reason, we want to give the condition to clients, even those they have overdue payments, ”says the vice president.
All other measures will take effect from this Monday (13).
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The companies
The measures announced for legal entities apply to small, medium and large construction companies.
a) 180-day grace period for the commencement of the works and to begin the amortization of the debt of the finished works. “We know that the entrepreneur’s investment to start work is high and we want to help him keep his schedule,” says Mahl.
b) Anticipation of corporate financing for an amount equivalent to up to three months of the work schedule to be executed. “The construction company can request the advance of this amount and we will help it through the R $ 43 billion that will be available. This creates liquidity for the construction company and a lack of cash flow at this difficult time, “says Mahl.
c) Release of financial resources not previously used. “The builders who already had a contract with Caixa and had not used the financing resource for any reason can request it from Monday,” says the vice president.
d) Extension of the physical and financial schedule of the works. “The company is free to reprogram, reconfigure the work without prejudice and at no additional cost to Caixa,” says Mahl.
e) Partial payment of charges for 90 days. “As with people, if the company does not want to suspend payments completely, it can choose to continue paying part of the fees. They must also contact Caixa ”, says the executive.
f) Anticipation of up to 20% of financing for new companies.
“We want to provide peace of mind to civil construction companies and employees, keeping the sector relevant to Brazilian GDP and active, and providing conditions for construction companies to continue operating,” says the vice president of housing.
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