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Caixa announced on Thursday (9/4) additional measures for the real estate sector in the crisis period. Among the novelties is the launch of R $ 43 billion to finance the home. Until then, the bank had already announced around R $ 111 billion in new lines of credit. According to the institution, approximately 5.5 million families will benefit and 1.2 million jobs will be preserved. The funds will be available starting next Monday the 13th.
In a transmission via Facebook, the president of Caixa, Pedro Guimares, also announced the six-month grace period for new real estate contracts with individuals. This means that anyone who buys a property now can start paying just 180 days from now. The measure indicates, according to the president, that “it reinforces the balance between the health problem and the economy.”
“It is a measure for a more relevant part of Caixa Econômica Federal’s credit portfolio, the heart of the bank, than real estate credit. We have 5.5 million families benefited by this operation that generates a large volume of jobs, “he said. Funding interruptions will also apply to those who use the Time of Service Guarantee Fund (FGTS) for payment.
The percentage of plots that are not covered by the FGTS can be paused, explained the vice president of housing, Jair Luis Mahl. “Starting Monday, those who were using the FGTS for the partial payment of fees will continue and will still be able to request a break from that part: the 20% or 30% that is their part of the payment,” he explained.
Clients in default or with up to two installments overdue will also have the right to opt for the partial payment of the financing installment, for 90 days. Currently, it is possible to request an interruption in the provision of housing financing through the telephone contact and the Habitao Caixa application, available for Android and iOS platforms.
Builders and developers will be able to anticipate up to 20% of the production financing resources of the projects for the works to be started. Works in progress and without delay in the schedule will also be allowed, to anticipate the release of resources corresponding to up to three months, as long as it is limited to 10% of the total financed. Among other measures, companies can extend the start of work up to 180 days and reformulate the execution schedule for problems related to the pandemic. Completed or depreciating works may include or extend a grace period of up to 180 days.
Optimism
The civil construction sector welcomed the new measures with optimism. According to a note from the Brazilian Chamber of Civil Construction (CBIC), the initiative allows the continuity of real estate financing in the country and the production of more than 500 thousand housing units responsible for the generation of 1.2 million direct and indirect jobs, that will mitigate the economic and social impacts of the coronavirus pandemic.
“At a time like this crisis, which can only be compared to a great war, only firm measures, in line with the maintenance of jobs and the stimulus of acquisition for the future maintenance of work, can get the country out of this situation “said Jos Carlos Martins, CBIC president. “In the post-war period, reconstruction is inevitable,” he reinforced.
The executive also warned of the need for the financial market to adapt its practices to the country’s situation. “It is necessary to rethink the concentration of real estate financing in some banks. Imagine if Brazil did not have Caixa and only the three private banks. Imagine the systemic risk, job loss and insolvency of so many companies across the country, “said Martins.
Eduardo Aroeira, president of the Association of Real Estate Companies (Ademi-DF), also highlighted the role of Caixa. “It was a measure of great merit. It will help not only keep jobs, but also give companies the opportunity to fulfill their commitments to suppliers, ”he said. There are no calculations yet on the exact size of the drop that civil construction could have or how much it will take advantage of current measures. “We do not have this estimate, but the expectation that these actions will stimulate sales, which had fallen sharply,” says Aroeira.
Luiz Frana, president of the Brazilian Association of Real Estate Developers (Abrainc), defined Caixa’s measures as “extremely important for the market”. “Caixa carried out a technical study of needs as a result of something we have never experienced before, which is a pandemic. It has taken steps to preserve cash flow for both individuals and companies, ”he said.
France mainly highlighted the six-month grace period for individuals and companies. “Many people want to buy property, but now they don’t feel safe to do so. For companies, it means a very important link in the market because money will circulate in the economy, pay employees and keep companies running, “he said.
* Intern under the supervision of Carlos Alexandre de Souza
