Caixa announces a 6-month grace period on new mortgages
Measures represent BRL 43 billion in resources in the real estate market - real estate financing
Real estate financing – Caixa Econômica Federal announced today (9) new measures for the real estate credit market, such as a grace period for new financing, increased break time in contracts and debt renegotiation, both for individuals and for construction companies. In total, the shares represent R$ 43 billion in resources in the real estate market in the coming months. The measurements will be valid from next Monday (13).
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In a live broadcast over the internet, the president of Caixa, Pedro Guimarães, said that the measures could benefit more than 5 million families and preserve around 1.2 million jobs.
Guimarães said that there is a commitment by construction companies not to lay off workers, when renegotiating contracts with the bank. “We do not accept dismissal. We want the greatest kind of protection for employees. It is the balance between the issue of health preservation and the economic issue, which prevents layoffs”.
Actions for Individuals
Caixa implemented a 90-day break in housing financing for customers in default or with up to two installments overdue, including contracts under construction.
According to Guimarães, those who have already asked for a two-month extension will have the measure automatically extended to three months. He added that if the crisis worsens, Caixa may extend the benefit for longer.
Another measure is for those customers who use the Employment Compensation Fund (FGTS) to pay part of the financing installments. As of Monday, the bank's customers will be able to request a break in the payment of the part not covered by the FGTS of the installment, for 90 days.
Another option for customers is to continue paying the installments, but with a reduction in the amount for 90 days. The measure is valid for customers in default or with up to two installments overdue.
Caixa also offers a 180-day grace period for new real estate financing contracts.
Customers who build with Caixa financing (individual construction) will be allowed to release up to two installments in advance, without inspection.
Caixa also announced the renegotiation of contracts with customers in arrears between 61 and 180 days, allowing breaks or partial payment of installments.
Measures for companies
Caixa announced the anticipation of up to 20% of the resources for financing the production of projects for works to be started.
There is also the possibility of anticipating the release of funds corresponding to up to three months, limited to 10% of the financed cost, for works in progress and without delays in the schedule.
The bank also released production financing resources not used by the company in previous months, limited to 10% of the financed cost.
Another measure is the implementation of a break in production financing contracts for 90 days, for customers in default or with up to two installments overdue, including contracts under construction.
The construction companies may also make the partial payment of the installment of the financing, for up to 90 days, for customers in default or with up to two installments in arrears.
A grace period extension for up to 180 days will also be allowed for projects with completed works and in the amortization phase.
Another possibility is the extension of the start of works for up to 180 days.
Caixa will also admit the reformulation of the work schedule, in cases of contingencies in the execution due to issues arising from the covid-19 pandemic.
In order to reduce the risks of contamination and exposure of customers and employees to covid-19, Caixa extended the maturity of reports and assessments.
The bank recommends the use of digital channels, such as Internet Banking and the Caixa Habitação App, in addition to the telephones 3004-1105 and 0800 726 0505, option 7, or the number 0800 726 8068 for contract renegotiation.
