For those who were already preparing to buy a property, the current conditions are quite advantageous. In addition to the Selic drop in 21TP3Q per year, the lowest level since the beginning of the historical series, Brazil presents a scenario of low savings profitability and rising property prices at a pace below inflation. In other words, it became the perfect time to realize the dream of owning a home. However, in this process, it is essential to know the financing options and choose the one that fits in your pocket. With that in mind, we prepared this text on Itaú Real Estate Credit, one of the best in the market.

First of all, it is essential that you fully understand what a loan for the acquisition of a property is so that, from there, we can delve deeper into the product that Banco Itaú offers. After all, it is a basic premise to know what it is about to really understand Itaú Real Estate Credit.

So, let's get down to business: what is real estate credit? This is a loan that takes place when a person decides to buy a new or used property and wants to finance the venture. In this case, financial institutions step in to provide financing, which consists of full payment of the amount agreed upon between buyer and seller.

In the settlement, the buyer must pay the bank, which paid off the property in full, according to the terms of the contract. Until full settlement of the value, the house remains in the name of the person who bought it, but it cannot be negotiated until the debt with the bank is completely settled.

And what changes from one bank to the other? In general, the changes are in interest rates, in the form of payment, in the contract period and in the value that the property can be negotiated. And it is precisely here that Itaú Real Estate credit comes in, as it is, without a doubt, one of the best loans on the market for those looking to finance their property.

Considered one of the best loans on the market, Itaú's real estate loan has two different lines. In the first one, you can finance up to 90% of the value of the property and have a term of up to 30 years to pay. With a rate of 6.9% per year for the entire period of the contract, it is the most common type of financing.

In the case of Itaú Real Estate credit, there is also a second line, which appeared in September 2020. In this new financing modality, the interest rate you will pay is made up of a fixed rate, which can reach 3.99% per year , and a variable rate, which is equivalent to the savings income. Currently, this would be something around 5,39% per year, which is much less than the vast majority of mortgages we have on the market.

The great innovation is precisely in the composition of this interest rate, which considers the yield on savings, which corresponds to 70% of the value of the basic interest rate, the Selic. As the current moment we are living in the economic scenario has made the Selic to be at the lowest level in history, this has negatively impacted the return that savings is delivering to its investors, since it is far short of what is desired.

On the other hand, Itaú Real Estate credit customers end up saving a lot on their financing, since their interest rate accompanies this savings remuneration. Considering that the SELIC rate is at 2% and that, consequently, savings are only remunerating 1.4%, the loan rate would be 3.99% per year + 1.4% per year, which is very, very low.

However, in every story there are two sides of the coin. What if, for example, the Selic rate goes up and the savings account's remuneration also goes up? How is the Itaú Real Estate loan? Well, your share of the debt will also rise, following that number. But there is an important detail!

In order not to leave customers completely at the mercy of the Brazilian economy, the remuneration of the savings account has a limit, which is 6.17% pa That is, if things get uncertain and the interest rate goes up too much, you will 10.16% pa of interest rate, which is the sum of 3.99% of the fixed rate plus 6.17% of earnings on savings.

You probably found this new type of Itaú Real Estate credit quite interesting, after all, it really is. However, considering that this is a new line of financing, it is important to know some details that are relevant to it. Let's find out more.

Although the new Itaú real estate loan is really advantageous, in addition to being innovative, it is not available for any acquisitions. In this case, it is being offered only for residential property financing and for the “SAC” System (Constant Amortization System), where you have the outstanding balance being corrected monthly. Within this modality, it is possible to amortize in advance and this will reduce your outstanding balance, as well as all the interest that falls on it.

Also, another thing you need to take into account is that it's not just the annual interest rate, okay? It is necessary to put the Total Effective Cost (CET) at the tip of the pencil. In addition to the interest rate, you have insurance and bank fees that are also part of the mortgage loan, which need to be calculated in the total amount for the best decision-making.

Finally, according to the bank, this new Itaú real estate loan is only available to new customers who want to join a financing and also to eligible current customers, who can request the migration of their contract to the new modality. In addition, it is possible to use resources from the Severance Indemnity Fund (FGTS) and can be financed up to 90% of the value of the property.

Do you want to know the advantages of the new Real Estate Loan modality? Then keep reading our texts to learn more.