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Change Expands Use of Deposits and Raises SFH Ceiling; Goal Is to Delay Risk of Funding Shortage and Keep Real Estate Credit Active.
The government is preparing changes that allow directing up to 100% of savings to real estate credit, relaxing the current rule and providing breathing room for the origination of housing loans. According to specialist Raul Sena, the measure aims to delay the risk of funding shortage in light of savers migrating to other investments and the increased demand for housing.
In addition to the new design of savings, the package includes raising the SFH ceiling, creating lines for residential renovations, and interest rate limits. In practice, real estate credit is expected to reach more income brackets and a higher average ticket with possible impacts on banks, construction companies, and consumers.
What Changes in Savings and Why It Matters
Today, 65% of savings deposits must, by rule, be allocated to real estate credit; 20% are kept by the Central Bank, and 15% have free application.
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The new regulation paves the way for gradual flexibility, potentially reaching 100% for housing financing.
The reason is pragmatic: the funding for savings has shrunk with greater financial education among the public and competition from CDBs, funds, and similar products.
By unlocking more resources for real estate credit, the government pushes the risk of “drought” of capital in banks does not solve the funding issue, but buys time while the demand for housing remains high.
Wider SFH and Interest Under Ceiling
The Housing Financial System (SFH) will have the ceiling for financeable properties raised from R$ 1.5 million to R$ 2.25 million.
In capital cities where prices have risen, this reintroduces the middle class within the SFH, which typically has more predictable conditions.
Another pillar is the interest ceiling: 80% of housing loans must comply with SFH rules, with a limit of up to 12% per year.
In practice, this anchors the cost of real estate credit, reduces volatility for buyers, and provides commercial predictability for banks and developers.
Housing Renovations: New Lines, New Audiences
A specific line for residential renovations (PAC and My House, My Life) emerges, with amounts between R$ 5,000 and R$ 30,000 and terms of 24 to 60 months.
The focus is to formalize what currently goes on the card, offering a potentially lower cost and a timeline more suited to the construction cycle.
Interest varies by income bracket: up to R$ 3,200/month, ceiling of 1.17% per month; between R$ 3,200 and R$ 9,600/month, up to 1.95% per month.
This broadens access to small retrofits, regularization, and housing improvement items that enhance property value and the neighborhood.
Expected Effects: Banks, Construction Companies, and Buyers
For banks, the possibility of using more savings for real estate credit tends to unlock portfolios and improve margins within the interest ceiling a push to resume origination at scale.
For developers, the new SFH ceiling (R$ 2.25 million) expands the addressable market and guides launches towards brackets with greater purchasing power.
For the buyer, the combination of funding + interest ceiling reduces uncertainty and can facilitate approval.
But attention: down payment, insurance, and ancillary costs remain important, and income commitment must fit within the budget. Cheap real estate credit does not eliminate financial discipline.
Risks and Points of Attention
There is no free lunch. Although real estate credit gains traction, risks remain:
• Funding: the measure brings forward resources but does not reverse the trend of outflow from savings. If the flow continues negative, the tightness reappears.
• Inflation and Prices: construction heating and demand may pressure costs (materials, labor) and property prices.
• Reversibility: rules may change in new political cycles; buyers and companies should consider alternative scenarios.
• Sustainability of SFH: the 12% per year ceiling provides predictability, but requires fine risk management to avoid distorting credit outside the SFH.
How to Plan to Take Advantage (Without Getting in Debt)
Simulate with room to spare. Work on a larger down payment to reduce payments and insurance.
Compare CET between banks (insurance, fees, and indexes count).
Do not rely only on the ceiling: negotiate rates, terms, and portability. For renovations, budget labor + contingencies and release installments based on physical progress overshooting the budget turns into expensive debt.
These changes could redefine the pace of real estate credit in 2025–2027: more funding, anchored interest rates, and a larger ticket in SFH.
But the real benefit depends on execution, risk discipline, and attention to the construction cycle.
Are you planning to buy, renovate, or sell a property in this scenario? Do interest rates limited to 12% per year motivate you to put a plan into action, or does the risk of price increases weigh more? Share your strategy in the comments and what has already changed for you in the process of financing your own home.
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