Caixa announced this week that clients with real estate financing will be able to pay 75% or 50% of the installments for up to six months. This is just a postponement – the amounts not paid in that period must be paid later, together with the remaining installments.
The bank also ended the policy that allowed it to pause collections during the economic crisis caused by the coronavirus. In March, Caixa authorized customers with home financing to postpone payments. The measure was renewed three times and lasted 180 days, ending on September 29.
A payment pause policy that existed before the pandemic is still in place, but it is not available to all customers.
Whoever faces difficulties to pay the installments can request the so-called emergency negotiation, in one of these modalities:
- pay 50% of the installment for three months
- pay 75% of the installment for six months
In the announcement of the measure, Caixa’s president, Pedro Guimarães, stated that it would be possible to pay an amount between 50% and 75% of the installment, but this option is not available at the bank.
Partial payments are only a temporary relief to the customer, as there is no discount on the total amount of financing. The amount that is not paid in the period will be added to the next installments.
According to Caixa, the request to adhere to partial payments must be met within ten days.
For now, the request for emergency negotiation is only possible through the Housing Cash app (available for Android and iOS).
Overdue installment needs to be paid off
If you have an overdue installment, you must first pay it off. Only then will Caixa accept emergency negotiation.
It works like this:
- Request emergency negotiation
- After Caixa confirms the negotiation, issue and take the payment slip due
If you do not pay the ticket, the negotiation to pay only part of the installments will be canceled.
Pause is available for some customers
Caixa continues to offer the option of pausing installments for six to 12 months. But it is different from the pause offered because of the pandemic, which was available to everyone.
To apply, some criteria must be met:
- Keeping up with payments
- Have at least 24 installments paid since the credit was granted or the last negotiation
- The value of the debt cannot exceed 80% of the total value of the property;
- Do not use FGTS to pay part of the installment;
The length of the break depends on how much you still have to pay to settle the property:
- Less than 20% left: up to 12 months break
- Missing between 20% and 40%: up to ten months of break
- Missing between 40% and 60%: up to eight months’ break
- Missing between 60% and 80%: up to six months of break