Circular No. 2366 — Provides for the interest rate on housing financing governed by Law No. 8,692 of 28.07.93

CIRCULAR NO. 002366

Provides for the interest rate on housing financing governed by Law No. 8,692 of 28.07.93.

The Board of the Central Bank of Brazil, in a session held on 23.09.93, having regard to the provisions of art. 25, paragraph 2, of Law No. 8,692 of 28.07.93,

DECIDED:

Art. 1 To limit, to the percentages below, the effective interest rates applicable to housing financing operations within the scope of the Housing Finance System (SFH) carried out with funds originating from savings deposits:

I - 11% p.a. (eleven percent per year), in the case of financing granted to a borrower with income up to the equivalent of 100 (one hundred) Standard Financing Units - UPF;

II - 12% p.a. (twelve percent per year), in the case of financing granted to a borrower with income above the equivalent of 100 (one hundred) UPF.

Art. 2 This Circular enters into force on the date of its publication.

Brasília, 23 September 1993

Cláudio Ness Mauch
Director of Norms and Organization of the Financial System