Circular No. 2551 — Discloses Operational Limits for SFH and SBPE Entities and Amends the Targeting Formula of Resolution No. 1,981 of April 30, 1993

CIRCULAR N. 002551

Divulga limites operacionais das entidades integrantes do SFH e SBPE e altera a fórmula de direcionamento da Resolução nº 1.981, de 30.04.93.

The Board of Directors of the Central Bank of Brazil, in a session held on 22.03.95, considering the provisions of art. 3 of the Regulation annexed to Resolution No. 1,980, of 30.04.93, with the wording given by art. 2 of Resolution No. 2,130, of 21.12.94, and art. 8 of Resolution No. 1,981, of 30.04.93,

DECIDED:

Art. 1. Determine, in accordance with art. 28 of Law No. 8,692, of 28.07.93, that the financing of housing units linked to developments whose loan contracts for production were signed with financial agents of the Housing Finance System (SFH), until 24.04.93, must respect the following limits:

I - maximum financing value: R$46,000.00 (forty-six thousand reais);

II - maximum limit for the sale price of the financed property: R$92,000.00 (ninety-two thousand reais);

III - maximum financing value with coverage of the Wage Variation Compensation Fund (FCVS): R$23,000.00 (twenty-three thousand reais);

IV - maximum interest rates, according to the following financing values, disregarding the decimal from the second house:

FINANCING VALUE (VF)	INTEREST RATE (% a.a.)
up to R$2,800.00	0
from R$2,800.01 to R$8,400.00	(VF / 1,400) - 2
from R$8,400.01 to R$16,800.00	[(VF / 8,400) x 3.5] + 0.5
from R$16,800.01 to R$23,000.00	(VF + 29,700) / 6,200
from R$23,000.01 to R$46,000.00	(VF / 11,500) + 6.5

V - maximum terms for amortization of financing, according to the following financing values:

FINANCING VALUE (VF)	MAXIMUM TERM (YEARS)
up to R$23,000.00	25
from R$23,000.01 to R$25,667.00	24
from R$25,667.01 to R$28,000.00	23
from R$28,000.01 to R$30,333.00	22
from R$30,333.01 to R$32,667.00	21
from R$32,667.01 to R$46,000.00	20

VI - maximum percentage of the final borrower's gross family income committed to the first installment, according to the following financing values, disregarding the decimal from the first house:

FINANCING VALUE (VF)	MAXIMUM PERCENTAGE OF THE FIRST MONTHLY CHARGE
up to R$2,800.00	15
from R$2,800.01 to R$8,400.00	(VF / 560) + 10
from R$8,400.01 to R$6,800.00	(VF / 1,680) + 20
from R$16,800.01 to R$32,667.00	(VF + 78,370) / 3,170
from R$32,667.01 to R$46,000.00	35

VII - maximum financing limit exempt from FUNDHAB contribution: R$18,500.00 (eighteen thousand five hundred reais), provided that the property sale or appraisal value, whichever is higher, does not exceed R$23,000.00 (twenty-three thousand reais).

Art. 2. Determine that the constant "K" in the targeting formula referred to in art. 1 of Resolution No. 1,981, of 30.04.93, will correspond to 72,738,000 (seventy-two million, seven hundred and thirty-eight thousand).

Sole Paragraph. In the case of institutions that have not yet met the exigibility (EI) referred to in the cited device in the "caput", the result of applying the formula mentioned therein will henceforth express the corresponding value in reais.

Art. 3. This Circular enters into force on the date of its publication, producing effects regarding operations contracted from 22.12.94.

Brasília, March 22, 1995

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