BRASILIA--Brazil's state-run Caixa Economica Federal savings and
loan bank projects its credit for home loans will grow by around
19% in 2013 to 120 billion Brazilian reais ($58.5 billion), the
bank said Wednesday.
The bank said lending for housing credit grew by 33.8% in 2012
to BRL101 billion. Caixa said it cut the cost of home financing by
21% in 2012, offering loans with terms between 30 and 35 years.
Bank officials, meanwhile, said they expected continued growth
of home lending with new credit-processing operations inaugurated
in the year.
"Caixa in 2013 will begin work as a credit processor," said
vice-president government and housing, Jose Urbano Duarte. "Clients
will receive information on their financing situation in real time,
via Internet and cellphone, and can submit documents and
information through these channels."
The credit-processing unit was created through a joint venture
between Caixa's Caixapar investment arm, the bank's FUNCEF pension
fund, and International Business Machines Corp. (IBM).
Brazil's government over the past year has encouraged greater
lending through state-controlled banks including Caixa and Banco do
Brasil (BBAS3.BR) to lower the cost of loans and continue credit
expansion in the country.
Brazil's total credit operations among all banks rose by 16% in
the 12 months through November to BRL2.3 trillion.
Write to Gerald Jeffris at gerald.jeffris@dowjones.com