Real-estate financing in Brazil reached R$180.9 billion in the first half of 2026, marking a 23% surge in earmarked housing credit.
The jump reflects a structural shift in the lending landscape, driven by new regulations on payroll loans that cap interest rates using the FGTS (severance indemnity fund) as backing.
These rules are fundamentally altering who can borrow and at what cost, channeling more capital into the housing sector while tightening conditions for other consumer credit products.
The acceleration in housing credit comes as Brazil’s financial system adjusts to tighter oversight on payroll-based lending.
The Crédito do Trabalhador program, which allows workers to use their FGTS balances as collateral for loans, has seen its terms reshaped by the new rate caps.
This has made housing loans relatively more attractive compared to other forms of consumer debt, prompting a reallocation of credit flow.