SAO PAULO, Oct 25 (Reuters) - Brazil’s program to finance home loans with consumer savings saw lending increase 44 percent year-on-year in September to 4.91 billion reais ($1.33 billion), mortgage lender association Abecip said on Thursday.
In the first nine months of the year, the program, funded by special consumer bank savings in the Brazilian System for Savings and Loans (SBPE), saw mortgages rise 25 percent year-on-year to 40.8 billion reais, according to Abecip. That was well ahead of Abecip’s prediction of 16 percent growth for 2018.
SBPE is the largest source of home mortgage financing in Brazil.
Banco Bradesco SA led the sector in September, dispersing loans worth 1.38 billion reais, followed by Caixa Economica Federal with 1.16 billion reais and Itau Unibanco Holding SA with 1.06 billion reais, according to Abecip.
$1 = 3.7017 reais Reporting by Gabriela Mello; Writing by Jake Spring; Editing by Peter Cooney