RIO DE JANEIRO, BRAZIL - Owning a home is still the dream of millions of Brazilians. With the recent reduction of the basic interest rate, known as SELIC, the rates of real estate financing have also dropped in recent years.

In 2015, when the SELIC stood at 14.5 percent per year, the average rate of real estate purchase financing was around ten percent per year. Currently, with the SELIC at 2.25 percent, the five largest banks in the country (Itaú, Bradesco, Santander, Banco do Brasil and Caixa) are charging between 6.99 and 7.30 percent per year.

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