Minha Casa Minha Vida developers increase direct customer financing

Major developers within the Minha Casa Minha Vida program are increasingly utilizing ‘pró-soluto’—direct financing provided to customers to bridge the gap in purchase prices. This trend is driven by a decrease in the availability of FGTS funds for buyers.

Analysts and investors have expressed concern regarding this shift, as it adds a layer of credit risk to companies during a period of high household debt and rising delinquency rates. For example, Plano&Plano reported that its pró-soluto portfolio reached R$ 696 million by the end of June, a 38% increase year-over-year. The company expects this figure to reach approximately 12% of its sales value by 2026.

Tenda has also seen an increase in its post-handover pró-soluto, which rose to 9.9% of its Gross Sales Value (VGV) in the second quarter. This mechanism allows companies to facilitate sales to financially constrained clients who lack savings or access to state subsidies, though it exposes the developers to greater long-term credit risk.