Underdeveloped Mortgage Market Rapidly Expanding Continued...
By comparison, consumer loans grew 15.3 percent in 2011 and 18.8 percent in 2010, according to data compiled by Bloomberg. Brazilian banks are making home loans at lower margins to gain market share after the central bank embarked on the most aggressive interest rate cuts among the largest emerging markets.
With the mortgage market set to expand, domestic buying power will increase rapidly, resulting in a huge amount of locals waking up to the potential of property ownership.