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BNR imposes 30% down payment for real estate credits

Consumer credits will have to be paid in 5 years and clients must bring guarantees for 133% of the loan value, while real estate financing in euro will have a down payment of at least 30%, according to a BNR regulation also applicable to branches of foreign banks, Mediafax informs.

The central bank has in view to limit consumer credits to five years compared to 20 years the maximum period practiced now for personal credits with mortgage.

BNR wants to clearly delimit the defining area of real estate credits, which will include financing for which real estate guarantee is set up and they are only for buying houses or land, building a house, repairing or expanding a house. This regime is applied to refinancing credits and real estate loans.

Consumer credits with mortgage will be considered as any other consumer credit.

In case of consumer credits for the purchase of goods, the client must have a real or personal guarantee of 133% of the loan.In case of consumer credits with other destinations, the person will present a real or personal guarantee of 133% of the loan.Credits for medical treatments, death or studies are exempted for these provisions.

For real estate credits, the debtor will have a down payment of at least 15% of the building value for financing in lei, 30% for credits in euro and 40% for financing in other currencies.Banks will have to elaborate risk scenarios so that the debt degree should not exceed the maximum level established by financing rules.

To establish the level of debts for consumer credits, banks will make simulations based on indexes established by regulations. Maximum levels admitted for the overall debt degree are established by considering the currency risk, the interest rate risk and the risk of reducing incomes available during the credit.

The following values will be used to established maximum levels admitted: for the shock per exchange rate – 35.5% for euro, 52.6% for Swiss francs and 40.9% for dollars; for the interest rate shock – 0.6% for all currencies; for the income shock -6%. In case of other currencies the value for Swiss francs is used.

Sursa: http://www.actmedia.eu

Tags: credits estate financing consumer bnr payment euro

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