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New central bank rules cut mortgage loan by 25% for the average client, study shows

The new crediting rules established by Romania's central bank (BNR) will lower with 25 percent to up to 45 percent the amount of money granted for a loan and will diminish the maximum degree of indebtedness by 15 to 25 percent, a study of credit broker Ipoteci Direct shows.

In order to compensate the decrease in the degree of indebtedness, the minimum required income for obtaining a loan should go up an average 7 percent for each 10 percent drop in the maximum degree of indebtedness.

A family of two with an average income of 1,000 euros will have a calculated degree of indebtedness of 55 percent and will be granted a 55,000 euro loan, 17 percent less than a couple of days ago, according to the analysis.With the old crediting norms, the client would have obtained 66,000 euros, for a 65 percent degree of indebtedness.If the lender evaluates the loan with a high level of non-payment risk, then it will apply a degree of indebtedness of only 45 percent and it will grant just 45,100 euros.

The calculations were made for a 30 year-loan at an effective annual interest rate of 9.81 percent.

New central bank regulation regarding lending to population published on August 22 stipulates that banks in Romania will require individual tax records of clients before approving a credit and will establish a different maximum degree of indebtedness depending on criteria such as credit destination or currency.New rules require banks to carefully analyze the clients' payback capacity taking into account a level of incomes seen as eligible by customers, which cannot exceed more than 20 percent the previous year's level.Banks will also be required to establish a different maximum degree of indebtedness for each client, depending on the category of borrower, on the credit destination (mortgage, consumer etc.), on the type of credit (taking into account the currency, the interest rate, the guarantees) and also on the risks incurred by the lender, such as the exchange rate and the cost of credit.Banks will divide clients into risk categories and will establish the maximum amount that they can borrow.In calculating the maximum degree of indebtedness, banks have to take into account the highest interest rate increase according to central bank statistics, the highest exchange rate for the currency in which the credit is granted and the biggest commissions' hike, as a form of a stress test.

Sursa: http://www.actmedia.ro

Tags: percent degree indebtedness credit banks rules maximum average central client bnr euro