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New mortgage loans down 25 times in October

The value of mortgage loans contracted by population in October was 25 times lower over September, this being the first month in which banks have started to adjust norms according to the new regulations imposed by the National Bank of Romania (BNR), and in some cases, bankers halted financing in the in the mortgage segment.

Romanians accessed mortgage loans worth about 16 million euros in October, considering in September, the peak month before the enforcement of the new regulations, the balance went up by 400 million euros, according to daily Business Standard.

Officials of the National Bank of Romania (BNR) say most banks extended loans in October according to the old norms, however the lack of financing in the long run prompted the brake of loan granting in this segment.

Anca Bidian, president of Kiwi Finance, the main player on the market of loan brokerage said in October the demand for mortgage loans grew, however, the approval rate compared to September went down 30 percent. 'That was the most confusing incoherent month in terms of decisions, that triggered the first shock wave of the crisis, with transitions to new norms, with indecisions in changing rules meanwhile and the lack of coherent communications. The growth speed went down 40 percent compared to the same period of the previous year,' said Bidian.

The balance of loans for housing units grew only 0.3 percent compared to the previous months, up to 5.25 billion euros, considering in September, the monthly growth was of 8 percentage points, according to figures published by the National Bank of Romania. This occurred in the context in which the standstill on the real estate market triggered in July, for the first time, the reduction by 2 percent in the volume of this type of loans. The mortgage loans are granted on long-term, most being in euros.

October brought a rise in the interest for mortgage loans in lei, bankers recommending the loans in lei, since the euro appreciated to the year's maximal value of 3.94 lei/one euro.

The mortgage loans and the guaranteed personal loans cannot be easily accessed during this period, mainly because of the guarantee submitted by the customer, because the prices of buildings are not well defined on the market. If before the crisis and the enforcement of the new regulations Romanians could buy a house on mortgage loans with zero down payment provided they had revenues worth some 2,000 euros, now the down payment imposed by the banks is of some 25-50 percent.

Bankers expect the adjustment of the norms on crediting, requesting the differentiation of the conditions of granting loans between the mortgage loan and the loans without guarantees.

The National Bank of Romania will examine in January, according to the data due to Q4, the possibility of improvement of the conditions on the granting of mortgage loans. The loans for dwelling units account for only 15 of the total of loans accessed by population. However, the consumer loans' destination in many cases is the acquisition or construction of dwellings.

The crisis of liquidities and the lack of trust between banks braked the crediting speed in Romania, being expected at 35 percent at the end of the year from over 60 percent. The pace at which Romanians will take loans is expected to shrink 5 times over the first half of the year, the advance on crediting being estimated to account for 15 percent.

 

Sursa: http://www.rompress.ro

Tags: loans euros percent romania according times mortgage october euro bnr

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