Housing Finance Policy

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A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)CivilCivilCivilA.1.1
Are there specific laws that deal with mortgages? YesYesYes
Research
A.1.2
Registration/Transfer of titles:A.1.3
 Are property rights easily transferable?YesYesYesA.1.3.2
Identify barriers to the registration/ transfer of property title.Not available  A.1.3.3
Typical number of days needed for the transfer of title2.52.52.5
WDI
A.1.3.4
Can liens be effectively enforced?YesYesYesA.1.4
Is there specialized legislation covering:A.1.9
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
B.2 Subsidies to Households
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
C. Taxation
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
What taxes apply to Residential Real Estate?C.1
Tax on property (home-owners) Yes  C.1.1
Tax on capital gains on property Yes  C.1.5
OtherYes  C.1.6
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Notes: (2010 = 100)
Notes: 1% Real Estate tax assessed on property value
Notes: 15% tax imposed on gross rental income
Notes: Capital gains are subject to a 15% flat tax. However, real property owned for at least three years are tax exempt
Notes: Lithuania's system for registering a property/title is among the most efficient in the world. The system is fully computerized
Notes: Maximum Observed Maturity Date
Notes: The LTV ratio is capped at 85%. However, banks are able to make exceptions
Notes: The LTV ratio is capped at 85%. However, banks are able to make exceptions