A. Legal and Regulatory Framework
A.1 Legal and Regulatory Framework
| Variable | End of 2016 | End of 2015 | End of 2014 | Sources | Var ID |
|---|---|---|---|---|---|
| Basis of the legal system: Civil, Common, Islamic, Other? (Describe) | Civil | Civil | Civil | A.1.1 | |
| Are there specific laws that deal with mortgages? | Yes | Yes | Yes | A.1.2 | |
| Registration/Transfer of titles: | A.1.3 | ||||
| Does the law clearly define different types of property rights? | Yes | Yes | A.1.3.1 | ||
| Are property rights easily transferable? | No | MFF | A.1.3.2 | ||
| Identify barriers to the registration/ transfer of property title. | 1- costly and time-consuming registration process, it requires 72 days, 7 procedures and costs 0.91% of property value to register the property. 2- property registries are so poorly organized that they provide little security of ownership. 3- lack of critical legal infrastructure, particularly in terms of contract enforcement. 4- lack of mortgage insurance or gurantee functions. this has led to the growth of large informal housing stocks which has led to slower economic growth, weakened social protections, and reduced collection of ?scal revenues. | A.1.3.3 | |||
| Typical number of days needed for the transfer of title | 63 | 63 | 63 | WDI | A.1.3.4 |
| Are there legal constraints on the types of mortgage products that are permitted? | No | MFF | A.1.5 | ||
| Are there legal constraints on mortgage features? | Yes | MFF | A.1.6 | ||
| Interest rate caps | No | MFF | A.1.6.1 | ||
| Loan-to-Value cap | Yes | MFF | A.1.6.2 | ||
| Payment-to-Income maximum | Yes | MFF | A.1.6.3 | ||
| Other | Yes | MFF | A.1.6.4 | ||
| Are there consumer rights for mortgage lending? | Yes | MFF | A.1.7 | ||
| Are there disclosure requirements for mortgage lending? | Yes | MFF | A.1.8 | ||
| Is there specialized legislation covering: | A.1.9 | ||||
| Issuance of covered mortgage bonds | Yes | MFF | A.1.9.1 | ||
| Issuance of RMBS | Yes | MFF | A.1.9.2 | ||
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
| Variable | End of 2016 | End of 2015 | End of 2014 | Sources | Var ID |
|---|---|---|---|---|---|
| Are there subsidized funding sources for mortgage lenders? | Yes | Yes | Yes | Country Editor | B.1.1 |
| Special government lines of credit | Yes | Yes | Yes | Country Editor | B.1.1.1 |
| Government supported liquidity facility | Yes | Yes | EMRC | B.1.1.2 | |
| Labor or other tax funds for mortgage lending | No | No | B.1.1.3 | ||
| Tax breaks on mortgage bonds or RMBS | No | No | B.1.1.4 | ||
| Loss and/or cash flow guarantees for RMBS | No | No | B.1.1.5 | ||
| Other | Yes | B.1.1.6 | |||
| Is the lending side of the housing finance system subsidized? | Yes | Yes | Research | B.1.2 | |
| Shared credit risk through public/private mortgage insurance | No | No | B.1.2.1 | ||
| Guarantees for mortgage loans | No | No | B.1.2.2 | ||
| Other | Yes | B.1.2.3 |
B.2 Subsidies to Households
| Variable | End of 2016 | End of 2015 | End of 2014 | Sources | Var ID |
|---|---|---|---|---|---|
| Are there subsidies to households on housing finance? | Yes | Yes | B.2.1 | ||
| Interest rate subsidies by special government funds | Yes | Yes | Research | B.2.1.1 | |
| Buy-down of monthly/interest payments | Yes | Yes | Research | B.2.1.2 | |
| Down-payment subsidies | Yes | Yes | Mortgage Finance Fund | B.2.1.3 | |
| Subsidies to savings for mortgage loans | No | No | B.2.1.4 | ||
| Mortgage interest deductibility from income tax | No | No | B.2.1.5 | ||
| Other | No | No | B.2.1.6 | ||
| Reach of subsidies in 2.1.1 to 2.1.4 ? | B.2.2 | ||||
| What is the highest income decile targeted? | 8 decile | B.2.2.1 | |||
| What is the lowest income decile targeted? | 3 decile | 3 decile | Research | B.2.2.2 | |
| What proportion of loans is affected by the subsidies in 2.1.1 to 2.1.4? | 90% | MFF | B.2.2.3 | ||
| What proportion of loans on main residences is affected by the mortgage interest deductability in 2.1.5? | Non-applicable | B.2.3 | |||
C. Taxation
| Variable | End of 2016 | End of 2015 | End of 2014 | Sources | Var ID |
|---|---|---|---|---|---|
| What taxes apply to Residential Real Estate? | C.1 | ||||
| Tax on property (home-owners) | Yes | Yes | C.1.1 | ||
| Property transaction taxes (purchase/selling) | Yes | Yes | Research | C.1.2 | |
| Mortgage transaction taxes | No | Non-applicable | Research | C.1.3 | |
| Tax on mortgage interest pmts | No | No | Research | C.1.4 | |
| Tax on capital gains on property | Yes | Yes | C.1.5 | ||
| Other | No | C.1.6 | |||
| Are there tax benefits on rental properties? | No | C.2 | |||
| Describe tax benefits (if any) from C.1.2 | Non-applicable | C.2.1 | |||