The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of originating lenders/market share:A.1.2
Universal/ commercial banksNot availableNot availableNot availableA.1.2.1
Are there (quasi) public mortgage lenders:Not availableNot availableNot availableA.1.4
Universal/ commercial banksNot availableNot availableNot availableA.1.4.1
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
Average 1997-2007 A.1.7
A.2 Size of Mortgage Finance Sector
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:199,064.48 USD (millions)201,709.45 USD (millions)198,490.75 USD (millions)A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)38.02%38.06%38.8%A.2.1.1
and as % of all credits outstanding30.63%30.74%31.58%A.2.1.2
A.3 Housing Finance Products
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Most prevalent type of foreign currency mortgage used:A.3.3
Most frequent interest rates on fully amortizing:A.3.4
Typical lender fees associated with mortgage origination: A.3.6
Typical third party fees associated with mortgage origination:A.3.7
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV606060A.3.8.1
Typical LTV at origination606060A.3.8.2
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income)  33.77%
IFC Bulletin
A.3.10.1
Typical pmt-to-income ratio (HH income)  28.2%A.3.10.3
A.4 Lending and Servicing Process
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Which institutions define underwriting rules? A.4.2
A.5 Credit Risk Assessment
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Do credit bureaus exist? YesYesYesA.5.2
Is mortgage default insurance available?  Yes
Various News Sources
A.5.3
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimaryB.1.1
Funding through securitization of mortgagessecondarysecondarysecondaryB.1.4
C. Housing Microfinance
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Level of NPLs (>90 days past due) in HMFC.4
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Notes: 1 ping = 3.305 sq.mt
Notes: Building tax - annual tax of 1.2-2% of current value for residential properties Land value tax - land for residential use is taxed at a flat rate of 0.2%
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Deed tax is applied on any transfer of a title, paid by the purchaser of the property. Exempt when LVIT applied (see capital gains tax comment). Current form of deed tax has been around since 1952.
Notes: Gains on sales of property are subject to the nation's progressive income tax Gains on sales of land are taxed under Land Value Increment Tax (LVIT) which varies from 20-40%
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: LTV ratio capped at 60% in June 2010 until significant amendment in August 2015 exempted certain metro areas. March 2016 the entire LTV cap was repealed. LTV ratio cap on very high value properties of 50% implemented in June 2010 changed to 60% in 2015--left unchanged in 2016.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Specific share of mortgage lending by commercial banks and state-owned commercial banks is unavailable, but both have been active lenders in the mortgage market according to IMF report since 2008.
Notes: Total dwelling units not made of steel, concrete, or brick, i.e. made of wood, bamboo, and stone.