The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Number of firms originating and funding mortgage loansNot availableNot availableNot available
 
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks60% of total57% of total75% of total
Hypostat 2019
A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions)Non-applicableNon-applicableNon-applicable
 
A.1.2.2
Non-depository financial institutions specialized in housing financeNon-applicableNon-applicableNon-applicable
 
A.1.2.3
Others (e.g. insurance co, pension funds, labor tax funds)40% of total43% of total25% of total
Hypostat 2019
A.1.2.5
Identify the 3 largest loan originating lendersING Bank, Rabobank, ABN Amro ING Bank, Rabobank, ABN Amro ING Bank, Rabobank, ABN Amro
TheBanks.EU
A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
Government of the Netherlands
A.1.4
Universal/ commercial banksYesYesYes
Government of the Netherlands
A.1.4.1
Other depository institutions (savings and loans/mutual savings and credit institutions)NoNoNo
Research
A.1.4.2
Non-depository financial institutions specialized in housing financeNoNoNo
Research
A.1.4.3
General non-depository financial institutionsNoNoNo
Research
A.1.4.4
Others (e.g. insurance co, pension funds, labor tax funds)YesYesYes
Government of the Netherlands
A.1.4.5
Typical lending spreads for mortgages.26%Not availableNot available
Dynamic Credit
A.1.5
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loansNot availableNot availableNot available
 
A.1.6.1
as a % of outstanding loan amount1.93%2.31%2.54%
World Bank
A.1.6.2
Average 1997-2007 A.1.7
as a % of # of loans   Not available
 
A.1.7.1
as a % of outstanding loan amount Not availableNot availableNot available
 
A.1.7.2
Lowest decile of the income distribution served by the dominant mortgage lendersNot availableNot availableNot available
 
A.1.8
A.2 Size of Mortgage Finance Sector
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:817,950.22 USD (millions)806,211.44 USD (millions)701,091.76 USD (millions)
Hypostat 2019
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)89.9%96.87%89.44%
DNB
A.2.1.1
Total amount of home mortgages made in calendar year in millions of USD125,057.18 USD (millions)109,338.83 USD (millions)89,655.67 USD (millions)
EMF
A.2.3
and as % of GDP (current) 13.74%13.14%11.44%
EMF
A.2.3.1
Total # of home mortgage originations made in calendar yearNot availableNot available307,000 thousand
 
A.2.4
What % of total new mortgages is refinance?Not availableNot availableNot available
 
A.2.5
A.3 Housing Finance Products
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Fixed rate for life of loan84%Not availableNot available
Hypostat 2019
A.3.1.1
Variable rate/discretionary16%Not availableNot available
Hypostat 2019
A.3.1.3
Other fully amortizing loans (e.g. Rollover)Not availableNot availableNot available
 
A.3.1.4
Non-fully amoritizing loans (e.g. Price level adjusted/Interest only) Not availableNot availableNot available
 
A.3.1.5
Loans based on foreign currency as % of all mortgage productsNot availableNot availableNot available
 
A.3.2
Most prevalent type of foreign currency mortgage used:A.3.3
Fixed rate for life of loanNon-applicableNon-applicableNon-applicable
 
A.3.3.1
Variable rate/indexed Non-applicableNon-applicableNon-applicable
 
A.3.3.2
Variable rate/discretionaryNot availableNot availableNot available
 
A.3.3.3
Other (describe in the Notes section)Non-applicableNon-applicableNon-applicable
 
A.3.3.4
Most frequent interest rates on fully amortizing:A.3.4
10 year fixed rate mortgageNot availableNot availableNot available
 
A.3.4.1
most common indexed ARM/10 year termNot availableNot availableNot available
 
A.3.4.2
discretionary ARM/10 year termNot availableNot availableNot available
 
A.3.4.3
5 year roll-over/10 year termNot availableNot availableNot available
 
A.3.4.4
foreign currency based 10 year FRMNot availableNot availableNot available
 
A.3.4.5
Most frequent rate on interest only 10 yr FRM2.4%Not availableNot available
DNB
A.3.5
Typical lender fees associated with mortgage origination: A.3.6
Fixed in amount Not availableNot availableNot available
 
A.3.6.1
as % of loan amountNot availableNot availableNot available
 
A.3.6.2
Typical third party fees associated with mortgage origination:A.3.7
Appraisal feesNot availableNot availableNot available
 
A.3.7.1
Title related feesNot availableNot availableNot available
 
A.3.7.2
Legal feesNot availableNot availableNot available
 
A.3.7.3
Search feesNot availableNot availableNot available
 
A.3.7.4
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV100101102
DNB
A.3.8.1
Typical LTV at origination90Not availableNot available
IMF
A.3.8.2
Maximum term over which pmt is calculated? 30 years30 years30 years
IMF
A.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (HH income)Not availableNot availableNot available
 
A.3.10.1
Maximum pmt-to-income ratio (Individual income)Not availableNot availableNot available
 
A.3.10.2
Typical pmt-to-income ratio (HH income)Not availableNot availableNot available
 
A.3.10.3
Typical pmt-to-income ratio (Individual income)Not availableNot availableNot available
 
A.3.10.4
A.4 Lending and Servicing Process
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
IMF
A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceNoNoNo
 
A.4.2.1
Secondary market facilityNoNoNo
 
A.4.2.2
Major LenderNoNoNo
Country Editor
A.4.2.3
OtherYesYesYes
Country Editor
A.4.2.4
Are loan originations conducted by others than employees of lenders?Not availableNot availableYes
 
A.4.3
% of Originations done by brokersNot availableNot availableNot available
 
A.4.3.1
% of Originations done on the internetNot availableNot availableNot available
 
A.4.3.2
Others (Specify in Notes)Not availableNot availableNot available
 
A.4.3.3
% of appraisals done by employees of lendersNot availableNot availableNot available
 
A.4.4
Do third party servicing institutions exist? Not availableNot availableNot available
 
A.4.5
% of loans serviced by originators/lendersNot availableNot availableNot available
 
A.4.6
A.5 Credit Risk Assessment
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Do credit bureaus exist? YesYesYes
World Bank
A.5.2
Are there legal/regulatory constraints to gaining access to credit information?Not availableNot availableNot available
 
A.5.2.1
What percentage of mortgage originations use credit scoring?100%100%100%
Research
A.5.1
Is mortgage default insurance available?YesYesYes
Bank of International Settlements
A.5.3
When did it begin operating?195719571957
Bank of International Settlements
A.5.3.1
What is the typical MI product?Upfront fee for national mortgage guarantee (NHG) loansUpfront fee for national mortgage guarantee (NHG) loans Not available
Bank of International Settlements
A.5.3.2
Number of private mortgage insurersNot availableNot availableNot available
 
A.5.3.3
Are credit guarantee systems used? YesYesYes
Nationale Hypotheek Garantie
A.5.4
Is there public sponsored MI / guarantee?YesYesYes
IMF
A.5.5
What % of the market does public MI / guarantee serve?Not availableNot availableNot available
 
A.5.6
What share of total annual mortgage production is insured/guaranteed? Not availableNot availableNot available
 
A.5.7
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimary
Fitch Ratings
B.1.1
Funding through mortgage bonds secondarysecondarysecondary
DNB
B.1.3
Funding through securitization of mortgagestertiarytertiarytertiary
Rabobank
B.1.4
What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility? 0%0%0%
Dutch Securitisation
B.2
Who are the investors in RMBS?Pension funds, insurance companiesPension funds, insurance companiesPension funds, insurance companies
Financial Times
B.3
C. Housing Microfinance
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Are non-collateralized housing micro-finance loans offered?   Not available
 
C.1
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Commercial banks  Not available
 
C.2.1
Specialized non-depository MFIs   Not available
 
C.2.2
NGOs  Not available
 
C.2.3
Others  Not available
 
C.2.4
None  Not available
 
C.2.5
Typical lending spreads in HMF  Not available
 
C.3
Level of NPLs (>90 days past due) in HMFC.4
as a % of loans  Not available
 
C.4.1
as a % of outstanding loan amount  Not available
 
C.4.2
Are non-collateralized but secured housing finance products offered (e.g. secured by pension or insurance savings)  Not available
 
C.5
Lowest income decile served with all non-collateralized housing lending products  Not available
 
C.6
back to top | Country Data:
Notes: €248,325. IMF annual average market exchange rate for 2007 used (€0.73 = 1 USD).
Notes: €252145. IMF annual average market exchange rate for 2008 used (€0.68 = 1 USD). E248000 1st Q 2010; 3.2% below 1st Q 2009.
Notes: 1956; Nationale Hypotheek Garantie is a private guarantor that receives support from the state. It is not an insurer and can claim back losses from former owners. It is not supervised by the Central Bank.
Notes: 2010=100
Notes: 2010=100
Notes: 2010=100
Notes: In addition, interest accrcruing on principle payments deposited in special savings or investment accounts are tax excempt.
Notes: LTVs are high because of the high upfront transaction costs and taxes. LTV's are calculated on the foreclosure value rather than the marketprice. Average LTV on total outstanding mortgages is 40%.
Notes: -0.02%
Notes: -0.26%
Notes: -0.32%
Notes: -0.33%
Notes: 100% deduction for pre-2013 loans and post-2013 fully amortizing loans (within 30 yrs).
Notes: 100% interest deductions
Notes: 100% interest deductions
Notes: 16% from insurers, 24% from pension funds
Notes: 19% from insurers, 24% from pension funds
Notes: 1956; Nationale Hypotheek Garantie is a private guarantor that receives support from the state. It is not an insurer and can claim back losses from former owners. It is not supervised by the Central Bank.
Notes: 1956; Nationale Hypotheek Garantie is a private guarantor that receives support from the state. It is not an insurer and can claim back losses from former owners. It is not supervised by the Central Bank.
Notes: 2010=100
Notes: 2010=100
Notes: 2010=100
Notes: 2010=100
Notes: 2010=100
Notes: 2010=100
Notes: 25% of the overall market share belongs to insurance companies. 12% belongs to state municipalities and private persons.
Notes: 30 firms fund mortgage loans; approximately 60 brands originate mortgages
Notes: 30 firms fund mortgage loans; approximately 60 brands originate mortgages
Notes: 5% from insurance group banking subsidiaries, 8% from insurance companies, 3% from pension funds, 8% from other domestic and international parties
Notes: 6% transfer tax on existing homes; 19% VAT on new homes
Notes: 6% transfer tax on existing homes; 19% VAT on new homes
Notes: ABN AMRO / Fortis was taken over by the state in 2008 (intended to be a temporary measure); ING received state support.
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: all areas, not just urban
Notes: Approximately 30% of outstanding mortgages are securitized; after 2008 this proportion fell.
Notes: Approximately all transactions costs are 10% of the home value including 6% transfer tax for existing homes. This is an estimate in a context of fierce competition on fees
Notes: As of 2010 the max LTV is 112% and is allowed only for NMG guaranteed mortgages.
Notes: As of 2010 the max LTV is 112% and is allowed only for NMG guaranteed mortgages.
Notes: As of July 1, 2009, the cost limit increased up to 48,611.10 USD, meaning that the NMG reaches 80% of the housing market.
Notes: Besides real estate taxes, municipal authorities levy other taxes and charges such as building charges that are related to building permits. Such charges can be very high so a critical review is advised before payments are to be made. Other possible taxes include polder board taxes orland-draining rights, wastewater pollution tax and sewage system tax, sufferance tax, refuse matter tax, groundwater tax, ecological taxes and the energy tax. These taxes and their rates vary from municipality to municipality, so consultation with makelaar or notaris is necessary.
Notes: borrower has to pay upfront fee of 0.7% of the mortgage amount for the NHG
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Converted from EURO to USD using yearly exchange rates
Notes: Deduction of mortgage interest payments. There is a maximum deduction percentage of 51% in 2015. This maximum is reduced by 0,5%-point every year until it reaches 38%. The interest deductibility is conditional on amortization: at least based on an annuity scheme with a 30-years repayment scheme
Notes: Discount on purchase price of a formerly rental home.
Notes: Discount on purchase price of a formerly rental home.
Notes: Dutch Mortgage Law
Notes: Estimate from 2 to 3.
Notes: Estimate from 2 to 3.
Notes: Estimate from 2 to 3.
Notes: Estimate.
Notes: Estimate; ABN AMRO label.
Notes: Estimate; ABN AMRO label.
Notes: Growth rate is on a national scale.
Notes: Growth rate is on a national scale.
Notes: Growth rate is on a national scale.
Notes: Growth rate is on a national scale.
Notes: If a property is rented out, a flat rate tax of 30% is levied based on the assumption that a taxable yield of 4% is made on the asset. This results in an annual tax of 1.2% of the value of the asset.
Notes: If a property is rented out, a flat rate tax of 30% is levied based on the assumption that a taxable yield of 4% is made on the asset. This results in an annual tax of 1.2% of the value of the asset.
Notes: If a property is rented out, a flat rate tax of 30% is levied based on the assumption that a taxable yield of 4% is made on the asset. This results in an annual tax of 1.2% of the value of the asset.
Notes: If a property is rented out, a flat rate tax of 30% is levied based on the assumption that is taxable yield of 4% is made on the asset. This results in an annual tax of 1.2% of the value of the asset.
Notes: IMF annual average market exchange rate for 2009 used (€0.72 = 1 USD).
Notes: IMF annual average market exchange rate for 2009 used (€0.76 = 1 USD).
Notes: IMF annual average market exchange rate for 2011 used (€0.78 = 1 USD).
Notes: IMF end of period market exchange rate for December 2007 used (€0.68 = 1 USD).
Notes: IMF end of period market exchange rate for December 2008 used (€0.72 = 1 USD).
Notes: IMF end of period market exchange rate for December 2009 used (€0.69 = 1 USD).
Notes: IMF end of period market exchange rate for December 2010 used (€0.75 = 1 USD).
Notes: IMF end of period market exchange rate for December 2011 used (€0.77 = 1 USD).
Notes: In 2016, securitisations fell further behind covered bonds as a funding source for Dutch banks. The amount outstanding in external securitisations fell by 11% to EUR 50 billion, EUR 47 billion of which relates to residential mortgage loans. The amount outstanding in covered bonds in 2016 on the other hand climbed by 10% to EUR 67 billion
Notes: In 2016, securitisations fell further behind covered bonds as a funding source for Dutch banks. The amount outstanding in external securitisations fell by 11% to EUR 50 billion, EUR 47 billion of which relates to residential mortgage loans. The amount outstanding in covered bonds in 2016 on the other hand climbed by 10% to EUR 67 billion
Notes: In addition, interest accrcruing on principle payments deposited in special savings or investment accounts are tax excempt.
Notes: In addition, interest accrcruing on principle payments deposited in special savings or investment accounts are tax excempt.
Notes: Interest only mortgage with a 5 year fixed rate calculated over a 30 year term is the prevalent mortgage product. Tax incentives gave rise to different types of mortgage products where interest is paid to the lender and principle payments are deposited in tax excempt savings, investment and/or insurance accounts at third party institutions. Principle payments may or may not amortize the loan. Interest payments can be variable or fixed for different period between 5 and 30 years.Most mortgages have fixed interest rates.
Notes: Interest only mortgage with a 5 year fixed rate calculated over a 30 year term is the prevalent mortgage product. Tax incentives gave rise to different types of mortgage products where interest is paid to the lender and principle payments are deposited in tax excempt savings, investment and/or insurance accounts at third party institutions. Principle payments may or may not amortize the loan. Interest payments can be variable or fixed for different period between 5 and 30 years.Most mortgages have fixed interest rates.
Notes: Interest paid on a mortgage is tax deductible for up to 30 years.
Notes: Interest paid on a mortgage is tax deductible for up to 30 years.
Notes: Interest paid on a mortgage is tax deductible for up to 30 years.
Notes: Interest paid on a mortgage is tax deductible for up to 30 years.
Notes: It is currently 103% and will decrease by 1% every year until it is 100%
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Law Financial Supervision
Notes: Level 2009: 2235 arrears for 120 days or more past due.
Notes: LTVs are high because of the high upfront transaction costs and taxes. LTV's are calculated on the foreclosure value rather than the marketprice. Average LTV on total outstanding mortgages is 40%.
Notes: Maximum LTV for NMG guaranteed mortgages.
Notes: Municipal authorities levy property tax on all immovable properties, based on the council-rated value which is determined yearly. The rate varies depending on location.
Notes: Municipal authorities levy property tax on all immovable properties, based on the council-rated value which is determined yearly. The rate varies depending on location.
Notes: Municipal authorities levy property tax on all immovable properties, based on the council-rated value which is determined yearly. The rate varies depending on location.
Notes: Municipal authorities levy property tax on all immovable properties, based on the council-rated value which is determined yearly. The rate varies depending on location.
Notes: Municipalities and the state back up the Guarantee Fund until 2011. After 2011 only the state will provide back up.
Notes: Municipalities and the state back up the Guarantee Fund until 2011. After 2011 only the state will provide back up.
Notes: Municipalities and the state back up the Guarantee Fund until 2011. After 2011 only the state will provide back up.
Notes: National minimum wages, including non-urban areas
Notes: National minimum wages, including non-urban areas
Notes: National minimum wages, including non-urban areas
Notes: National minimum wages, including non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: National rate, includes non-urban areas
Notes: notary, real estate agent, taxation
Notes: Number of arrears after 120 days in terms of outstanding NHG mortgage loans.
Notes: Number of arrears after 120 days in terms of outstanding NHG mortgage loans.
Notes: Percentage of people living in owner occupied homes
Notes: Percentage of people living in owner occupied homes
Notes: Percentage of people living in owner occupied homes
Notes: Percentage of people living in owner occupied homes
Notes: Percentage of people living in owner occupied homes
Notes: Phased out in 2010
Notes: Phased out in 2010
Notes: PMT-to-income on € 100.000 household income, given 5.25% interest rate.
Notes: PMT-to-income on € 100.000 household income, given 5.25% interest rate.
Notes: Price discount for purchasing social rental houses under special schemes of housing associations.
Notes: Privacy law.
Notes: Purchase subsidies for low incomes will be phased out in 2010; interest free loans for first time buyers in a number of municipalities.
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Sale prices of houses, converted from EURO to USD with average exchange rate
Notes: Subsidies are provided for first time home-owners and low-income households; estimate at less than median income.
Notes: Subsidies are provided for first time home-owners and low-income households; estimate at less than median income.
Notes: Tax on imputed rental income for owned homes.
Notes: Tax on imputed rental income for owned homes.
Notes: Tax on profit gains social rental sector.
Notes: Tax on profit gains social rental sector.
Notes: The financial supervisor (AFM) established rules that require lenders to inform the customer of the most suitable mortgage options available.
Notes: The financial supervisor (AFM) established rules that require lenders to inform the customer of the most suitable mortgage options available.
Notes: The financial supervisor (AFM) established rules that require lenders to inform the customer of the most suitable mortgage options available.
Notes: The number is decreasing since subsidy funds are drying up.
Notes: The number is decreasing since subsidy funds are drying up.
Notes: There is no centralized coduit or liquidity facility in Netherlands.
Notes: Transfer tax is levied at a rate of 2% for private residences and 6% for other immovable properties.
Notes: Transfer tax is levied at a rate of 2% for private residences and 6% for other immovable properties.
Notes: Transfer tax is levied at a rate of 2% for private residences and 6% for other immovable properties.
Notes: Transfer tax is levied at a rate of 2% for private residences and 6% for other immovable properties.
Notes: Transfer tax on existing homes of 6% of the market value of the house.
Notes: With the invention of Conditional Pass-Through (CPT) covered bonds, the relative attractiveness of RMBS as funding instruments has fallen further as several (mainly smaller) issuers were now also able to enter the covered bond market.