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 loans 1010
ECBC
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks 100% of total100% of total
OECD
A.1.2.1
Identify the 3 largest loan originating lenders Banco Comercial Portugues, CGD, BPIBanco Comercial Portugues, CGD, BPI
ECBC
A.1.3
Are there (quasi) public mortgage lenders: YesYes
Caixa Geral de Depositos
A.1.4
Universal/ commercial banks YesYes
 
A.1.4.1
Typical lending spreads for mortgages 2%2%
Various Commercial Banks
A.1.5
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loans  1.7%
Banco BPI
A.1.6.1
Average 1997-2007 A.1.7
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: 118,879.52 USD (millions)105,594.74 USD (millions)
Banco de Portugal
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) 54.52%51.57%
Banco de Portugal
A.2.1.1
and as % of all credits outstanding 41.96%33.75%
Banco de Portugal
A.2.1.2
Total # of home mortgage loans outstanding at the end of year  105,974.44 thousand
ECBC
A.2.2
Total amount of home mortgages made in calender year in millions of USD 3,549.38 USD (millions)5,031.62 USD (millions)
Instituto Nacional De Estatistica
A.2.3
and as % of GDP (current)  1.63%2.53%
Instituto Nacional De Estatistica
A.2.3.1
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
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 LTV 9090
Banco Comercial Portugues
A.3.8.1
Typical LTV at origination 7070
Various Commercial Banks
A.3.8.2
Maximum term over which pmt is calculated?  40 years40 years
Banco Comercial Portugues
A.3.9
Mortgage pmt-to-income ratio A.3.10
Maximum pmt-to-income ratio (Individual income) 50%50%
Banco Comercial Portugues
A.3.10.2
A.4 Lending and Servicing Process
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Which institutions define underwriting rules? A.4.2
A.5 Credit Risk Assessment
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Do credit bureaus exist?  YesYes
European Credit Research Institute
A.5.2
Are there legal/regulatory constraints to gaining access to credit information? YesYes
Reuters
A.5.2.1
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) primaryprimaryB.1.1
Funding through mortgage bonds  tertiarytertiaryB.1.3
Funding through securitization of mortgages secondarysecondaryB.1.4
C. Housing Microfinance
VariableEnd of 2018End of 2017End of 2016SourcesVar 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: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements 
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements  
Notes: - Up to 90% for residential immovable property for the purchase or construction of own and permanent residence - Up to 80% for residential immovable property or credit secured a mortgage for other purposes than own and permanent residence - Up to 100% for residential immovable property and credit secured by a mortgage or equivalent guarantee for purchasing immovable property held by the institutions themselves and for property financial leasing agreements
Notes: 2011 housing census shows 73.24 owner occupied units
Notes: According to ECBC, 10 firms account for 95% of the mortgage market.
Notes: According to ECBC, 10 firms account for 95% of the mortgage market.
Notes: According to ECBC, 10 firms account for 95% of the mortgage market.
Notes: Authorization from the Data Protection Authority (CNPD) is required when processing personal data related to credit/solvency of subjects.
Notes: Authorization from the Data Protection Authority (CNPD) is required when processing personal data related to credit/solvency of subjects. 
Notes: Authorization from the Data Protection Authority (CNPD) is required when processing personal data related to credit/solvency of subjects. 
Notes: Authorization from the Data Protection Authority (CNPD) is required when processing personal data related to credit/solvency of subjects. 
Notes: Based on the price index.
Notes: Caixa Geral de Depositos is the largest public bank, second largest overall.
Notes: Caixa Geral de Depositos is the largest public bank, second largest overall.
Notes: Conventional Dwellings Estimate: Conventional dwellings includes vacant and second homes
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: Credit Bonficado (a subsidy program) expired at the end of 2002.
Notes: figures calculated by households, not units
Notes: figures calculated by households, not units 
Notes: figures calculated by households, not units 
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Includes rural transactions. However, Portugal is largely urban.
Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
Notes: Levied by municipalities at a maximum rate of 6% on the transfer of residential property, 5% on the transfer of rural property, 6.5% on the transfer of urban property and 10% if the purchaser is located in a listed tax haven.
Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit
Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit  
Notes: Net of taxes and contributions to social security. Up to 50% with the following exceptions on the total amount of credit granted by each institution in each year: up to 20% of mortgage: ratio of up to 60%; up to 5% of mortgage: no ratio limit  
Notes: Non-performing loan defined as 30 days past due
Notes: Residential loans only
Notes: Residential real estate prices have increased an average of 5.3% since 2014. This figure is based on the price index.
Notes: Residential real estate prices have increased an average of 5.3% since 2014. This figure is based on the price index.
Notes: Residential real estate prices have increased an average of 5.3% since 2014. This figure is based on the price index.  
Notes: Residential real estate prices have increased an average of 5.3% since 2014. This figure is based on the price index.  
Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people.
Notes: The government provides a subsidized credit (65% of the European reference rate) rate for disabled people. This law was established 2014.