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 banks  90% of total
IADB Report on Peruvian Housing Finance
A.1.2.1
Are there (quasi) public mortgage lenders:YesYesYes
Research
A.1.4
Universal/ commercial banksYesYesYesA.1.4.1
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
as a % of # of loans1.8%1.4%1%A.1.6.1
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:11,021.26 USD (millions)11,591.96 USD (millions)11,014.31 USD (millions)
Central Reserve Bank of Peru
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)5.74%5.71%5.45%
Central Reserve Bank of Peru and WEO
A.2.1.1
and as % of all credits outstanding15.22%15.38%14.69%
Central Reserve Bank of Peru
A.2.1.2
Total # of home mortgage loans outstanding at the end of year  154 thousand
Asbanc
A.2.2
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 LTV90%90%90%
IMF: Peru - Staying the Course of Economic Success
A.3.8.1
Typical LTV at origination  90
IMF
A.3.8.2
Maximum term over which pmt is calculated? 30 years30 years30 years
IMF: Peru - Staying the Course of Economic Success
A.3.9
Mortgage pmt-to-income ratio A.3.10
Typical pmt-to-income ratio (Individual income)  30%A.3.10.4
A.4 Lending and Servicing Process
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
Research
A.4.1
Which institutions define underwriting rules? A.4.2
OtherYes YesA.4.2.4
A.5 Credit Risk Assessment
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Do credit bureaus exist? YesYesYes
Credit Bureaus and the Rural Microfinance Sector - Peru, Guatemala, and Bolivia
A.5.2
Are there legal/regulatory constraints to gaining access to credit information?NoNoNo
Credit Bureaus and the Rural Microfinance Sector - Peru, Guatemala, and Bolivia
A.5.2.1
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
Wholesale funding: loans from other banks or corporations  Not available
 
B.1.2
Funding through mortgage bonds   Tertiary
Ministry of Housing
B.1.3
Funding through securitization of mortgages  Tertiary
Ministry of Housing
B.1.4
Other secondary secondarysecondary
IADB Report on Peruvian Housing Finance
B.1.5
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: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: 15% of all housing credit is being funded by the FMV(MiVivienda Fund) program.
Notes: 15% of all housing credit is being funded by the FMV(MiVivienda Fund) program.
Notes: 15% of all housing credit is being funded by the FMV(MiVivienda Fund) program.
Notes: 2010=100
Notes: 2010=100
Notes: Capital gains are taxed at a rate of 6.25% for residents. Nonresidents are taxed at a rate of 30%.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Credit bureaus are permitted to collect credit information from public and private sources as long as it does not contain sensitive information about the applicant, information that violates the bank secrecy, the tax reserve, or inexact information. They may collect this information without the authorization of the applicant.
Notes: Customer deposits and bonds
Notes: Customer deposits and Bonds
Notes: Customer deposits and bonds
Notes: FMV provides subsidized mortgage loans which are funded by the Peruvian government.
Notes: FMV provides subsidized mortgage loans which are funded by the Peruvian government.
Notes: For a first residency fixed rate mortgage in the domestic currency, other types of mortgages are lower
Notes: Includes only bank loans, not from other financial/government enitities
Notes: Maximum
Notes: MiVivienda Fun (FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund (FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund (FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund (FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund provides a savings program as a way for people without proof of income to qualify for the purchase of a home. Individuals make monthly deposits, equivalent to the monthly payment into the account for 3-6 months. This program is required to verify informal incomes for potential beneficiaries to the subsidy program.
Notes: MiVivienda Fund provides a savings program as a way for people without proof of income to qualify for the purchase of a home. Individuals make monthly deposits, equivalent to the monthly payment into the account for 3-6 months. This program is required to verify informal incomes for potential beneficiaries to the subsidy program.
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: MiVivienda Fund(FMV) is a public sector program established to provide financial institutions with cheap funds and credit guarantees.
Notes: National Percentage
Notes: National Percentage
Notes: National Percentage
Notes: National Percentage
Notes: National Percentage
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Number is from banks only (which account for the majority of total loans)
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Peruvian Superintendent of Banks
Notes: Real estate tax is levied at progressive rates. The rate ranges from 0.2-1% and depends on the value of the property.
Notes: The Family Housing Bonus (BFH) is a direct subsidy, offered by FMV, for low-income families. It grants 28,755 or 32,400 Soles, depending on the value of the home being purchased.
Notes: The Family Housing Bonus (BFH) is a direct subsidy, offered by FMV, for low-income families. It grants 28,755 or 32,400 Soles, depending ont he value of the home being purchased.
Notes: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: The FMV program also supports housing credit beneficiaries with down-payment subsidies and subsidies on savings to mortgage loans.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: The Peruvian public Credit Bureau, which is operated by SBS, began operating in 1968.
Notes: Very small component, only began recently
Notes: Very small component, only began recently