HOFINET | Housing Finance Information Network

Housing Finance Policy

PDF featuring variable definitions

A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)	Civil	Civil	Civil	Country Editor	A.1.1
Are there specific laws that deal with mortgages?	Yes	Yes	Yes	Country Editor	A.1.2
Registration/Transfer of titles:					A.1.3
Does the law clearly define different types of property rights?	Yes	Yes	Yes	Country Editor	A.1.3.1
Are property rights easily transferable?	Yes	Yes	Yes	Country Editor	A.1.3.2
Identify barriers to the registration/ transfer of property title.	No significant barriers	No significant barriers	No significant barriers	Country Editor	A.1.3.3
Typical number of days needed for the transfer of title	13	13	13	WDI	A.1.3.4
Can liens be effectively enforced?	Yes	Yes	Yes	Country Editor	A.1.4
Number of months until lender acquires the property in case of foreclosure on a single-family residential property?			18-24 months	Country Editor	A.1.4.1
Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)	judiciary, cultural, and social	judiciary, cultural, and social	judiciary, cultural, and social	Country Editor	A.1.4.3
Are there legal constraints on the types of mortgage products that are permitted?	Yes	No	No	Country Editor	A.1.5
Are there legal constraints on mortgage features?	Yes	No	No	Country Editor	A.1.6
Interest rate caps	Yes	No	No	Country Editor	A.1.6.1
Loan-to-Value cap	Yes	Yes	Yes	Country Editor	A.1.6.2
Payment-to-Income maximum	No	No	No	Country Editor	A.1.6.3
Other	Yes	No	No	Country Editor	A.1.6.4
Are there consumer rights for mortgage lending?	Yes	Yes	Yes	Country Editor	A.1.7
Are there disclosure requirements for mortgage lending?	Yes	Yes	Yes	Country Editor	A.1.8
Is there specialized legislation covering:					A.1.9
Issuance of covered mortgage bonds	Yes	Yes	Yes	Country Editor	A.1.9.1
Issuance of RMBS	No	No	No	Country Editor	A.1.9.2

B. Housing Finance Subsidies

B.1 Subsidies to Housing Finance Institutions

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidized funding sources for mortgage lenders?	No	No	No	Country Editor	B.1.1
Special government lines of credit			No	Country Editor	B.1.1.1
Government supported liquidity facility			No	Country Editor	B.1.1.2
Labor or other tax funds for mortgage lending		No	No	Country	B.1.1.3
Tax breaks on mortgage bonds or RMBS			No	Country Editor	B.1.1.4
Loss and/or cash flow guarantees for RMBS			No	Country Editor	B.1.1.5

B.2 Subsidies to Households

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidies to households on housing finance?	Yes	Yes	Yes	Country Editor	B.2.1
Interest rate subsidies by special government funds	Yes	Yes	Yes	Country Editor	B.2.1.1
Buy-down of monthly/interest payments	Yes	No	No	Ministry of Development	B.2.1.2
Down-payment subsidies	Yes	No	No	Ministry of Development	B.2.1.3
Subsidies to savings for mortgage loans	No	No	No	Country Editor	B.2.1.4
Mortgage interest deductibility from income tax	No	No	No	Country Editor	B.2.1.5
Reach of subsidies in 2.1.1 to 2.1.4 ?					B.2.2

C. Taxation

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
What taxes apply to Residential Real Estate?					C.1
Tax on property (home-owners)	Yes	Yes	Yes	Country Editor	C.1.1
Property transaction taxes (purchase/selling)	Yes	Yes	Yes	Country Editor	C.1.2
Mortgage transaction taxes	Yes	Yes	Yes	Country Editor	C.1.3
Tax on mortgage interest pmts	No	No	No	Country Editor	C.1.4
Tax on capital gains on property	Yes	Yes	Yes	Country Editor	C.1.5
Are there tax benefits on rental properties?	60% reduction of net return as long as the rental is not for holiday use			Country Editor	C.2