The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Number of firms originating and funding mortgage loans303133
Croatian National Bank Semi-Annual Report
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks92% of total92.5% of total95% of total
HypoStat
A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions)8% of total7.5% of total5% of total
HypoStat
A.1.2.2
Identify the 3 largest loan originating lendersZagrebacka Banka, Privredna Banka Zagreb, Erste Zagrebacka Banka, Privredna Banka Zagreb, Erste Zagrebacka Banka, Privredna Banka Zagreb, Erste
Deloitte
A.1.3
Are there (quasi) public mortgage lenders:YesYesYesA.1.4
Universal/ commercial banksYesYesYesA.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 2017End of 2016End of 2015SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:8,555.42 USD (millions)7,312.63 USD (millions)8,821.07 USD (millions)
 
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)15.62%14.16%18.06%
CNB
A.2.1.1
and as % of all credits outstanding21.27%18.45%19.44%
CNB
A.2.1.2
Total amount of home mortgages made in calendar year in millions of USD3,784.58 USD (millions)4,190.03 USD (millions)4,818.28 USD (millions)
CNB
A.2.3
and as % of GDP (current) 6.91%8.11%9.73%
CNB, WEO
A.2.3.1
and as % of all credits originated in calender year1.76%1.87%2.17%
CNB, WEO
A.2.3.2
A.3 Housing Finance Products
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
Loans based on foreign currency as % of all mortgage products  90.62%A.3.2
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
Typical LTV at origination75%75%75%
HypoStat
A.3.8.2
Maximum term over which pmt is calculated? 30 years30 years30 years
Various Commercial Banks
A.3.9
Mortgage pmt-to-income ratio A.3.10
Typical pmt-to-income ratio (HH income)  33%
Economic and Community Revitalization Activity
A.3.10.3
A.4 Lending and Servicing Process
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?Yes  
 
A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceYes  
CNB
A.4.2.1
A.5 Credit Risk Assessment
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Do credit bureaus exist? YesYesYes
 
A.5.2
Are there legal/regulatory constraints to gaining access to credit information?NoNoNo
 
A.5.2.1
Is mortgage default insurance available?NoNo 
 
A.5.3
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimary
 
B.1.1
Wholesale funding: loans from other banks or corporationssecondarysecondarysecondary
 
B.1.2
C. Housing Microfinance
VariableEnd of 2017End of 2016End of 2015SourcesVar 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 buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: A property tax of 1.5% is levied on 70% of the property's estimated value
Notes: Figure is the national percentage.
Notes: Figure is the national percentage.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: 1151.64
Notes: 2010 = 100
Notes: 23 banks, 4 housing savings banks
Notes: A property tax of 1.5% is levied on 70% of the property's estimated value
Notes: A property tax of 1.5% is levied on 70% of the property's estimated value
Notes: A property tax of 1.5% is levied on 70% of the property's estimated value
Notes: based on total loans, not necessarily housing loans
Notes: Capital gains tax is levied at 25% of selling price minus acquisition price and transfer fees
Notes: Capital gains tax is levied at 25% of selling price minus acquisition price and transfer fees
Notes: Capital gains tax is levied at 25% of selling price minus acquisition price and transfer fees
Notes: Capital gains tax is levied at 25% of selling price minus acquisition price and transfer fees
Notes: figure is calculated using a house price index
Notes: Figure is the national percentage.
Notes: Figure is the national percentage.
Notes: Figure is the national percentage.
Notes: Figure is the national percentage.
Notes: First time buyers buying newly built homes may receive a subsidy in which the government makes direct payments to the loan originating bank. This equates to one half of the monthly payment for the first four years of the loan.
Notes: First time buyers buying newly built homes may receive a subsidy in which the government makes direct payments to the loan originating bank. This equates to one half of the monthly payment for the first four years of the loan.
Notes: First time buyers buying newly built homes may receive a subsidy in which the government makes direct payments to the loan originating bank. This equates to one half of the monthly payment for the first four years of the loan.
Notes: First time buyers buying newly built homes may receive a subsidy in which the government makes direct payments to the loan originating bank. This equates to one half of the monthly payment for the first four years of the loan.
Notes: First time buyers buying newly built homes may receive a subsidy in which the government makes direct payments to the loan originating bank. This equates to one half of the monthly payment for the first four years of the loan.
Notes: First time buyers purchasing newly built homes are eligible to receive a subsidized mortgage loan with an interest rate that is lower than the market rate.
Notes: First time buyers purchasing newly built homes are eligible to receive a subsidized mortgage loan with an interest rate that is lower than the market rate.
Notes: For first-time buyers of newly built housing, the state guarantees to pay interest on overdue payments in cases where the homeowner is unable to pay due to loss of employment for up to one year.
Notes: For first-time buyers of newly built housing, the state will contribute one half of the monthly payments to the commercial bank that granted the housing loan for the first four years.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: Hrvatska Poštanska Banka is a banking institution founded in 1991. From the beginning of 2001, the Republic of Croatia has been the major shareholder.
Notes: includes abandoned and temporarily vacant units
Notes: includes abandoned and temporarily vacant units
Notes: Median Equivalized Net Income
Notes: Rental income from property is taxed at 12% with allowed deductions fixed at 30% of gross rent
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table B1 - Monetary Survey
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors. CNB also provides 'Mortgage Loans' Figure (HRK 2844.3M) from Table D5c - Distribution of credit institutions' loans to households by purpose and currency composition. Which is not included here.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors. CNB also provides 'Mortgage Loans' Figure (HRK 3007.4M) from Table D5c - Distribution of credit institutions' loans to households by purpose and currency composition. Which is not included here.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors. CNB also provides 'Mortgage Loans' Figure (HRK 3261.3M) from Table D5c - Distribution of credit institutions' loans to households by purpose and currency composition. Which is not included here.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors. CNB also provides 'Mortgage Loans' Figure (HRK 3513.0M) from Table D5c - Distribution of credit institutions' loans to households by purpose and currency composition. Which is not included here.
Notes: Table D5: Distribution of credit institutions' loans by domestic institutional sectors. CNB also provides 'Mortgage Loans' Figure (HRK 3073.7M) from Table D5c - Distribution of credit institutions' loans to households by purpose and currency composition. Which is not included here.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: Table D5c provides housing loan data decomposed by currency. Data determined by summing housing loans denominated in foreign currency and calculating that as a percentage of total housing loans outstanding.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The buyer of a newly built house pays a "Value Added Tax" of 25% which is included in the total purchase price. The VAT was introduced in 1996. Also, an income tax of 12% is applied to rental income, following a 30% deduction.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The home buyer is responsible for a 5% transfer tax. This does not apply for the purchase of a new home, an inheritance, or first time buyer. This tax exemption was introduced in 2003.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.
Notes: The housing savings program exists for those saving to buy a home. The state will contribute up to 100 Euros per year. This program began in 1997.