The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2016End of 2015End of 2014SourcesVar ID
    Types of originating lenders/market share:A.1.2
    Identify the 3 largest loan originating lenders Hypotecní banka, Ceská sporitelna, and Komercní banka Hypotecní banka, Ceská sporitelna, and Komercní banka
    Hypostat
    		A.1.3
    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 2016End of 2015End of 2014SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:38,860.03 USD (millions)39,403.51 USD (millions)34,905.16 USD (millions)
    Czech National Bank
    		A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)20.97%21.67%17%
    Czech National Bank and WEO
    		A.2.1.1
    and as % of all credits outstanding37%Not available28.97%
    Czech National Bank
    		A.2.1.2
    Total amount of home mortgages made in calendar year in millions of USD 7,723.59 USD (millions)Not available
    Czech National Bank
    		A.2.3
    and as % of GDP (current)  4.25%Not available
    Czech National Bank and WEO
    		A.2.3.1
    Total # of home mortgage originations made in calendar year53.57 thousand41.97 thousand34.75 thousand
    Czech National Bank
    		A.2.4
    What % of total new mortgages is refinance?16.34%12.25%14.57%
    Czech National Bank
    		A.2.5
    A.3 Housing Finance Products
    VariableEnd of 2016End of 2015End of 2014SourcesVar 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 LTV95100100
    Czech National Bank
    		A.3.8.1
    Typical LTV at origination606060
    IMF
    		A.3.8.2
    Maximum term over which pmt is calculated? 30 years30 years30 years
    KB
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    A.4 Lending and Servicing Process
    VariableEnd of 2016End of 2015End of 2014SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
    Czech National Bank
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Central Bank/Ministry of FinanceYesYesYes
    Czech National Bank
    		A.4.2.1
    Secondary market facilityNoNoNo
    Czech National Bank
    		A.4.2.2
    Major LenderNoNoNo
    Czech National Bank
    		A.4.2.3
    OtherNoNoNo
    Czech National Bank
    		A.4.2.4
    A.5 Credit Risk Assessment
    VariableEnd of 2016End of 2015End of 2014SourcesVar ID
    Do credit bureaus exist? YesYesYes
    Czech Credit Bureau
    		A.5.2
    Is mortgage default insurance available?YesYesYes
    MortgageInCzech.com
    		A.5.3
    Are credit guarantee systems used? YesYesYes
    CMZRB
    		A.5.4
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2016End of 2015End of 2014SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other)SecondarySecondarySecondary
    Hypostat and Financialization of Housing
    		B.1.1
    Wholesale funding: loans from other banks or corporationsNon-applicableNon-applicableNon-applicable
    Hypostat 2016
    		B.1.2
    Funding through mortgage bonds PrimaryPrimaryPrimary
    Housing Finance Policy in Emerging Markets by Chiquier and Lea
    		B.1.3
    Funding through securitization of mortgagesNon-applicableNon-applicableNon-applicable
    Hypostat 2016
    		B.1.4
    C. Housing Microfinance
    VariableEnd of 2016End of 2015End of 2014SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
    as a % of loans Not available3.13%
     
    		C.4.1
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    Notes: almost 80% of the market share in the Czech Republic
    Notes: The real estate transfer tax is 4%
    Notes: This subsidy is provided in the form of a grant and oscillates between 1 and 4 percentage points
    Notes:
    Notes: 6-12 months
    Notes: 6-12 months
    Notes: 6-12 months
    Notes: Banks (excluding building societies) - refinanced loans of total mortgage loans
    Notes: Banks (excluding building societies) - refinanced loans of total mortgage loans
    Notes: Banks (excluding building societies) - refinanced loans of total mortgage loans
    Notes: Base Year
    Notes: Base Year
    Notes: Entire Country, not just urban
    Notes: Entire Country, not just urban
    Notes: Housing Finance Policy in Emerging Markets by Loic Chiquier and Michael J. Lea
    Notes: Housing Finance Policy in Emerging Markets by Loic Chiquier and Michael J. Lea
    Notes: Housing Finance Policy in Emerging Markets by Loic Chiquier and Michael J. Lea
    Notes: http://www.cnb.cz/en/statistics/money_and_banking_stat/mon_bank_stat/
    Notes: http://www.imf.org/external/pubs/ft/scr/2012/cr12175.pdf
    Notes: http://www.imf.org/external/pubs/ft/scr/2012/cr12175.pdf
    Notes: http://www.imf.org/external/pubs/ft/scr/2012/cr12175.pdf
    Notes: http://www.imf.org/external/pubs/ft/scr/2012/cr12175.pdf
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: In entire country, rented at market price, reduced, or free
    Notes: Maximum observed by IMF
    Notes: Maximum observed by IMF
    Notes: Maximum observed by IMF
    Notes: Maximum observed by IMF
    Notes: Maximum observed by IMF
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: Median equivalised net income * Average Household Size
    Notes: New mortgage loans for residential property
    Notes: New mortgage loans for residential property
    Notes: New mortgage loans for residential property
    Notes: New mortgage loans for residential property
    Notes: Regeneration of housing estate, housing apartments w/o barriers, support of construction of supported housing, leaden house distribution systems
    Notes: Rental income of 15% is applied to either: a) income minus expenses and deductions, or b) income minus a standard deduction of 30% in lieu of itemized deduction of expenses
    Notes: Rental income tax of 15% is applied to either: a) income minus expenses and deductions, or b) income minus a standard deduction of 30% in lieu of itemized deduction of expenses
    Notes: Rental income tax of 15% is applied to either: a) income minus expenses and deductions, or b) income minus a standard deduction of 30% in lieu of itemized deduction of expenses
    Notes: The CNB issues recommendations on the basis of the ESRB, FSB, and other international authorities
    Notes: The CNB issues recommendations on the basis of the ESRB, FSB, and other international authorities
    Notes: The CNB issues recommendations on the basis of the ESRB, FSB, and other international authorities
    Notes: The CNB issues recommendations on the basis of the ESRB, FSB, and other international authorities
    Notes: The CNB issues recommendations on the basis of the ESRB, FSB, and other international authorities
    Notes: The New Civil Code from January 2014 allows pledgee and pledger to set the terms in which a lien shall be enforced
    Notes: The New Civil Code from January 2014 allows pledgee and pledger to set the terms in which a lien shall be enforced
    Notes: The real estate transfer tax is 4%
    Notes: The real estate transfer tax is 4%
    Notes: The real estate transfer tax is 4%
    Notes: The real estate transfer tax is 4%
    Notes: The real estate transfer tax is 4%
    Notes: The standard income tax rate of 15% applies for capital gains
    Notes: The standard income tax rate of 15% applies for capital gains
    Notes: The standard income tax rate of 15% applies for capital gains
    Notes: The standard income tax rate of 15% applies for capital gains
    Notes: The tax rate varies according to property type and location
    Notes: The tax rate varies according to property type and location
    Notes: The tax rate varies according to property type and location
    Notes: The tax rate varies according to property type and location
    Notes: The tax rate varies according to property type and location
    Notes: The tax rates varies according to property type and location
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: There are various subsidies available for the regeneration, reconstruction and modernization of homes and social housing programs in the form of grants and loans
    Notes: This subsidy is provided in the form of a grant and oscillates between 1 and 4 percentage points
    Notes: This subsidy is provided in the form of a grant and oscillates between 1 and 4 percentage points
    Notes: This subsidy is provided in the form of a grant and oscillates between 1 and 4 percentage points
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: Total Domestic Credit: http://www.cnb.cz/cnb/STAT.ARADY_PKG.VYSTUP?p_period=12&p_sort=2&p_des=50&p_sestuid=1148&p_uka=5&p_strid=AACA&p_od=199301&p_do=201405&p_lang=EN&p_format=0&p_decsep=.
    Notes: various subsidies for regeneration, reconstruction and modernization of homes and social housing programs in the form on grants and loans