So far, Romania’s ten largest lenders, members of the Romanian Banking Association (ARB), have raised the down payment required on mortgage loans, on the backdrop of the new legislation allowing retail mortgage borrowers to return real estate collateral to banks in exchange for writing off their loans.
Average-sized lenders Banca Romaneasca and Intesa have also increased the down payment for mortgage loans.
The law on debt discharge came into force last Friday, 15 days after it was signed into law by Romanian President Klaus Iohannis and published in the Official Gazette.