At the same time, RON-denominated loans released for home acquisition advanced at a faster pace compared with previous months. In late October, RON-denominated mortgage loans reached RON8.2 billion, three times above the stock of the same period of 2013. The monthly pace reached 9% or the equivalent of RON660 million. Previously, monthly increases slightly went beyond half a billion lei.
Gabriel Cretu, managing partner of Adwisers, a company with activity in the loan brokerage field, states the mortgage loan segment is dominated by the First Home scheme.
Analysts expect the pace of mortgage loans to maintain, with the aid of the First Home scheme, as the government allotted additional guarantees of RON400 million by yearend. These loans are exclusively granted in lei.
Also, the speedy increase of RON-denominated mortgage loans was supported by the decline of interest rates, which have reached a level similar with those of EUR ones.
The recent steep decline in the 3-month Robor indicator, used as a benchmark for the cost of RON retail loans, was the main factor that triggered the decrease in interest rates for RON-denominated loans. The cost of lei yesterday hit a new all-time low, of 1.78% per annum, and the trend of this indicator is likely to influence the cost of RON-denominated loans in the future.
As loan interest rates have slid in recent years, bankers also cut interest rates for deposits, which now stand at 2-3% per annum, so that the gain margin from interests remains high.
The cost of RON-denominated loans is also influenced by BNR’s monetary easing policy. BNR’s moves are meant to spur lending.
(English version by Catalina Apostoiu)