So far, all ten largest lenders in Romania, 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.
Mid-sized lenders Banca Romaneasca, Piraeus Bank and Intesa have also increased the down payment for mortgage loans.
The law on debt discharge came into force on May 13, after it was signed into law by Romanian President Klaus Iohannis and published in the Official Gazette.