The central bank plans to limit maturity on consumer loans to five years, from the current 20 years.
In addition, the central bank wants a clear distinction between real estate loans, which will include mortgage loans meant for the construction of a building, the purchase of a building or the renovation/expansion of a building. The same policy will be applied to loans refinancing real estate loans.
Consumer loans with a mortgage will be considered regular consumer loans.
For consumer loans used on the purchase of items, the client needs to file a guarantee worth 133% of the value borrowed.
Exceptions from the 133% guarantee rule include loans for medical treatment and studies, among others.
For real estate loans in local currency, the client will pay an advance of at least 15% of the building’s value. For real estate loans in foreign currency, the client will pay 30% advance for loans in euro and 40% advance for loans in other foreign currencies.
Early-April, central bank governor Mugur Isarescu told MEDIAFAX that the central bank is preparing a set of special measures, most likely prudential ones, meant to discourage lending in foreign currency for people with revenue in leu.