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Friday, 29.03.2024, 09:27
Banks issue mortgage loans worth EUR 217 mln in H1 in Latvia
"There are several reasons why the amount of mortgages is increasing, and the main one is the state support program for young families with children. To young families, saving money for the down payment has always been a problem, and the support program has solved it successfully. Other factors contributing to mortgage lending include economic growth, increasing incomes, and people's willingness to improve their homes," commented the Commercial Banks Association's President Martins Bicevskis.
In the first quarter, Latvian banks issued EUR 91.5 mln in mortgage loans, and EUR 125.6 mln in the second quarter.
The respective figures for the first and second quarter of 2015 were EUR 51.6 mln and EUR 75.3 mln.
Under the state program supporting young families buying their first home, 1,419 loans worth EUR 9.4 mln were underwritten in the first half of 2016.
The total loan portfolio of Latvian banks was EUR 15.03 bln at the end of June, including EUR 7.33 bln issued in corporate loans and EUR 4.43 bln issued in loans to households.