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Czech building societies grant loans worth 44.6 bn in Jan-July
News » Czech building societies grant loans worth 44.6 bn in Jan-July
Prague, Aug 13 (CTK) – Czech building societies granted loans worth almost Kc 44.6 bn in January-July, a year-on-year growth of 20 percent, data from the societies have shown.
Unlike the mortgage market, the market for home-building savings has been growing steadily since the beginning of the year.
The volume of loans granted by mortgage banks fell by 20 percent in the first half of the year to less than Kc 60 bn.
Almost all building societies raised the volume of deals in the first seven months of this year. Only Modra pyramida registered a slight decrease in the volume of new loans.
The average amount of a home-building savings loan has also been rising, reaching around Kc 0.5 m now. Last year, the average loan amounted to less than Kc 400,000.
Building societies benefit above all from lower interest rates they offer and also high age of homes as people use home-building savings more often than mortgage loans for reconstructions, experts said.
Czechs are interested in home-building savings loans as well as new contracts on home-building savings. All building societies signed 532,000 new loans in total, registering a year-on-year growth.
In the full year 2007, building societies lent almost Kc 74 bn to clients, an increase of 40 percent on the year.
Czechs still use home-building savings as a way of depositing money, above all because of the annual state support. But they also increasingly use the product to invest in homes.
ACSS
Prague, Aug 13 (CTK) – Czech building societies granted loans worth almost Kc 44.6 bn in January-July, a year-on-year growth of 20 percent, data from the societies have shown.
Unlike the mortgage market, the market for home-building savings has been growing steadily since the beginning of the year.
The volume of loans granted by mortgage banks fell by 20 percent in the first half of the year to less than Kc 60 bn.
Almost all building societies raised the volume of deals in the first seven months of this year. Only Modra pyramida registered a slight decrease in the volume of new loans.
The average amount of a home-building savings loan has also been rising, reaching around Kc 0.5 m now. Last year, the average loan amounted to less than Kc 400,000.
Building societies benefit above all from lower interest rates they offer and also high age of homes as people use home-building savings more often than mortgage loans for reconstructions, experts said.
Czechs are interested in home-building savings loans as well as new contracts on home-building savings. All building societies signed 532,000 new loans in total, registering a year-on-year growth.
In the full year 2007, building societies lent almost Kc 74 bn to clients, an increase of 40 percent on the year.
Czechs still use home-building savings as a way of depositing money, above all because of the annual state support. But they also increasingly use the product to invest in homes.