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“Banks operating in the country have responsibly assessed the unusual situation and have helped people cope with financial challenges. Although we note that the population is now more optimistic about the future, it should not be forgotten that the situation with COVID-19 is still It is not over and the economic situation has not stabilized. When considering new applications, banks should carefully evaluate all risks. We advise residents to be very careful and to assess the possibilities of paying the loan well before applying, “he said LBA President Mantas Zalatorius, according to the press release.
Mortgage loans have fallen an average of a third since mid-March, compared to the same period last year, and the number of new applications has fallen even further. With the decline in household income, some loan holders faced difficulties repaying loans. Therefore, at the beginning of the quarantine, the banks operating in the country unanimously agreed to the possibility of deferring the payment of the mortgage loans to those who wish, without changing the terms and interest rates.
From mid-March until now, banks have reserved more than $ 200 million for individuals. mortgage repayment worth euros. The greatest interest in this opportunity was received in March and April. The demand for deferrals is currently decreasing, while the number of new mortgage applications is growing.
According to the LBA, in the first quarter of this year, about half of all housing loans were made in Vilnius, about a quarter; in Kaunas, the rest goes to Klaipeda and other cities in the country. Generally loaned for the first house.
The LBA reminds that the requirements to obtain a mortgage loan do not change. The country’s banks must make housing loans in accordance with the Bank of Lithuania’s Responsible Loan Regulations. According to them, a maximum of 40% should be allocated for the repayment of a mortgage loan. of all sustainable personal or family income, and the amount financed for the purchase of basic housing is up to 85%. asset values.
Therefore, the individual situation of each client is evaluated mainly in terms of income sustainability. There are no lists of high-risk areas or occupations, especially since even the same specialty that works for companies in different sectors and their families may have different situations.
The interest rate and other credit conditions, both past and present, are determined individually, taking into account a series of criteria: loan amount and repayment term, evaluation of the client’s financial capabilities, individual credit risk, selected home, situation of the credit market, financial market conditions and bank financing costs. in the international capital market.
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