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In February 2021

Implicit interest rate in housing credit and loan repayments in the Autonomous Region of Madeira decreased

In February 2021, the implicit interest rate in housing credit in the Region was 0.747%, decreasing by 0.020 percentage points (pp) from the previous month. It is the lowest value of the available time series, which starts in January 2009. In February 2020, the rate was 0.946%.

The average value of loan repayments remained dropped to €228 in the month of reference, with the interest component standing at €36 (down by €1 from the previous month) and the capital amortisation at €192 (same value as in the previous month). In February 2020, the average value of loan repayments was 271 euros.

The average outstanding loan value in housing credit in the Autonomous Region of Madeira rose for the 5th consecutive month to €58,269 (€58,210 in the previous month). One year before it stood at €57,783.

In Portugal, the implicit interest rate in housing credit stood at 0.853% (down by 0.020 pp from the previous month), while the average value of loan repayments decreased to €226. The average outstanding loan value for Portugal rose from €55,286 in January 2020 to €55,447 in February2021, thus maintaining a steady growth since March 2019.

It should be noted that Decree-Law no. 10-J / 2020 establishes a moratorium on the responsibilities of households with mortgage loans. The moratorium gives households the possibility to suspend the payment of the monthly loan repayment for a period of six months. The various banking institutions offer flexible regimes, regarding term and repayment (interest and capital amortisation). These measures result in a reduction in the loan repayment, deriving  from the suspension of the interest payment and capital amortization or both, which accounts for the differences when comparing data year-on-year.

 Credito Habitacao EN

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International Statistical Cooperation

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