In July 2021 

Implicit interest rate on housing credit in the Autonomous Region of Madeira decreased compared to the previous month, while the average loan repayments remained unchanged 

In July 2021, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 0.708%, decreasing by 0.002 percentage points (pp) from the previous month. In July 2020, the implicit interest rate was 0.864%. 

The average value of loan repayments for all housing credit contracts remained at €239 in the month of reference, with the interest set at €35 and the capital amortisation at €204 (same values as in the last month). In July 2020, the average value of loan repayments was €231. 

In turn, the average outstanding loan value for housing credit contracts rose to €58,811 (€58,694 in the previous month). A year earlier it stood at €57,811. 

In Portugal, and in all housing credit contracts, the implicit interest rate fell to 0.800% (down by 0.011 pp over the previous month), while the average value of loan repayments remained unchanged at €235. Portugal's average outstanding loan value increased from €56,462 in June 2021 to €56,790 in July 2021, thus maintaining a steady growth since March 2019. 

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

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