In October 2021

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

In October 2021, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 0.749%, increasing by 0.054 percentage points (pp) from the previous month. In October 2020, the implicit interest rate was 0.834%.

The average value of loan repayments for all housing credit contracts increased to 265 euros in the month of reference, with the interest set at 37 euros (up by 3 euros from the previous month) and the capital amortisation at 228 euros (up by 23 euros from the previous month). In October 2020, the average value of loan repayments was 231 euros.

In turn, the average outstanding loan value for housing credit contracts rose to 59,277 euros (59,193 euros in the previous month). A year earlier it stood at 57,881 euros.

In Portugal, and in all housing credit contracts, the implicit interest rate rose to 0.803% (up by 0.018 pp over the previous month). The average value of loan repayments for all contracts increased to 251 euros and the average outstanding loan value increased from 57,334 euros in September 2021 to 57,688 euros in October 2021, thus maintaining a steady growth since March 2019.

It should be noted that the results for October are influenced by the end of the moratorium regime on the responsibilities of households with housing loans, implemented in the context of the COVID-19 pandemic which began in April 2020 and originated reductions in the implicit interest rate and in the average loan repayment.

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