In January 2024

Average value of loan payments in housing loans rose to 417 euros

According to information provided by Statistics Portugal (INE), in January 2024, the implicit interest rate in housing loans in the Autonomous Region of Madeira stood at 4.771%, registering an increase of 0.051 percentage points (pp) compared to the previous month. It should be noted that in January 2023, the implicit interest rate in housing loans was only 2.258%.

The average value of loan payments for all housing loan contracts increased by 6 euros compared to the previous month, reaching 417 euros, with interest set at 251 euros (up by 5 euros over the previous month) and amortisation at 166 euros (up by 1 euro over the preceding month). In the same month last year, the average value of loan payments was 331 euros.

Meanwhile, the average outstanding amount for housing loan contracts increased for the 9th consecutive month, reaching 64,097 euros in January 2024 (63,491 euros in December 2023). A year earlier, it was 62,142 euros.

At the national level, and considering all housing loan contracts, the implicit interest rate rose to 4.657%, an increase of 0.064 pp compared to the previous month. The average overdue payment for all contracts increased to 404 euros, with the average outstanding loan growing to 64,790 euros (64,597 euros in the previous month). In the country, interest rates rose by 4 euros compared to the previous month, while the amortised capital remained at 156 euros.

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