In March 2021

Implicit interest rate in housing credit in the Autonomous Region of Madeira decreased from the previous month while the loan repayments increased

In March 2021, the implicit interest rate in housing credit in the Region was 0.739%, decreasing by 0.008 percentage points (pp) from the previous month. It is the lowest value of the available time series, which starts in January 2009. In March 2020, the rate was 0.950%.

The average value of loan repayments went up to €231 in the month of reference, with the interest component standing at €36 (same value as in the previous month) and the capital amortisation at €195 (up by €3 from the previous month). In March 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 6^th consecutive month to €58,445 (€58,269 in the previous month). One year before it stood at €57,891.

In Portugal, the implicit interest rate in housing credit stood at 0.841% (down by 0.012 pp from the previous month), while the average value of loan repayments increased to €228. The average outstanding loan value for Portugal rose from €55,447 in February 2021 to €55,671 in March 2021, 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.

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