In November 2022

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

According to information made available by Statistics Portugal (INE), in November 2022, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 1.591%, increasing by 0.296 percentage points (pp) from the previous month, growing for the 8^th consecutive month and reaching the highest value since December 2012. It should be noted that, In November 2021, the implicit interest rate was 0.766%.

The average value of loan repayments for all housing credit contracts rose 11 euros, to 301 euros in the month of reference, with the interest set at 82 euros (up by 16 euros from the previous month and the same value as in February 2013) and the capital amortisation at 219 euros (down by 5 euros over the previous month). In November 2021, the average value of loan repayments was 266 euros.  

In turn, the average outstanding loan value for housing credit contracts increased by 61,718 euros (61,432 euros in October 2022). A year earlier it stood at 59,088 euros. 

In Portugal, and for all housing credit contracts, the implicit interest rate rose to 1.597%, up by 0.269 pp over the previous month. The average value of loan repayments increased to 288 euros, with the average outstanding loan value going up from 61,513 euros, in October 2022, to 61,763 euros, in November 2022. In the country, the interest rose by 14 euros compared to the previous month, while capital amortisation fell by 5 euros.

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