Banks restrict consumer credit – Economy

Banks restrict consumer credit – Economy

Banks have maintained their requirements for loans granted to families, having slightly tightened the rules on consumer credit, a segment in which demand increased in the second quarter. This is the picture drawn by the survey of banks on the credit market carried out by the Bank of Portugal and released this Tuesday.The criteria for granting loans are practically unchanged for “individuals, for the purchase of housing, and slightly more restrictive for consumer credit and other purposes”, according to the institution led by Mário Centeno. According to the BdP, the “general economic situation and outlook and the credit quality of consumers” contributed to this. At the same time, there was a slight increase in the interest rate charged on consumer loans and other purposes. However, banks also reported a slight increase in the proportion of rejected loan applications, both for housing and consumer credit.
As for expectations for the coming months, banks anticipate maintaining the same criteria for granting credit, both for families and companies.

Demand for housing rises in the Eurozone
Demand for housing credit increased in the Eurozone in the second quarter for the first time since 2022, while banks relaxed conditions for accessing this type of financing, the European Central Bank (ECB) revealed this Tuesday.

Eurozone banks reported a slight tightening of conditions for access to loans for companies, consumers and other loans to households, but there was an easing in loans for home purchases.

Facilitate access for young people up to 35
The Government has launched a series of measures to make it easier for young people up to the age of 35 to buy a house. The measures, which will come into force from 1 August, include exemption from the Municipal Property Transfer Tax, Stamp Duty and fees on the purchase of a first home. The state will also provide a guarantee on the purchase of the house.

Source: www.cmjornal.pt