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Europe and Central Asia

Housing Finance Policy

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A. Legal and Regulatory Framework
- A.1 Legal and Regulatory Framework
B. Housing Finance Subsidies
- B.1 Subsidies to Housing Finance Institutions
- B.2 Subsidies to Households
C. Taxation

A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework

Variable	End of 2017	End of 2016	End of 2015	Sources	Var ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)	Civil	Civil	Civil	European Commission	A.1.1
Are there specific laws that deal with mortgages?	Yes	Yes	Yes	Austria LIS	A.1.2
Registration/Transfer of titles:					A.1.3
Does the law clearly define different types of property rights?	Yes	Yes	Yes	Austria LIS	A.1.3.1
Are property rights easily transferable?	Yes	Yes	Yes	Doing Business	A.1.3.2
Identify barriers to the registration/ transfer of property title.	Transaction cost, transfer tax, registration fee	Transaction cost, transfer tax, registration fee	Transaction cost, transfer tax, registration fee	Country Editor	A.1.3.3
Typical number of days needed for the transfer of title	20.50	20.50	20.50	WDI	A.1.3.4
Can liens be effectively enforced?	Yes	Yes	Yes	Country Editor	A.1.4
Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)	Not available	Not available	Not available		A.1.4.3
Are there legal constraints on the types of mortgage products that are permitted?	Not available	Not available	Not available		A.1.5
Are there legal constraints on mortgage features?	Not available	Not available	Not available		A.1.6
Interest rate caps		No	No	Research Institute for Housing America	A.1.6.1
Loan-to-Value cap		No	No		A.1.6.2
Payment-to-Income maximum			Not available		A.1.6.3
Are there consumer rights for mortgage lending?	Yes	Yes	Yes	Country Editor	A.1.7
Are there disclosure requirements for mortgage lending?			Not available		A.1.8
Is there specialized legislation covering:					A.1.9
Issuance of covered mortgage bonds	Yes	Yes	Yes	European Covered Bond Council	A.1.9.1
Issuance of RMBS	Yes	Yes	Yes	European Union Law	A.1.9.2

B. Housing Finance Subsidies

B.1 Subsidies to Housing Finance Institutions

Variable	End of 2017	End of 2016	End of 2015	Sources	Var ID
Are there subsidized funding sources for mortgage lenders?			Not available		B.1.1
Special government lines of credit			Not available		B.1.1.1
Government supported liquidity facility			Not available		B.1.1.2
Labor or other tax funds for mortgage lending			Not available		B.1.1.3
Tax breaks on mortgage bonds or RMBS			Not available		B.1.1.4
Loss and/or cash flow guarantees for RMBS			Not available		B.1.1.5
Other		No	No	Securitisation	B.1.1.6
Is the lending side of the housing finance system subsidized?		No	No	Country Editor	B.1.2
Shared credit risk through public/private mortgage insurance			Not available		B.1.2.1
Guarantees for mortgage loans			Not available		B.1.2.2
Other			Not available		B.1.2.3

B.2 Subsidies to Households

Variable	End of 2017	End of 2016	End of 2015	Sources	Var ID
Are there subsidies to households on housing finance?	Yes	Yes	Yes	Country Editor	B.2.1
Interest rate subsidies by special government funds	Yes	Yes	Yes	Country Editor	B.2.1.1
Buy-down of monthly/interest payments	Yes	Yes	Yes	Country Editor	B.2.1.2
Down-payment subsidies	Yes	Yes	Yes	Country Editor	B.2.1.3
Subsidies to savings for mortgage loans	Yes	Yes	Yes	Country Editor	B.2.1.4
Mortgage interest deductibility from income tax	Yes	Yes	Yes	Country Editor	B.2.1.5
Other			Not available		B.2.1.6
Reach of subsidies in 2.1.1 to 2.1.4 ?					B.2.2
What is the highest income decile targeted?	7 decile	7 decile	7 decile	Country Editor	B.2.2.1
What is the lowest income decile targeted?	2 decile	2 decile	2 decile	Country Editor	B.2.2.2

C. Taxation

Variable	End of 2017	End of 2016	End of 2015	Sources	Var ID
What taxes apply to Residential Real Estate?					C.1
Tax on property (home-owners)	Yes	Yes	Yes	Country Editor	C.1.1
Property transaction taxes (purchase/selling)	Yes	Yes	Yes	Country Editor	C.1.2
Mortgage transaction taxes	Yes	Yes	Yes	Country Editor	C.1.3
Tax on mortgage interest pmts	No	No	No	Country Editor	C.1.4
Tax on capital gains on property	Yes	Yes	Yes	Country Editor	C.1.5
Other			Not available		C.1.6
Are there tax benefits on rental properties?	No	No	No	Country Editor	C.2

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