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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 2018	End of 2017	End of 2016	Sources	Var ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)	Civil	Civil	Civil	CIA Factbook	A.1.1
Are there specific laws that deal with mortgages?	Yes	Yes	Yes	Land Registration Act	A.1.2
Registration/Transfer of titles:					A.1.3
Does the law clearly define different types of property rights?	Yes	Yes	Yes	Land Registration Act	A.1.3.1
Are property rights easily transferable?	Yes	Yes	Yes	Doing Business Norway	A.1.3.2
Typical number of days needed for the transfer of title	3	3	3	WDI	A.1.3.4
Can liens be effectively enforced?	Yes	Yes	Yes	Lex Mundi	A.1.4
Number of months until lender acquires the property in case of foreclosure on a single-family residential property?	6-9	6-9	6-9	Lex Mundi	A.1.4.1
Cost of foreclosure process as a percentage of the value of a typical loan?	Not available	Not available	Not available	Lex Mundi	A.1.4.2
Are there legal constraints on mortgage features?	Yes	Yes	Yes	Lex Mundi	A.1.6
Interest rate caps	No	No	No	Lex Mundi	A.1.6.1
Loan-to-Value cap	Yes	Yes	Yes	Norway Ministry of Finance	A.1.6.2
Other	Yes	Yes		Norges Bank	A.1.6.4
Are there consumer rights for mortgage lending?	Yes	Yes	Yes	The Consumer Ombudsman	A.1.7
Are there disclosure requirements for mortgage lending?	Yes	Yes	Yes	IMF Norway Report	A.1.8
Is there specialized legislation covering:					A.1.9
Issuance of covered mortgage bonds	Yes	Yes	Yes	Norwegian Covered Bonds Market Update 2018 (by Finans Norge)	A.1.9.1

B. Housing Finance Subsidies

B.1 Subsidies to Housing Finance Institutions

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidized funding sources for mortgage lenders?	Yes	Yes	Yes	Norwegian State Housing Bank	B.1.1
Special government lines of credit	Yes	Yes	Yes	Norwegian State Housing Bank	B.1.1.1
Is the lending side of the housing finance system subsidized?	Yes	Yes		Norwegian State Housing Bank	B.1.2
Guarantees for mortgage loans	Yes	Yes		Norwegian State Housing Bank	B.1.2.2

B.2 Subsidies to Households

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidies to households on housing finance?	Yes	Yes	Yes	OECD	B.2.1
Interest rate subsidies by special government funds	Yes	Yes	Yes	Norwegian State Housing Bank	B.2.1.1
Buy-down of monthly/interest payments	Yes	Yes	Yes	Norwegian State Housing Bank	B.2.1.2
Down-payment subsidies	Yes	Yes	Yes	Norwegian State Housing Bank, OECD	B.2.1.3
Mortgage interest deductibility from income tax	Yes	Yes	Yes	Deloitte	B.2.1.5
Other	Yes	Yes	Yes	Norwegian Tax Office	B.2.1.6
Reach of subsidies in 2.1.1 to 2.1.4 ?					B.2.2

C. Taxation

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
What taxes apply to Residential Real Estate?					C.1
Tax on property (home-owners)	Yes	Yes	Yes	Deloitte	C.1.1
Property transaction taxes (purchase/selling)	No	No	No	Deloitte	C.1.2
Tax on mortgage interest pmts	No	No	No	Deloitte	C.1.4
Tax on capital gains on property	Yes	Yes	Yes	Deloitte	C.1.5
Are there tax benefits on rental properties?	Yes			Norwegian Tax Office	C.2

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