Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)CivilCivilCivil
    CIA World Factbook
    		A.1.1
    Are there specific laws that deal with mortgages? YesYesYes
    Research
    		A.1.2
    Registration/Transfer of titles:A.1.3
    Typical number of days needed for the transfer of title161616
    WDI
    		A.1.3.4
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2017End of 2016End of 2015SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) Yes YesC.1.1
    Property transaction taxes (purchase/selling)Yes Yes
    Thomson Reuters, contextData=(sc.Default), firstPage=true, comp=pluk, bhcp=1
    		C.1.2
    Tax on mortgage interest pmtsYes  
    Research
    		C.1.4
    Tax on capital gains on property Yes YesC.1.5
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    Notes:
    Notes:
    Notes:
    Notes: Actual value is -0.17
    Notes: Actual value is -0.34
    Notes: all mortgages are written by banks
    Notes: Capital gains tax levied if property was held for less than 5 years under "miscellaneous income"
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units
    Notes: figure represents tenure by households, not tenure by units  
    Notes: figure represents tenure by households, not tenure by units  
    Notes: figure represents tenure by households, not tenure by units 
    Notes: found by taking average household size * median per capita household income
    Notes: Gains from property sale held for less than five years are taxed as income
    Notes: In 2015, interest rates were at historic lows. Therefore, many people took loans with a fixed rate as they did not want to expose themselves to rate increases in the future
    Notes: includes all mortgages with a term greater than 10 years
    Notes: maximum term is extended to 40 years for first-time home buyers under 35
    Notes: Property tax is generally levied at 0.76%
    Notes: report gives a range of 33-40
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Table TSC20400
    Notes: Taken from Introduction to Mortgages and Mortgage Backed Securities by Richard Green, 2013
    Notes: Tax rate ranges from 0.4% to 0.76% depending on the property location
    Notes: The First Home Guarantee Fund enables mortgagers to request a loan of up to 100% of the property value (exceeding the maximum LTV of 80%)
    Notes: The transaction tax is levied at 2% of the sale price
    Notes: The transaction tax is levied at 2% of the sale price