The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Types of originating lenders/market share:A.1.2
    Universal/ commercial banks100% of total100% of total100% of total
    Hypostat
    		A.1.2.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)0% of total0% of total0% of total
    Hypostat
    		A.1.2.2
    Non-depository financial institutions specialized in housing finance0% of total0% of total0% of total
    Hypostat
    		A.1.2.3
    General non-depository financial institutions0% of total0% of total0% of total
    Hypostat
    		A.1.2.4
    Others (e.g. insurance co, pension funds, labor tax funds)0% of total0% of total0% of total
    Hypostat
    		A.1.2.5
    Identify the 3 largest loan originating lendersSwedbank, SEB banka, Luminor BankSwedbank, Luminor Bank, SEB bankaSwedbank, SEB banka, DNB
    Bank of Lithuania
    		A.1.3
    Are there (quasi) public mortgage lenders:NoNoNoA.1.4
    Universal/ commercial banksNoNoNo
    Research
    		A.1.4.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)NoNoNo
    Research
    		A.1.4.2
    Non-depository financial institutions specialized in housing financeNoNoNo
    Research
    		A.1.4.3
    General non-depository financial institutionsNoNoNo
    Research
    		A.1.4.4
    Others (e.g. insurance co, pension funds, labor tax funds)NoNoNo
    Research
    		A.1.4.5
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    as a % of outstanding loan amount3%4%5%
    Bank of Lithuania Financial Stability Report
    		A.1.6.2
    Average 1997-2007 A.1.7
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:8,882.8 USD (millions)8,602.46 USD (millions)6,940.51 USD (millions)
    Bank of Lithuania
    		A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)16.67%18.06%16.14%
    Bank of Lithuania, WEO
    		A.2.1.1
    and as % of all credits outstanding27.5%29.59%26.13%
    Bank of Lithuania
    		A.2.1.2
    Total # of home mortgage loans outstanding at the end of yearNot available216.24 thousandNot available
    Bank of Lithuania Survey of the Financial Situation of Households with Loans
    		A.2.2
    Total amount of home mortgages made in calendar year in millions of USD1,531.7 USD (millions)1,330.76 USD (millions)1,166.12 USD (millions)
    Bank of Lithuania
    		A.2.3
    and as % of GDP (current) 2.87%2.79%2.71%
    Bank of Lithuania, WEO
    		A.2.3.1
    and as % of all credits originated in calender year32.35%25.12%25.51%
    Bank of Lithuania
    		A.2.3.2
    Total # of home mortgage originations made in calendar yearNot available23.56 thousand22.93 thousand
    Bank of Lithuania Survey of the Financial Situation of Households with Loans
    		A.2.4
    A.3 Housing Finance Products
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    Typical lender fees associated with mortgage origination: A.3.6
    Typical third party fees associated with mortgage origination:A.3.7
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTV85.0085.0085.00
    Bank of Lithuania Responsible Lending Regulations
    		A.3.8.1
    Typical LTV at origination 7575
    Bank of Lithuania Survey of the Financial Situation of Households with Loans
    		A.3.8.2
    Maximum term over which pmt is calculated? 30 years30 years30 years
    Bank of Lithuania Responsible Lending Regulations
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    Maximum pmt-to-income ratio (Individual income)40%40%40%
    Bank of Lithuania
    		A.3.10.2
    A.4 Lending and Servicing Process
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?Yes  
    Research
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Central Bank/Ministry of FinanceYes  
    Bank of Lithuania Financial Stability Report
    		A.4.2.1
    A.5 Credit Risk Assessment
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    Is mortgage default insurance available?NoNoNoA.5.3
    When did it begin operating?Non-applicableNon-applicableNon-applicableA.5.3.1
    Is there public sponsored MI / guarantee?NoNoNoA.5.5
    What % of the market does public MI / guarantee serve?Non-applicableNon-applicableNon-applicable
    Research
    		A.5.6
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other)primaryprimaryprimary
    Hypostat
    		B.1.1
    Wholesale funding: loans from other banks or corporationssecondarysecondarysecondary
    Lithuanian Central Credit Union
    		B.1.2
    Funding through mortgage bonds Non-applicableNon-applicableNon-applicableB.1.3
    Funding through securitization of mortgagesNon-applicableNon-applicableNon-applicableB.1.4
    What is the proportion of RMBS in the overall private securities market?0%0%0%B.4
    C. Housing Microfinance
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
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    Notes:
    Notes:
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD275,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD275,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD300,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD300,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD300,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD325,000)
    Notes: % of households
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    Notes: % of households
    Notes: % of households
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    Notes: % of households
    Notes: % of households
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with market rate rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: % of households with reduced rent
    Notes: 15% flat tax rate is imposed on gross rental income
    Notes: 15% flat tax rate is imposed on gross rental income
    Notes: 15% flat tax rate is imposed on gross rental income
    Notes: 15% tax imposed on gross rental income
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a housing mortgage provider in 1998. Its insurance license was revoked on January 28, 2016.
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Busto paskolu draudimas was established by the Gov of Lithuania as a mortgage insurance provider in 1998
    Notes: Capital gains are subject to a 15% flat tax. However, real property owned for at least three years are tax exempt
    Notes: Capital gains are subject to a 15% flat tax. However, real property owned for at least three years are tax exempt
    Notes: Capital gains are subject to a 15% flat tax. However, real property owned for at least three years are tax exempt
    Notes: Capital gains are subject to a 15% flat tax. However, real property owned for at least three years are tax exempt
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: Creditor must disclose agreed fee
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: DTSI cap of 40% with some exceptions up to 60%
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Estimate
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land.
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD250,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD250,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD250,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD260,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD270,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD290,000)
    Notes: Land tax varies from 0.01-4% of market value of land. Progressive real estate tax from 0.5-2% only applies to property values over EUR220,000 (~USD290,000)
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuanian Central Credit Union lends to its member credit unions for mortgage origination
    Notes: Lithuania's system for registering a property/title is among the most efficient in the world. The system is fully computerized
    Notes: Lithuania's system for registering a property/title is among the most efficient in the world. The system is fully computerized
    Notes: Lithuania's system for registering a property/title is among the most efficient in the world. The system is fully computerized
    Notes: Lithuania's system for registering a property/title is among the most efficient in the world. The system is fully computerized
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: LTV cap at 85%
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: Max tenure of 30 years
    Notes: new regulation introduced in 2015 that shortened the maximum term by 10 years
    Notes: Nordea and DNB merged to form Luminor
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Property sale tax of 21% only on new buildings
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Right to early repayment, withdrawal, and information
    Notes: Rounded average LTV ratio for new mortgages
    Notes: Rounded average LTV ratio for new mortgages
    Notes: Rounded average LTV ratio for new mortgages
    Notes: Rounded average LTV ratio for new mortgages
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: Subsidy of 10-20% of housing loan amount is offered by the government to individuals or families under certain income and asset requirements. It can be used to subsidize loan payment or to subsidize the down payment.
    Notes: The sole state-owned insurer had its license revoked on January 28, 2016
    Notes: up to 60 with special interest rates
    Notes: up to 60 with special interest rates
    Notes: up to 60 with special interest rates
    Notes: up to 60 with special interest rates