Fewer loans with participation of financial intermediaries in Q2 2020
14:00
In second quarter this year, the value of mortgage loans granted with the participation of financial intermediaries decreased by 12 percent on quarterly basis and by 10 percent y/y, the Union of Financial Intermediary Companies (ZFPF) reported. As noted in the report, this time was entirely covered by the Covid-19 pandemic.
The ZFPF explains that this is due to the tightening of the criteria for granting mortgage loans by most banks. Among other things, the required own contribution was increased, which in most banks must now be 20 percent. Moreover, banks are reluctant to grant loans to people whose source of income is business activity or a civil law contract.
According to the president of ZFPF, Adrian Jarosz, it should come as no surprise that the value of mortgage loans granted with the help of ZFPF financial experts fell noticeably in Q2 this year.
"As for the future, it looks quite optimistic now, as the value of applications submitted in June and July is close to the previous year's level. The risk, however, is that banks may reject a significant part of these applications and a second wave of the pandemic, which may reduce the demand for loans,” he noted.
According to the report, financial experts brokered significantly smaller cash and company loans than in the previously analyzed period. As for corporate loans taken out with the support of ZFPF member companies, their value amounted to PLN 329.17 million, which was 46 percent decrease on quarterly basis and 59 percent on annual basis. The Union explained that this is due to the stricter policy of banks, especially towards companies from the SME sector, including those operating in industries "sensitive" to Covid-19, which apply for short- and long-term loans.
(PAP)
