Romania's BCR cuts down payment for mortgage loans
The largest local lender BCR has decided to decrease the down payment for mortgage loans from 35% to minimum 25%, but only for properties mortgaged in Romania's major cities such as Cluj-Napoca, Timisoara, Iasi, and Constanta.
After the giving-in-payment law entered into force on May 13, most local lenders increased the down payment for mortgage loans, which has almost completely frozen mortgage lending. BCR, for example, decided to raise it from 15% to 35% on May 9.
Competition Council president Bogdan Chiritoiu said in May that the Council was analyzing the local banking system, reports local Ziarul Financiar. The Competition Council suspected that some banks concluded agreements to set the same down payment levels.