BCR’s sale of RON-based mortgage loans increases four fold by May

Banca Comerciala Romana (BCR), the biggest lender in Romania by assets that is controlled by Austria’s Erste Bank, said on Monday its sales of mortgage loans in RON that have fixed interest rate increased four fold in the first five months of this year against the same period of last year.

The bank is currently selling both loans under Prima Casa (the state-backed scheme for real estate acquisition) and Casa Mea, which has a fixed interest rate of 5 percent in the first five years.

“Now when the interest rates in RON have reached historic lows there is the possibility emerging of (e.n. offering) fixed interest rates for a longer period (5 years) and of protecting clients from any potential increase in this rate,” said Andrew Gerber, head of retail products of BCR, in a statement.

The bank said that the average mortgage loan that it granted this year has increased by 15 percent to RON 160,000 compared to last year.

Romanians generally use bank loans to buy 2-room or 3-room flats and houses, according to BCR.

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Ovidiu Posirca