Banks "let go" of consumer loans - BoA: They perceive higher risk in home purchase loans
Albanians have sought more loans in the last three months of 2024, influenced by more favorable interest rates. According to the Bank of Albania's survey data on lending activity in the country, banks have eased lending standards for consumer loans, but there has been no easing of criteria for home loans.
Banks have responded to the higher demand for loans with a higher approval rate. The credit history and disposable income of individuals have made banks more tolerant in granting loans.
But why have banks eased lending standards for consumer loans and not for mortgages?
Competition among banks has made banks more tolerant in approving consumer loans, but has made it more difficult to obtain a home loan. This is because banks perceive a higher risk in terms of borrowers' solvency and have a lower tolerance for risk when it comes to home loans.
According to banks, demand for consumer and mortgage loans is expected to be higher throughout the first quarter of 2025. Financial institutions will respond to this high demand with a greater easing of lending standards.
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