The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Number of firms originating and funding mortgage loans171169 
Norges Bank Financial Stability Report 2017
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks56% of total56.8% of total 
Norges Bank Financial Stability Report 2017
A.1.2.1
Other depository institutions (savings and loans/mutual savings and credit institutions)43% of total43.2% of total 
Norges Bank Financial Stability Report 2017
A.1.2.2
Identify the 3 largest loan originating lendersDNB, Nordea Bank, SpareBank 1 AllianceDNB ASA, Nordea Bank Norge ASA and Kommunalbanken AS  
Norges Bank
A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
Norwegian State Housing Bank
A.1.4
General non-depository financial institutionsYes  
Norwegian State Housing Bank
A.1.4.4
Typical lending spreads for mortgages  2.75%
Norges Bank
A.1.5
Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
Average 1997-2007 A.1.7
A.2 Size of Mortgage Finance Sector
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:323,992.09 USD (millions)289,094.3 USD (millions)256,026.34 USD (millions)
HypoStat
A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)81.72%78.04%66.23%
WEO and Statistics Norway
A.2.1.1
and as % of all credits outstanding  49.78%
SSB, CMSSubjectArea=bank-og-finansmarked, PLanguage=1, checked=true
A.2.1.2
A.3 Housing Finance Products
VariableEnd of 2017End of 2016End of 2015SourcesVar 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 LTV858585
IMF Norway Report
A.3.8.1
Maximum term over which pmt is calculated? 30 years30 years30 years
DNB
A.3.9
Mortgage pmt-to-income ratio A.3.10
A.4 Lending and Servicing Process
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Does the mortgage industry use standard principles/guidelines for underwriting?YesYesYes
The Financial Supervisory Authority of Norway
A.4.1
Which institutions define underwriting rules? A.4.2
Central Bank/Ministry of FinanceNoNoNo
The Financial Supervisory Authority of Norway
A.4.2.1
Secondary market facilityNo No
The Financial Supervisory Authority of Norway
A.4.2.2
Major LenderNoNoNo
The Financial Supervisory Authority of Norway
A.4.2.3
OtherYesYesYes
The Financial Supervisory Authority of Norway
A.4.2.4
Are loan originations conducted by others than employees of lenders?NoNo 
Research
A.4.3
A.5 Credit Risk Assessment
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
Do credit bureaus exist? YesYesYes
Doing Business Norway
A.5.2
Are there legal/regulatory constraints to gaining access to credit information?NoNoNo
Doing Business Norway
A.5.2.1
Are credit guarantee systems used? YesYesYes
Norges Bank
A.5.4
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2017End of 2016End of 2015SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)PrimaryPrimaryPrimary
IMF Norway Report
B.1.1
Wholesale funding: loans from other banks or corporationsTertiaryTertiaryTertiary
IMF Norway Report
B.1.2
Funding through mortgage bonds SecondarySecondarySecondary
Norges Bank Financial Stability Report 2017
B.1.3
Funding through securitization of mortgagesNon-applicableNon-applicableNon-applicable
Thomas Reuters
B.1.4
Other   Tertiary
 
B.1.5
C. Housing Microfinance
VariableEnd of 2017End of 2016End of 2015SourcesVar 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: Amendments added to the Financial Institutions Act in 2013
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: Pre-tax income
Notes: Pre-tax income
Notes: Pre-tax income
Notes: Pre-tax income
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: 1800 USD Fee plus the cost of legal services
Notes: 1800 USD public fee plus the cost of legal assistance
Notes: 1800 USD public fee plus the cost of legal assistance
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: 2014 = 100
Notes: Amendments added to the Financial Institutions Act in 2013
Notes: Amendments added to the Financial Institutions Act in 2013
Notes: Amendments added to the Financial Institutions Act in 2013
Notes: Amendments added to the Financial Institutions Act in 2013  
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices
Notes: Annual Change in Nominal House Prices 
Notes: can finance all or parts of the house cost
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate
Notes: Converted from EURO to USD with end of year exchange rate 
Notes: Converted from EURO to USD with end of year exchange rate  
Notes: Entire Country
Notes: Entire Country
Notes: Entire Country
Notes: Entire Country
Notes: Entire Country
Notes: Entire Country
Notes: First introduced
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: If the owner lived in the property being sold for at least one year, the dwelling is eligible for tax free capital gains
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank Loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank loans
Notes: Inter-bank Loans
Notes: Inter-bank loans
Notes: Inter-bank Loans
Notes: Inter-bank Loans
Notes: Inter-bank loans.
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages
Notes: interest deduction applied to all debts not just mortgages 
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities
Notes: levied at a municipal level, not present in all municipalities 
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure
Notes: National Figure, note that 80% lives in Urban Areas
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015) 
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank is funded by national government. In 2015, the Housing Bank financed almost a fifth of all housing units started through basic construction loans and grants for sheltered housing (annual report 2015)
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank, Other Credit Institutions, Life Insurance Companies
Notes: Norwegian State Housing Bank; funded by the central government, in charge of housing subsidies and grants, also makes market rate loans
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: only a stamp duty of 2.5%
Notes: Percentage of population, not dwelling units
Notes: Percentage of population, not dwelling units
Notes: Percentage of population, not dwelling units
Notes: Pre-tax income
Notes: Pre-tax income
Notes: Tenant, rented at reduced price or free, in all areas
Notes: Tenant, rented at reduced price or free, in all areas
Notes: The Financial Supervisory Authority of Norway  
Notes: The Financial Supervisory Authority of Norway; government agency responsible for oversight of financial institutions
Notes: The Financial Supervisory Authority of Norway; government agency responsible for oversight of financial institutions
Notes: The Financial Supervisory Authority of Norway; government agency responsible for oversight of financial institutions
Notes: The Financial Supervisory Authority of Norway; government agency responsible for oversight of financial institutions
Notes: The report does not mention whether the Housing Bank is included in the data
Notes: The report does not mention whether the Housing Bank is included in the data
Notes: The report does not mention whether the Housing Bank is included in the data
Notes: The report does not mention whether the Housing Bank is included in the data 
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477
Notes: Total Credit from Table 07477