A. Primary Housing Finance Market
A.1 Industry Structure and Performance
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Number of firms originating and funding mortgage loans | 10 | 7 | Country Editor | A.1.1 | |
| Types of originating lenders/market share: | A.1.2 | ||||
| Universal/ commercial banks | 86% of total | National Bank of Rwanda | A.1.2.1 | ||
| Other depository institutions (savings and loans/mutual savings and credit institutions) | 14% of total | National Bank of Rwanda | A.1.2.2 | ||
| Identify the 3 largest loan originating lenders | Bank of Kigali, I&M Bank, Cogebank | BRD, BCR and Bank of Kigali | Country Editor | A.1.3 | |
| Are there (quasi) public mortgage lenders: | No | Country Editor | A.1.4 | ||
| Universal/ commercial banks | No | Country Editor | A.1.4.1 | ||
| Other depository institutions (savings and loans/mutual savings and credit institutions) | No | Country Editor | A.1.4.2 | ||
| Non-depository financial institutions specialized in housing finance | No | Country Editor | A.1.4.3 | ||
| General non-depository financial institutions | No | Country Editor | A.1.4.4 | ||
| Others (e.g. insurance co, pension funds, labor tax funds) | No | Country Editor | A.1.4.5 | ||
| Typical lending spreads for mortgages | 8.84% | 9.2% | 8.46% | National Bank of Rwanda Annual Report | A.1.5 |
| Level of Non-Performing Mortgage Loans (90 days or more past due): | A.1.6 | ||||
| as a % of # of loans | 5.8% | 5.1% | 4.5% | National Bank of Rwanda Financial Stability Report | A.1.6.1 |
| Average 1997-2007 | A.1.7 | ||||
| Lowest decile of the income distribution served by the dominant mortgage lenders | 2 decile | Country Editor | A.1.8 | ||
A.2 Size of Mortgage Finance Sector
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Total amount of home mortgage loans outstanding at the end of year in millions of USD: | 542.9 USD (millions) | 388.65 USD (millions) | National Bank of Rwanda Annual Report | A.2.1 | |
| Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) | 6.56% | 4.85% | National Bank of Rwanda Annual Report | A.2.1.1 | |
| and as % of all credits outstanding | 34.6% | 33.9% | National Bank of Rwanda Annual Report | A.2.1.2 | |
| Total amount of home mortgages made in calendar year in millions of USD | 248.77 USD (millions) | 149.32 USD (millions) | National Bank of Rwanda Annual Report | A.2.3 | |
| and as % of GDP (current) | 2.96% | 2.04% | National Bank of Rwanda Annual Report | A.2.3.1 |
A.3 Housing Finance Products
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var 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 LTV | 90 | 90 | 90 | Development Bank of Rwanda | A.3.8.1 |
| Typical LTV at origination | 60% | A.3.8.2 | |||
| Maximum term over which pmt is calculated? | 20 years | 20 years | 20 years | Development Bank of Rwanda | A.3.9 |
| Mortgage pmt-to-income ratio | A.3.10 | ||||
| Maximum pmt-to-income ratio (HH income) | 32% | Finmark | A.3.10.1 | ||
| Maximum pmt-to-income ratio (Individual income) | 33% | Finmark Report- http://hofinet.org/documents/doc.aspx?id=806 | A.3.10.2 | ||
A.4 Lending and Servicing Process
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Does the mortgage industry use standard principles/guidelines for underwriting? | Yes | A.4.1 | |||
| Which institutions define underwriting rules? | A.4.2 | ||||
| Central Bank/Ministry of Finance | Yes | National Bank of Rwanda | A.4.2.1 | ||
A.5 Credit Risk Assessment
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Do credit bureaus exist? | Yes | Credit Reference Bureau | A.5.2 | ||
| Is mortgage default insurance available? | No | A.5.3 | |||
| When did it begin operating? | N/A | A.5.3.1 | |||
| What is the typical MI product? | N/A | A.5.3.2 | |||
| Number of private mortgage insurers | N/A | A.5.3.3 | |||
| Are credit guarantee systems used? | Yes | Country Editor | A.5.4 | ||
| Is there public sponsored MI / guarantee? | No | Country Editor | A.5.5 |
B. Funding Sources for Mortgages and the Secondary Mortgage Market
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| What are the main funding sources for mortgages? | B.1 | ||||
| Retail funding (deposits/other) | primary | primary | Country Editor | B.1.1 | |
| Wholesale funding: loans from other banks or corporations | secondary | Country Editor | B.1.2 | ||
C. Housing Microfinance
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Are non-collateralized housing micro-finance loans offered? | Yes | Country Editor | C.1 | ||
| Types of lenders operating in the housing micro-finance (HMF) sector: | C.2 | ||||
| Commercial banks | Yes | Yes | National Bank of Rwanda | C.2.1 | |
| Specialized non-depository MFIs | Yes | Country Editor | C.2.2 | ||
| NGOs | No | Country Editor | C.2.3 | ||
| Level of NPLs (>90 days past due) in HMF | C.4 | ||||
| as a % of loans | 11.3% | 12% | 9.2% | National Bank of Rwanda Microfinance Report | C.4.1 |
| as a % of outstanding loan amount | 14.06% | National Bank of Rwanda | C.4.2 | ||