The Housing Finance System

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A. Primary Housing Finance Market

A.1 Industry Structure and Performance
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Number of firms originating and funding mortgage loans 2993
BCEAO, Country Editor
A.1.1
Types of originating lenders/market share:A.1.2
Universal/ commercial banks50% of total50% of total 
Country Editor
A.1.2.1
Identify the 3 largest loan originating lendersBanque de l'Habitat de Senegal (BHS), Societe Generale de Banques au Senegal, BICIS  
Country Editor
A.1.3
Are there (quasi) public mortgage lenders:YesYesYes
BHS
A.1.4
Universal/ commercial banksYesYesYes
BHS
A.1.4.1
Other depository institutions (savings and loans/mutual savings and credit institutions) Yes 
Caisse des Depots Consignations
A.1.4.2
Typical lending spreads for mortgages 1.13% 
BCEAO
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 2018End of 2017End of 2016SourcesVar ID
Total amount of home mortgage loans outstanding at the end of year in millions of USD:  128.48 USD (millions)A.2.1
Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)  .86%
WEO and CAHF
A.2.1.1
Total amount of home mortgages made in calender year in millions of USD 82.5 USD (millions)103.9 USD (millions)
BCEAO
A.2.3
and as % of GDP (current)  .5%.71%
BCEAO
A.2.3.1
and as % of all credits originated in calender year 1.57%2.24%
BCEAO
A.2.3.2
A.3 Housing Finance Products
VariableEnd of 2018End of 2017End of 2016SourcesVar 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
10 year fixed rate mortgage 7.62% 
BCEAO
A.3.4.1
Typical lender fees associated with mortgage origination: A.3.6
Fixed in amount   321.39 USD A.3.6.1
as % of loan amount1%1%1%
 
A.3.6.2
Typical third party fees associated with mortgage origination:A.3.7
Loan-to-Value (LTV) on first mortgage: A.3.8
Maximum LTV100100100
BHS
A.3.8.1
Maximum term over which pmt is calculated?   25 yearsA.3.9
Mortgage pmt-to-income ratio A.3.10
A.4 Lending and Servicing Process
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Which institutions define underwriting rules? A.4.2
A.5 Credit Risk Assessment
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Do credit bureaus exist? YesYesNo
BCEAO
A.5.2
Is mortgage default insurance available?NoNo A.5.3
B. Funding Sources for Mortgages and the Secondary Mortgage Market
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
What are the main funding sources for mortgages?B.1
Retail funding (deposits/other)primaryprimaryprimary
Country Editor
B.1.1
Wholesale funding: loans from other banks or corporationssecondarysecondary 
Country Editor
B.1.2
C. Housing Microfinance
VariableEnd of 2018End of 2017End of 2016SourcesVar ID
Are non-collateralized housing micro-finance loans offered? YesYesYes
CAHF
C.1
Types of lenders operating in the housing micro-finance (HMF) sector:C.2
Specialized non-depository MFIs YesYesYes
Country Editor, IMF
C.2.2
NGOsYesYesYes
Country Editor, IMF
C.2.3
Others  YesC.2.4
Level of NPLs (>90 days past due) in HMFC.4
as a % of loans5.45%4.87% 
BCEAO
C.4.1
Are non-collateralized but secured housing finance products offered (e.g. secured by pension or insurance savings)NoNo 
Country Editor
C.5
back to top | Country Data:
Notes: not available beyond the provident insurance involved in BHS Pack 35
Notes: Property Tax on Developed Land (contribution foncière des proprieties bâties) is levied at a rate of 5% for all immovable properties except factories. Refer to Article of the Code General de Impots , Loi -2012-31
Notes: Property Tax on Developed Land (contribution foncière des proprieties bâties) is levied at a rate of 5% for all immovable properties except factories. Refer to Article of the Code General de Impots , Loi -2012-31
Notes: The Caisse des Depots et Consignations is a public bank, mandated to contribute to the economic development of the country by investing in projects such as social housing
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 25 banks, 4 finance institutes
Notes: average of fixed and variable rates
Notes: Banque de l'Habitat de Senegal (BHS) alone is estimated to originate about 25% of all housing loans. Source: BCEAO, 2014
Notes: Banque de l'Habitat de Senegal (BHS) alone is estimated to originate about 25% of all housing loans. Source: BCEAO, 2014
Notes: BCEAO manages a Bureaux d’Information sur le Crédit (BIC), but there are no private credit bureaus
Notes: BCEAO manages a Bureaux d’Information sur le Crédit (BIC), but there are no private credit bureaus
Notes: Capital gains are considered as business income and are subject to a flat tax of 30% of the net gain.
Notes: Capital gains realized from the sale of real property are considered as business income and are subject to corporate income tax at a flat rate of 30% on the net gains. The seller or the owner of the property is held liable for this tax.
Notes: Capital gains realized from the sale of real property are considered as business income and are subject to corporate income tax at a flat rate of 30% on the net gains. The seller or the owner of the property is held liable for this tax.
Notes: Capital gains realized from the sale of real property are considered as business income and are subject to corporate income tax at a flat rate of 30% on the net gains. The seller or the owner of the property is held liable for this tax.
Notes: Capital gains realized from the sale of real property are considered as business income and are subject to corporate income tax at a flat rate of 30% on the net gains. The seller or the owner of the property is held liable for this tax.
Notes: Capital gains realized from the sale of real property are considered as business income and are subject to corporate income tax at a flat rate of 30% on the net gains. The seller or the owner of the property is held liable for this tax.
Notes: combines owners and co-owners
Notes: combines renters and co-renters
Notes: estimate
Notes: Figure comes from the formal market in Dakar which mainly caters to high income clients
Notes: For loans that are greater than 50mm FCFA in value.
Notes: For loans that are greater than 50mm FCFA in value.
Notes: For loans that are greater than 50mm FCFA in value.
Notes: For loans that are greater than 50mm FCFA in value.
Notes: For loans that are greater than 50mm FCFA in value.
Notes: generally requires purchase of provident mortgage insurance
Notes: inter-bank market is underdeveloped. Banks can access liquidity through the Caisse Régionale de Refinancement Hypothécaire (CRRH), a Regional Refinancing Entity for WAEMU countries. Senegalese banks have acccessed 20 billion CFA ($34.5 million USD)
Notes: inter-bank market is underdeveloped. Banks can access liquidity through the Caisse Régionale de Refinancement Hypothécaire (CRRH), a Regional Refinancing Entity for WAEMU countries. Senegalese banks have acccessed 20 billion CFA ($34.5 million USD)
Notes: Most MFIs in Senegal that are nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: Most MFIs in Senegal that are not nongovernmental organizations are "mutual MFIs."
Notes: not available beyond the provident insurance involved in BHS Pack 35
Notes: Number of banks and microfinance agencies that offer mortgage loans.
Notes: Property tax is levied at a rate of 5% of the property's rental value.
Notes: Property Tax on Developed Land (contribution foncière des proprieties bâties) is levied at a rate of 5% for all immovable properties except factories. Refer to Article of the Code General de Impots , Loi -2012-31
Notes: Represents only BHS housing loans outstanding, which in 2013 dominated the housing finance market.
Notes: Represents only BHS housing loans outstanding, which in 2013 dominated the housing finance market.
Notes: Represents only BHS housing loans outstanding, which in 2013 dominated the housing finance market.
Notes: Represents only BHS housing loans outstanding, which in 2013 dominated the housing finance market.
Notes: Senegal participates in the regional mortgage refinancing facility, CRRH
Notes: Senegal participates in the regional mortgage refinancing facility, CRRH
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Senegal's mortgage bank focuses primarily on providing housing finance to its citizens, but it also offers a wider range of typical commercial bank services like savings and checking accounts, debit cards, and retirement accounts. It has been in operation since 1980 but previously served more as a short-term credit provider and not a true mortgage bank.
Notes: Société Immobilière du Cap-Vert (SICAP) is a majority state owned developer that offers homes to low income households on a rent-to-buy program
Notes: Société Immobilière du Cap-Vert (SICAP) is a majority state owned developer that offers homes to low income households on a rent-to-buy program
Notes: The ARIZ guarantee from Agence Francaise de Développement (AFD) guarantees loans to micro, small, and medium enterprises (MSMEs), and microfinance institutions (MFIs). The maximum amount guaranteed is EUR 2 million (USD 2.3 million) per transaction and EUR 4 million (USD 4.7 million) per company or group.
Notes: The ARIZ guarantee from Agence Francaise de Développement (AFD) guarantees loans to micro, small, and medium enterprises (MSMEs), and microfinance institutions (MFIs). The maximum amount guaranteed is EUR 2 million (USD 2.3 million) per transaction and EUR 4 million (USD 4.7 million) per company or group.
Notes: The Caisse des Depots et Consignations is a public bank, mandated to contribute to the economic development of the country by investing in projects such as social housing
Notes: The State created the Fonds de garantie pour l’acces du lodgement (FOGALOG) in 2015 to facilitate access to financing for the construction or purchase of low-income housing. BHS signed an agreement with FOGALOG in 2015.
Notes: The State created the Fonds de garantie pour l’acces du lodgement (FOGALOG) in 2015 to facilitate access to financing for the construction or purchase of low-income housing. BHS signed an agreement with FOGALOG in 2015.