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The credit for buying a house is increasing
29 September – Il Sole 24 Ore
The house is at the first place for Italians, also when it comes to loans. It’s not the first time that house is the first destination when applying for a loan, motivated also by the possibility to amortize the instalments thanks to the building relief. Nevertheless, this tendency seems to have been stronger in the past few months.
According to the analysis carried out by Prestiti.it and Facile.it on over 70 thousand loan applications, the house is the first reason with 39% of the total that brings people to apply for loans. Reads the report, “In the period from 1st January to 31st August, 29.2% of the applications were for funding of property renovation costs, followed by the purchase of furniture (7.1%), and the purchase of a property (2.8%)”. In 2016, loans for buying a house were 24.6% of the total, meaning a growth of 15 percentage points over one year (in the first quarter of 2017 the percentage was 29%). In detail, in 2016 14.8% of the loans was for renovations, 7.5% for the furniture, and 2.3% for the purchase.
In the first 8 months of the year, the average requested amount has been 9,747 euro to return in 59 instalments (little less than five years). The highest amount reported was connected to the purchase of a property (on average 25,319 euro), followed by loans for a new car (15,369 euro), and for renovations (15,176 euro). In 72.1% of the cases, the applicant was a man and the average age was little below 41 years, even though the age range of people using consumer credit is under 35 years (37.4%).
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi