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As of the end of 2008, volume of the KredEx housing loan guarantee portfolio amounted to 608 million kroons. KredEx loan guarantee in the amount of 122 million kroons was used by 899 young families, in the amount of 96 million kroons by 713 young specialists, and in the amount of 845,000 kroons by tenants residing in restituted houses.
In 2008 banks issued 1622 housing loans with KredEx guarantee in the amount of 1.3 billion kroons. Among all the housing loans issued in Estonia, volume of the loans issued with the KredEx guarantee was 5.93% as annual average, amounting even to 12.84% in December. In 2007, the weight in question was 3.8%.
According to Ms Mirja Adler, Head of the KredEx Housing Product Division, the main reason for the increased weight of loan guarantees could be the toughening of housing loan conditions, enhancement of payment risks, and the decline of value of real estate guarantees based on banks’ views. “The rise of weight has certainly been influenced by overall decline of housing loan volume as well. In 2008, the overall housing loan market declined several times – when in March, housing loans for 2.9 billion kroons were issued, then in December, for 924 million kroons only, i.e. three times less,” Ms Adler added. 2008. In 2008, 75% of KredEx housing loan guarantees was used for the purchase of apartments, 12% - for the purchase of residential buildings, the remaining part was used for renovation or construction. Since 2000, KredEx has been issuing housing loan guarantees intended for young families, young specialists and tenants residing in restituted houses. During this period, 12,884 young families, 6,441 young specialists and 69 tenants residing in restituted houses (over 19,000 households in total) have improved their living conditions.
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