On average, one in ten housing loans is issued with a KredEx guarantee


In the third quarter, banks issued 528 housing loans with KredEx guarantees, totalling EUR 30.7 million. Whilst the housing loan market has grown 10.5% compared to the same period last year, the volume of loans granted with KredEx guarantees has increased by 5%. Of all the housing loans issued in Estonia, the volume of housing loans granted with KredEx guarantees made up 13%, on average, in the third quarter.

As at the end of the third quarter, the portfolio of KredEx housing loan guarantees totalled EUR 37 million. In the third quarter, KredEx guarantees were used by 251 young families, in the amount of EUR 1.9 million; 274 young specialists, in the amount of EUR 2 million; and 3 veterans, in the amount of EUR 22,400.

In the second quarter, the average amount of a loan taken out with a KredEx guarantee was EUR 58,084. Housing loan guarantees have been used most often for acquiring homes in Tallinn (30%), Harju County (16%), and Tartu (11%). The guarantee has been used least often in Valga County (0.4%) and Võru County (1.1%).
Housing loan guarantees were mainly used to purchase apartments (81%) and houses (17%); the remainder were used for the renovation or construction of living premises.

KredEx has been providing housing loan guarantees since 2000, and in the intervening years 24,627 households have upgraded their living conditions with the help of KredEx; of those, 14,339 are young families; 10,196 are young specialists; 62 are lessees living in houses returned to their owners; and 30 are veterans of the Defence Forces or the Defence League.

KredEx is a state-owned financial institution helping to improve the financing options of Estonian enterprises, managing credit risks and helping people to build or renovate their homes.