Conditions for taking out a loan will toughen up again

One of the reasons is the continual increase of indebtedness in Slovakia.

Illustrative stock photoIllustrative stock photo (Source: SME)

It will be more difficult to take out a mortgage as of next January. The National Bank of Slovakia (NBS), the country’s central bank, has submitted a proposal introducing new limitations to prevent the rising indebtedness of people living in Slovakia for interdepartmental review.

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The measures should also ensure that the sum people keep after paying all instalments will be higher than it is now, the Sme daily reported.

Related article Slovakia's central bank introduces stricter rules for loan takers Read more 

Currently, banks take into consideration the sum minus subsistence level when deciding on a loan, mortgage or consumer loan. They can offer a loan from the remaining sum, but the total sum paid via instalment should not exceed 80 percent of the client’s monthly income.

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The banks thus protect both themselves and their clients if, in the case of some unpredictable situation, they are not able to pay a higher instalment, Sme wrote.

What does NBS propose?

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