Rules for mortgages will be stricter for people over 40 in Slovakia

Slovakia's central bank has adjusted the rules for loans based on age.

Illustrative photo.Illustrative photo. (Source: TASR)

The age of clients requesting mortgages is increasing, also due to rising prices of properties. Some borrowers will not be able to repay their loans before they turn 75. The National Bank of Slovakia (NBS) fears that this trend will get out of control.

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Not all borrowers count on the risk of an income drop after they retire and with health complications tied to old age. The result can lead to an uncomfortable financial situation, which could possibly make it impossible for them to pay back their debts.

Slovakia's central bank, NBS, thus adjusted the indicator of total indebtedness to income for loans affecting retirement. The goal is to keep people from retiring with too much mortgage debt. The changes to the indicator are published in the NBS report and should apply from January 1, 2023.

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