A small increase in demand from households for mortgages in the last quarter of 2021 is recorded by the Bank of Greece.
According to the results of the bank lending survey in the second quarter of 2021, the total demand for business loans increased to some extent. The criteria and overall terms of lending to households remained unchanged. Demand for mortgages increased to some extent, while for consumer loans it remained unchanged.
More specifically, lending criteria to non-financial corporations (MFIs) remained unchanged compared to the third quarter of 2021, a development in line with the expectations expressed in the survey of the previous quarter. In addition, banks estimate that the criteria will remain unchanged during the first quarter of 2022. The overall lending terms to MFIs remained unchanged compared to the third quarter of 2021.
The total demand for loans from SMEs (see Chart 2), in the first quarter of 2021, increased to some extent to meet the needs of financing fixed investments, but also needs for working capital. Over the next quarter, aggregate demand for loans from both small and medium-sized enterprises and large enterprises is expected to increase to some extent. The proportion of rejected business loan applications remained almost unchanged from the previous quarter.
As far as households are concerned, the demand for consumer loans remained unchanged, contrary to the expectations recorded in the previous quarterly survey for increased demand.
On the contrary, the demand for mortgages increased to some extent compared to the quarter of 2021, due to the improvement of consumer confidence, the favorable level of interest rates and the more favorable outlook in the housing market.
For the first quarter of 2022, demand for both mortgages and consumer loans is expected to increase to some extent. The criteria for granting loans to households are expected to remain almost unchanged during the first quarter of 2022. The proportion of applications for loans to households that were rejected remained almost unchanged compared to the previous quarter.
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