In December 2020, households drew down new housing loans worth EUR 1.9 bn, up EUR 460 million on the same period in 2019. Drawdowns of housing loans have never been this high in December. The average interest rate on new drawdowns hit a new record low, standing at 0.69% in December 2020. The exceptional situation on the housing loan market in late 2020 pushed up drawdown figures for the year as a whole. In September–December 2020, new housing loan drawdowns grew by 13.2% on the same period a year earlier. For the year as a whole, the rise was 4.5% and the total amount taken out was EUR 20.4 bn.

A normal amount of housing loans was renegotiated in December 2020, following a peak in the spring. Renegotiated housing loans totalled EUR 980 million, less than one fifth of the amount renegotiated in April. The normal amount has varied around EUR 1 bn for several years.

Housing loan maturities have lengthened further. In December 2020, the average repayment period of new housing loans was 21 years 6 months. The share of loans with longer repayment periods (over 29 years) has increased rapidly; in December 2020 they accounted for 12.1% of new housing loans, compared with 6.7% in December 2019.      

The high level of drawdowns, interest-only periods granted in the spring and longer loan maturities contributed to boosting growth in the stock of housing loans. In December 2020, the annual growth rate of the stock (EUR 106.3 bn) was 3.3%.



At the end of December 2020, household credit comprised EUR 16.8 bn in consumer credit and EUR 18.2 bn in other loans. Drawdowns of new loans to non-financial corporations (excl. overdrafts and credit card credit) totalled EUR 2.5 bn. The average interest rate on these declined from November, to 1.93%. At the end of December, the stock of euro-denominated corporate loans totalled EUR 96.9 bn, of which loans to housing corporations accounted for EUR 37.3 bn.


The stock of Finnish households’ deposits at end-December 2020 totalled EUR 103.2 bn and the average interest rate on the deposits was 0.05%. Overnight deposits accounted for EUR 90.7 bn and deposits with an agreed maturity for EUR 3.8 bn of the deposit stock. In December, households concluded EUR 0.1 bn of new agreements on deposits with an agreed maturity, at an average interest rate of 0.25%.

Key figures of Finnish MFIs' loans and deposits, preliminary data

  October, EUR million November, EUR million December, EUR million December, 12-month change1, % Average interest rate, %
Loans to households2, stock 138,056 138,286 138,553 3,3 1,36
    - of which housing loans 102,970 103,251 103,614 3,3 0,84
Loans to non-financial corporations2, stock  97,316 97,001 96,864 6,7 1,30
Deposits by households2, stock 107,594 106,938 107,309 8,5 0,05
Households' new drawdowns of housing loans 1,999 1,875 1,912   0,69

* Includes euro-denominated loans and deposits to euro area.
1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.  
2 Households also include non-profit institutions serving households; non-financial corporations also include housing corporations


For further information, please contact:

Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)

Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)

The next news release will be published at 10 am on 1 March 2021.

Related statistical data and graphs are also available on the Bank of Finland website: