The growth of the housing loan stock has slowed down towards the end of the year to stand at 2.3% in November 2016. The rate of growth of the housing loan stock shows the expiry of the last amortisation-free periods granted in 2015 in connection with the grace period campaigns popular at the time. In 2016, the growth peaked in April and June, when the stock of housing loans grew at a rate of 2.7%. In the euro area on average, the growth of the housing loan stock has in turn increased towards the end of the year to stand at 2,6% in November 2016.

Relative to other euroarea countries, the average interest rate on the household housing loan stock in Finland is the lowest. The average interest rate on the housing loan stock in Finland was 1.10% in October 2016 (1.08% in November 2016). Ranked by the lowest interest rates on housing loans, Finland was followed by Portugal (1,12 %), Spain (1.32%), Lithuania and Estonia (1.69%). Finland's low interest rate in relative terms is explained by the fact that almost 90% of the housing loan stock is linked to Euribor rates which have sunk to and exceptionally low level.


In November 2016, households’ new drawdowns of housing loans amounted to EUR 1.5 bn, which is a good EUR 0.1 bn more than a year earlier in November. The average interest rate on new housing-loan drawdowns was 1.16% and the imputed margin 1,14%.  The stock of euro-denominated housing loans totalled EUR 93.9 bn at the end of November.  At end-November, household credit comprised EUR 14.5 bn in consumer credit and EUR 16.3 bn in other loans.

New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted to EUR 2.1 bn in November.  The average interest rate on new corporate-loan drawdowns rose from October, to 1.97%. At end-November, the stock of euro-denominated loans to non-financial corporations was EUR 75.8 bn, of which loans to housing corporations accounted for EUR 25.6 bn.


At the end of November, the stock of household deposits totalled EUR 85.3 bn, and the average interest rate on the deposits was 0.19%.  Overnight deposits accounted for EUR 61.9 bn and deposits with agreed maturity for EUR 9.0 bn of the total deposit stock.  In November, households concluded EUR 0.4 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.5%.

Key figures of Finnish MFIs' loans and deposits, preliminary data
  September, EUR million October, EUR million November, EUR million November, 12-month change1, % Average interest rate, %
Loans to households2, stock 124,498 124,610 124,763 2,6 1,57
    -   of which housing loans 93,647 93,819 93,914 2,3 1,08
Loans to non-financial corporations2, stock  74,922 75,400 75,767 4,3 1,48
Deposits by   households2, stock 84,079 83,857 85,332 5,7 0,19
Households' new drawdowns of housing loans 1,595 1,530 1,539   1,16

 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:
Johanna Honkanen, tel. +358 10 831 2992, email: johanna.honkanen(at),
Olli Tuomikoski, tel. +358 10 831 2146, email: olli.tuomikoski(at)

Related material (in Finnish): Analyysi: Asuntovelalliset ovat hyötyneet matalasta korkotasosta

The next news release will be published at 1 pm on 31 January 2017.

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