Housing loan repayment periods lengthened in 2016 nearly by six months on 2015 and by almost a year on 2014. In 2016, the average repayment period for new housing-loan drawdowns was 19 years, compared to 18 years, 7 months in 2015 and 18 years, 2 months in 2014. Over half of housing loans drawn down in 2016 had a repayment period of 20–26 years. Longer repayment periods are rare in Finland. In 2016, only 1% of housing-loan drawdowns was granted with a repayment period of over 26 years.

New housing-loan drawdowns picked up during 2016. Households drew down almost EUR 18 bn worth of new housing loans during the year, which is 8% more than in 2015 and 18% more than in 2014. In December 2016, households' new housing-loan drawdowns totalled EUR 1.4 bn, the same amount as in December 2015.

Interest rates on housing loans declined further during 2016. The average interest rate on housing loans drawn down in 2016 was 1.20%, compared to 1.48% in 2015 and 1.89% in 2014. In December 2016, the average interest rate on housing-loan drawdowns was 1.16%, and the imputed margin was 1.12%.


At the end of December 2016, the stock of euro-denominated housing loans totalled EUR 94.1 bn and the annual growth rate of the stock was 2.4%. At end-December, household credit comprised EUR 14.6 bn in consumer credit and EUR 16.2 bn in other loans.

New drawdowns of loans to non-financial corporations (excl. overdrafts and credit card credit) amounted to EUR 2.5 bn in December 2016. The average interest rate on new corporate-loan drawdowns declined from November, to 1.79%. At end-December, the stock of euro-denominated loans to non-financial corporations was EUR 76 bn, of which loans to housing corporations accounted for EUR 25.7 bn.


At the end of December, the stock of household deposits totalled EUR 85.1 bn, and the average interest rate on the deposits was 0.18%. Overnight deposits accounted for EUR 61.8 bn and deposits with agreed maturity for EUR 8.7 bn of the total deposit stock. In December, households concluded EUR 0.5 bn of new agreements on deposits with agreed maturity, at an average interest rate of 0.48%.

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 124,610 124,763 124,931 2,6 1,56
    - of which housing loans 93,819 93,914 94,056 2,3 1,07
Loans to non-financial corporations2, stock  75,400 75,767 76,026 4,9 1,47
Deposits by households2, stock 83,857 85,332 85,092 4,1 0,18
Households' new drawdowns of housing loans 1,530 1,539 1,364   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
Markus Aaltonen, tel. +358 10 831 2395, email: markus.aaltonen(at)bof.fi.

The next news release will be published at 1 pm on 28 February 2017.