A. Legal and Regulatory Framework
A.1 Legal and Regulatory Framework
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Basis of the legal system: Civil, Common, Islamic, Other? (Describe) | Civil Codes | Civil Codes | Civil Codes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.1 |
| Are there specific laws that deal with mortgages? | Yes | Yes | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.2 |
| Registration/Transfer of titles: | A.1.3 | ||||
| Does the law clearly define different types of property rights? | Yes | Yes | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.3.1 |
| Are property rights easily transferable? | No | Zwiazek Banków Polskich (Polish Bank Association) | A.1.3.2 | ||
| Identify barriers to the registration/ transfer of property title. | Title transfer has to be completed and show up in the title register book before mortgage title transfer can be made effective for securitization purposes. The situation of the new owner of the mortgage is unknown in the "transferring" period. This is a huge logistical problem in the secondary market transaction. | Title transfer has to be completed and show up in the title register book before mortgage title transfer can be made effective for securitization purposes. The situation of the new owner of the mortgage is unknown in the "transferring" period. This is a huge logistical problem in the secondary market transaction. | Title transfer has to be completed and show up in the title register book before mortgage title transfer can be made effective for securitization purposes. The situation of the new owner of the mortgage is unknown in the "transferring" period. This is a huge logistical problem in the secondary market transaction. | Zwiazek Banków Polskich (Polish Bank Association) | A.1.3.3 |
| Typical number of days needed for the transfer of title | 33 | 33 | 33 | WDI | A.1.3.4 |
| Are there legal constraints on the types of mortgage products that are permitted? | No | Zwiazek Banków Polskich (Polish Bank Association) | A.1.5 | ||
| Are there legal constraints on mortgage features? | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.6 | ||
| Interest rate caps | No | Zwiazek Banków Polskich (Polish Bank Association) | A.1.6.1 | ||
| Loan-to-Value cap | Yes | Yes | Yes | Hypostat | A.1.6.2 |
| Payment-to-Income maximum | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.6.3 | ||
| Other | No | Zwiazek Banków Polskich (Polish Bank Association) | A.1.6.4 | ||
| Are there consumer rights for mortgage lending? | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.7 | ||
| Are there disclosure requirements for mortgage lending? | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.8 | ||
| Is there specialized legislation covering: | A.1.9 | ||||
| Issuance of covered mortgage bonds | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.9.1 | ||
| Issuance of RMBS | Yes | Zwiazek Banków Polskich (Polish Bank Association) | A.1.9.2 | ||
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Are there subsidized funding sources for mortgage lenders? | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1 | ||
| Special government lines of credit | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.1 | ||
| Government supported liquidity facility | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.2 | ||
| Labor or other tax funds for mortgage lending | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.3 | ||
| Tax breaks on mortgage bonds or RMBS | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.4 | ||
| Loss and/or cash flow guarantees for RMBS | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.5 | ||
| Other | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.1.6 | ||
| Is the lending side of the housing finance system subsidized? | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.2 | ||
| Shared credit risk through public/private mortgage insurance | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.2.1 | ||
| Guarantees for mortgage loans | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.2.2 | ||
| Other | No | Zwiazek Banków Polskich (Polish Bank Association) | B.1.2.3 |
B.2 Subsidies to Households
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| Are there subsidies to households on housing finance? | Yes | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1 | ||
| Interest rate subsidies by special government funds | Yes | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.1 | ||
| Buy-down of monthly/interest payments | No | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.2 | ||
| Down-payment subsidies | No | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.3 | ||
| Subsidies to savings for mortgage loans | No | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.4 | ||
| Mortgage interest deductibility from income tax | No | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.5 | ||
| Other | No | Zwiazek Banków Polskich (Polish Bank Association) | B.2.1.6 | ||
| Reach of subsidies in 2.1.1 to 2.1.4 ? | B.2.2 | ||||
| What is the highest income decile targeted? | 10 decile | Zwiazek Banków Polskich (Polish Bank Association) | B.2.2.1 | ||
| What is the lowest income decile targeted? | 0 decile | Zwiazek Banków Polskich (Polish Bank Association) | B.2.2.2 | ||
C. Taxation
| Variable | End of 2017 | End of 2016 | End of 2015 | Sources | Var ID |
|---|---|---|---|---|---|
| What taxes apply to Residential Real Estate? | C.1 | ||||
| Tax on property (home-owners) | Yes | Zwiazek Banków Polskich (Polish Bank Association) | C.1.1 | ||
| Property transaction taxes (purchase/selling) | Yes | Zwiazek Banków Polskich (Polish Bank Association) | C.1.2 | ||
| Mortgage transaction taxes | Yes | Zwiazek Banków Polskich (Polish Bank Association) | C.1.3 | ||
| Tax on mortgage interest pmts | No | Zwiazek Banków Polskich (Polish Bank Association) | C.1.4 | ||
| Tax on capital gains on property | Yes | Zwiazek Banków Polskich (Polish Bank Association) | C.1.5 | ||
| Other | No | Zwiazek Banków Polskich (Polish Bank Association) | C.1.6 | ||
| Are there tax benefits on rental properties? | Yes | Zwiazek Banków Polskich (Polish Bank Association) | C.2 | ||
| Describe tax benefits (if any) from C.1.2 | 8.5% tax for private landlords, if registered, in comparison to 19% tax for companies. | Zwiazek Banków Polskich (Polish Bank Association) | C.2.1 | ||