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Portuguese home loans up.

Banks in Portugal are increasing the number of home loans issued according to figures from the Bank of Portugal.

In total banks lent €734 million for home purchases during February, this represents an increase of 8.6% when compared to the same period in 2018.

According to a report by Lusa news agency, the banks provided €365 million in consumer loans, up 8.0% from January and up 2.0% from February 2018; for other purposes they lent €163 million, up 22.6% on the month and up 9.4% on the year.

In February this year, the average interest rate for home loans granted to individuals was 1.37%, down three basis points from January’s average rate.

For consumer credit and other purposes, average rates were 7.23% and 4.06% respectively.

Finally, the average rate for new loans to companies was 2.42%, against 2.41% in January.  For loans of more than €1 million, the rate was 1.92%; for below €1 million it was 2.71%.