{"id":3877,"date":"2019-08-21T10:36:32","date_gmt":"2019-08-21T10:36:32","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3877"},"modified":"2021-06-04T14:36:36","modified_gmt":"2021-06-04T07:36:36","slug":"cambodian-banks-issue-almost-3-5bn-in-mortgages","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/cambodian-banks-issue-almost-3-5bn-in-mortgages\/","title":{"rendered":"Cambodian banks issue almost $3.5bn in mortgages"},"content":{"rendered":"<p>Mortgage loans account for nearly half of total consumer credit<\/p>\n<figure id=\"attachment_3878\" aria-describedby=\"caption-attachment-3878\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3878\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/shutterstock_1048004806.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/shutterstock_1048004806.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/shutterstock_1048004806-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/shutterstock_1048004806-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-3878\" class=\"wp-caption-text\">Phnom Penh, Cambodia. noomcpk\/Shutterstock<\/figcaption><\/figure>\n<p>Outstanding mortgage loans in Cambodia\u2019s financial institutions reached USD3.42 billion at the end of June, <a href=\"https:\/\/www.realestate.com.kh\" target=\"_blank\" rel=\"noopener noreferrer\">Realestate.com.kh<\/a> reported, citing figures from Credit Bureau Cambodia (CBC).<\/p>\n<p>Consumer credit in Cambodia hit USD7.16 billion last month, up 6.8 percent from the first quarter of 2019. Mortgages accounted for 47 percent of the total, while personal finance and credit cards comprised the rest.<\/p>\n<p>Mortgage loans have increased by 30 percent from the same time last year\u2014a \u201cpositive\u201d for the industry, according to So Phonnary, executive vice president at Acleda Bank. \u201cWe are seeing more growth in the mortgage industry. But, at the same time, we are always careful about development and we mitigate risks by balancing loans across many sectors.\u201d<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/cambodias-farewell-to-everything-but-arms\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Cambodia\u2019s farewell to Everything But Arms\u00a0<\/strong><\/a><\/p>\n<p>Acleda extended USD273 million worth of housing loans, home improvement loans, and real estate loans to 7,913 customers at the end of June.<\/p>\n<p>\u201cBefore, when people had lower incomes, the biggest concern was having enough food to eat \u2026 Now people have higher incomes and they want to upgrade to a more comfortable lifestyle,\u201d Nuon Rithy, chairman and CEO of Khmer Appraisal Foundation (KFA), told Realestate.com.kh.<\/p>\n<p>CBC\u2019s report, however, does not take into account mortgages issued by developers, which usually do not require downpayments as opposed to banks that offer more restrictive loan-to-value ratios. Such payment plans, which often take 25-year contracts, have grown increasingly popular in recent years, especially for boreys or landed homes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage loans account for nearly half of total consumer credit<\/p>\n","protected":false},"author":8,"featured_media":20236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92],"tags":[177,449],"class_list":["post-3877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cambodia","tag-mortgages","news_country-cambodia","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cambodian banks issue almost $3.5bn in mortgages | Asia Property Awards<\/title>\n<meta name=\"robots\" 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