Regulatory Alerts2022-04-07
Notice No. 09/2022 of April 6
The National Bank of Angola issued Notice No. 09/2022 to establish special regimes for housing and construction credit, capping maximum nominal interest rates at 7% for housing loans and 10% for construction loans while allowing commercial banks to deduct 100% and 50% of these disbursed credits from their mandatory reserve requirements, respectively. The regulation mandates strict eligibility criteria, including absolute financing limits of Kz 50 million for single borrowers and Kz 100 million for joint borrowers or those with guarantors, and restricts credit terms to a maximum of 25 years for housing and 3 years for construction projects. Furthermore, it imposes comprehensive risk assessment obligations, prohibits additional fees for early repayment, and requires systemically important banks to publicly disclose these credit modalities, with non-compliance subject to sanctions under the General Regime Law for Financial Institutions.