Loans to individuals, France - 2025-04
Published on the 6th of June 2025
New housing loan production up again in April as average rate falls further
- Seasonally adjusted production of housing loans (excluding renegotiations) rose again in April to €12.6 bn (after €12.0 bn in March), exceeding its average since 2011 (€12.1 bn). Thanks to this sustained upturn in production, the annual growth rate of outstanding housing loans to households has returned to equilibrium for the first time in 12 months.
- The average interest rate on new housing loans continued to fall in April, to 3.13% for transactions excluding renegotiations, after 3.20% in March.
- The use of the flexibility margin authorised by the HCSF standard reached 15.9% in April.
Production of new housing loans ![]()
(Monthly seasonally adjusted new loans in € Bn)
Interest rates on housing loans, all maturities ![]()
(Narrowly defined effective rate, average weighted by long and short term flows, in %)
Production of new loans (excluding overdrafts, monthly flows seasonally adjusted (a))![]()
(volumes in €bn, proportion in percentage)
| Feb- 2025 | Mar- 2025 (r) | Apr- 2025 (p) | |
| -housing loans | 12.9 | 14.3 | 14.8 |
| of which housing loans excluding renegotiations | 10.8 | 12.0 | 12.6 |
| -proportion of renegotiation (not seasonally adjusted) in % (c) | 16.1 | 15.7 | 15.0 |
| -loans for consumption purposes (b) | 5.5 | 5.6 | 5.4 |
Interest rates on new loans (narrow defined effective rate, monthly average)![]()
(in percentage)
| Fev- 2025 | Mar- 2025 (r) | Apr- 2025 (p) | |
| -housing loans | 3.11 | 3.06 | 3.01 |
| of which housing loans long term and fixed rates | 3.08 | 3.03 | 2.99 |
| of which housing loans short term or floating rates | 3.80 | 3.80 | 3.79 |
| of which housing loans excluding renegotiations | 3.27 | 3.20 | 3.13 |
| -loans for consumption purposes (b) | 6.46 | 6.47 | 6.43 |
| -overdrafts for individuals (d) | 7.70 | 7.69 | 7.45 |
(a) Parameters for seasonal adjustment are updated each month, taking into account monthly data under review; (b) Excluding revolving loans. Loans for splitted-cost payments (mainly "loans granted on market place" and "extended credit-card credits" are included into consumption loans; (c) Ratio of renegotiated loans on housing loans, both not seasonally adjusted (d) Overdrafts: negative balance of ordinary accounts + commercial credits + factoring + cash credits without fixed repayment schedule (including mobilization of revolving loans). (r) Revised data; (p) Provisional data
Renegotiated loans are loans where at least one of the terms of the initial contract is modified with the active participation of the borrower, giving rise to the declaration of a new contract. They include in particular loans for which the insurance contract has been modified (since February 2022 the Lemoine law authorizes the termination at any time of the borrower's insurance contracts, without any notice period or fees or penalties) even if the other characteristics of the loan remain unchanged.
Renegotiated loans are loans where at least one of the terms of the initial contract is modified with the active participation of the borrower, giving rise to the declaration of a new contract. They include in particular loans for which the insurance contract has been modified (since February 2022 the Lemoine law authorizes the termination at any time of the borrower's insurance contracts, without any notice period or fees or penalties) even if the other characteristics of the loan remain unchanged.
Share of new housing loans not meeting HCSF lending criteria thresholds in total production* ![]()
* Total new housing loan production excluding renegotiations and excluding bridging loans
Outstanding amounts and annual growth rates (without seasonal adjustment) ![]()
(Outstanding amounts in €Bn, annual growth rate in %)
| End-of-month level | Annual growth rate | |||||
| feb- 2025 | mar- 2025 | Apr- 2025 | Feb- 2025 | Mar- 2025 | Apr- 2025 | |
| Total | 1,524 | 1,527 | 1,528 | 0.3 | 0.6 | 0.7 |
| Lending for house purchase | 1,281 | 1,282 | 1,282 | -0.5 | -0.3 | -0.2 |
| Credit for consumption | 211 | 213 | 214 | 3.5 | 4.0 | 3.7 |
| Other lending | 32 | 32 | 33 | 16.5 | 15.4 | 16.3 |
Net flows of housing loans to individuals (seasonally adjusted) ![]()
(In €bn)
Net flows of credit for consumption (seasonally adjusted) ![]()
(In €bn)
Euro area : Annual growth rate of outstanding housing loans to households (in %) (1) ![]()
Euro area : Interest rates for new housing loans (excluding renegotiations , in %) ![]()
(1) Households = Individuals + sole entrepreneurs + non-profit institutions serving households. The annual growth rate of outstanding housing loans to households in France is 0.0% in April 2025 and -0.2% for individuals alone. The interest rate on new housing loans (excluding renegotiations) for households is 3.15% in March 2025 and 3.13% for individuals alone.
Euro area: New housing loans (excluding renegotiations) to households, cumulative in €Bn
Quarterly additional information on credit for consumption
Changes in outstanding consumer credit to individuals ![]()
| Outstanding amounts in Billions | Annual growth | ||||||
| (in %) | |||||||
| Mar- 2024 | Jun- 2024 | Sep- 2024 | Dec- 2024 | Mar- 2025 | Dec- 2024 | Mar- 2025 | |
| Credit for consumption to individuals | 205.3 | 207.6 | 208.8 | 213.0 | 212.9 | 3.7 | 4.0 |
| Overdrafts | 8.1 | 8.3 | 8.2 | 8.2 | 8.2 | -2.3 | 0.5 |
| Revolving loans | 21.3 | 21.4 | 21.8 | 22.1 | 21.9 | 3.4 | 2.8 |
| Leases | 21.4 | 22.7 | 23.4 | 24.8 | 26.0 | 21.6 | 21.5 |
| Personal Loans | 97.3 | 95.9 | 96.0 | 97.0 | 97.2 | 0.3 | 0.0 |
| Credits at the point of sale (of which buy now pay later loans) | 22.9 | 21.1 | 21.2 | 20.6 | 20.5 | -3.2 | -10.5 |
| Other tresury loans | 11.5 | 11.3 | 11.5 | 13.1 | 12.7 | 4.3 | 9.5 |
| Securitised loans | 22.7 | 26.8 | 26.8 | 27.2 | 26.4 | 8.3 | 16.6 |
Note: Revolving credit (formerly called revolving credit) is a form of credit that consists of making available to a borrower a sum of money that can be reused as it is repaid to finance non-predefined purchases.
Within consumer credit, leasing remained the most dynamic component in March 2025 (+21.5% year-on-year). Outstanding overdrafts grew again very slightly (+0.5%, after -2.3% in the previous quarter), while point-of-sale loans declined (-10.5% after -3.2%).
Interest rate (narrowly-defined) on new revolving loans by type of credit institution, % ![]()
Distribution channels of revolving loans, in % of the total outstanding amount of revolving credits![]()
Additional information
- Individuals' is a subset of the 'households' sector, which also includes sole proprietors and non-profit institutions serving households.
- Growth rates are calculated on the basis of changes in outstanding loans (including securitization transactions), adjusting for effects not resulting from economic transactions with customers, in particular write-offs of bad debts (for technical reasons, the effects of exchange rate variations are not adjusted).
- New loan production represents new loans granted, even when they have not yet actually been disbursed to the borrower, in accordance with the ECB's harmonized method; new loan production therefore differs from monthly changes in outstanding loans (outstanding loans recorded after actual disbursement of funds and less amortization of old loans).
- In accordance with the ECB's harmonized definitions, the rates recorded are the narrowly defined effective rate (NDER), corresponding to the interest component of the Annual Percentage Rate of Charge (APRC).
- Growth rates are calculated on the basis of changes in outstanding loans (including securitization transactions), adjusting for effects not resulting from economic transactions with customers, in particular write-offs of bad debts (for technical reasons, the effects of exchange rate variations are not adjusted).
- New loan production represents new loans granted, even when they have not yet actually been disbursed to the borrower, in accordance with the ECB's harmonized method; new loan production therefore differs from monthly changes in outstanding loans (outstanding loans recorded after actual disbursement of funds and less amortization of old loans).
- In accordance with the ECB's harmonized definitions, the rates recorded are the narrowly defined effective rate (NDER), corresponding to the interest component of the Annual Percentage Rate of Charge (APRC).
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Updated on the 5th of June 2025