BBTN - Eyeing for mortgage loan from Ipex
Bank Tabungan Negara (BBTN) to eyeing for mortgage loan channeling amounting IDR1.5 tn from Indoneisa Proeprty Expo 2022 (Ipex 2022). Of the total, around IDR900bn is expected to come from non-subsidy segment, while the remaining demand of IDR600 bn are equally targeted from subsidy loan and syariah loan demand. Around 42 developers will be participating, with around 325 of property projects offered in the expo. (Source: Investor Daily). Comment: The event could support BBTN loan achievement this year. The expo likely to record solid demand for mortgage loan given the expectation of higher rates next year. We expect backlog housing will decrease further as demand improving and provides more room for developers to supply new housing projects. On the other hand, we view gloomy mortgage loan demand might arrive in 2023 as transmission spiking policy rate start to take place. Having said that, despite post pandemic improvement, we believe the expectation on lower backlog housing acceleration seems might be limited.