In my thesis I focuse on comparing the mortgages in Czech Republic in detail. In the first part I focuse on dependance of amout provided mortgages on unemployment and Gross domestic product. In another part of my thesis I focuse on various types of mortgages and the different factors for providing. In the last part I refer the differences on real examples.

The goal of the diploma thesis is to show influence of the new Consumer Credit Law on mortgages in Czech Republic and its effect on real data. The thesis is dealing with issues of mortgages, shows types of mortgages and the possibility of repaid. Description of making deal between bank and client is written in next part of thesis. There are shown parameters like LTV, loan interest rate and RPSN as well as possibilities of insurance of client and secure of mortgage. Practical part of thesis shows difference between new and old Consumer Credit Law on real data, and shows effect on interest rate and number of contracts after effectiveness of the new law. There is written influence of new law on prices of resident estates. Last part of the thesis describes offers of mortgages of selected banks on Czech market.

Households generally have little or no possibility to unload their real estate risk, which constitutes a large part of  their total portfolio risk. The aim of this study is to analyze a way for households to unload this risk through a socalled index-linked mortgage financed by a fund. The study examines how such a mortgage could be structured, and how it will affect  he bank, the borrower and the fund investor compared to a conventional mortgage. The ominal loan value and therefore also the interest payments of the studied index-linked  ortgage will vary according to the HOX Flats Stockholm Index. Through linear optimization, the structure is optimized from a borrower’s perspective but is subject to a set of constraints on the bank’s and the fund’s profitability and risk levels. The optimal structure is tested through a scenario analysis for different outcomes of apartment price developments and also  hrough a sensitivity analysis to test the effect of shifting conventional mortgage rates. The esults show that the interest rate payment burden will consistently be lower for the index-linked mortgage than for the conventional mortgage. The borrower is insured against house price drops but have to give up some of the upside potential on the property investment if house prices increase. The fund gets a satisfactory payoff in relation to the real estate  arket movement while it is somewhat protected when house prices decline. The bank issuing the mortgages will always experience a profit, but the conventional mortgage is more profitable  or negative index scenarios. Furthermore, the probability of default decreases for the index- inked mortgage holder when prices drop as the loan to value ratio (LTV) always remains  elow 100 percent for index decreases up to 40 percent. The structure is appropriate for  owincome households who will have difficulties paying back the loan when apartment prices  rops. This study contributes to theory in hedging of real estate risk, mortgage risk and  inancial innovation. / Hushåll har generellt få möjligheter att försäkra sig mot husprisrisk som idag utgör en stor del av hushållens totala portföljrisk. Denna studie undersöker en möjlighet för hushåll att försäkra sig mot sådan risk genom ett så kallat index-länkat bolån som finansieras genom en fond. Studien kontrollerar hur ett index-länkat lån kan struktureras och hur det påverkar banken, låntagaren och fondinvesteraren i jämförelse med ett traditionellt bolån. Lånets nominella värde och därmed även räntebetalningarna som är kopplade till lånet varierar enligt förändringar i HOX Flats Stockholm Index. Lånestrukturen optimerats genom linjär optimering med hänsyn till låntagarens lönsamhet och med bivillkor på bankens och fondens risktagande respektive lönsamhet. Den optimerade strukturen testas genom scenarioanalys för olika utfall av lägenhetsprisutveckling samt genom en känslighetsanalys av den  raditionella bolåneräntan. Resultaten visar att den månatliga betalningsbördan för räntebetalningarna alltid kommer att vara lägre för hushåll som håller ett index-länkade bolånet än för de som innehar ett vanligt lån. Det index-länkade lånet innebär att bolånetagare får ge upp en viss del av vinsten då bostadspriser stiger i förhållande till ett vanligt bolån men ger ett skydd mot förluster vid en nedgång i bostadspriser. Fonden visar sig kunna ge en god avkastning i relation till indexets utveckling och ger ett visst skydd mot fall i bostadsmarknaden. Banken som ger ut indexlänkade bolån kommer alltid att gå med vinst, dock är vanliga bolån mer lönsamma vid nedgång i huspriser. Fortsättningsvis minskar risken att ”defaulta” för hushåll med det index-länkade bolånet då huspriser faller eftersom strukturen innebär ett loan to value ratio (LTV) under 100 procent upp till en prisnedgång på 40 procent. Resultatet visar att index-länkade lån passar låginkomsttagare och hushåll som ommer att ha svårt att betala tillbaka sitt lån om bostadspriserna faller. Studien bidrar till teori inom husprisriskförsäkring samt till teori inom finansiell innovation

一般優惠房貸是政府提供購屋家戶進入房市購屋之貸款利息補助；然而，這項全面性的補貼措施究竟補貼到哪些購屋者？此問題將牽涉到該補貼措施是否公平。是以，本文試圖從申貸人及其所購產品之屬性探討該措施之公平性，透過二項羅吉特模型（Binomial Logistic Model）探究「什麼樣的購屋者，購買了什麼樣的房屋，會選擇申貸使用政府優惠房貸？」；另一方面，購屋者在具有其他政策性房貸申貸資格的情況下，「何種特質的特殊身份補貼購屋者會選擇搭配一般政府優惠房貸？」，本研究希望藉由上述兩項問題之討論，企圖了解優惠房貸政策對於個體家戶之影響，在補貼公平層面中究竟是扮演著「雪中送炭」或是「錦上添花」的角色。 研究結果發現，一般優惠房貸之提供在住宅補貼公平面成效上之效果是弊多於利。首先在補貼對象上，購屋目的為自住之購屋者，其選擇使用政府優惠房貸的發生比較非自住目的購屋者高出約2倍；而首購購屋者選擇使用政府優惠房貸之發生比較非首購購屋者多出了54%。這代表一般優惠房貸的提供讓首購自住購屋者有相對較高的機率使用政府優惠房貸達成購屋目標，在補貼對象上相對達到了部分效果；然而，由於政府過度利用貸款補貼方式刺激房市以達景氣復甦之效果，以及貸款利息補貼制度設計上的盲點（包括申貸資格之缺乏限制與多種補貼措施並行等），高所得貸款購屋者傾向選擇使用政府優惠房貸之發生比較低所得購屋者高出約3.23倍，因而造成這些購屋者得以接受雙重補貼；此外，當購屋者購買品質越好之住宅，其使用一般政府優惠房貸的機率也越大，上述結果皆表示這項補貼措施並不能排除高所得購屋者獲得政府優惠房貸補貼，也因而造成政府優惠房貸在補貼公平性之負面作用。是故，在未來的補貼政策中，除應繼續整合現行住宅貸款利息補貼措施外，並應試圖建立一套更嚴謹的申貸資格審查標準，以確保政府所提供之住宅補貼能夠對最需要的民眾有所幫助。

The thesis summarizes the situation on mortgage market in the Czech republic from the 90th of the 20th century till present time, reasons for the mortgage boom. It informs about the state support of housing (incentives, state programmes), state residential conception.It defines kinds of morgage and gives its characteristics, informes about the phases of mortgage arrangement, scoring method for client evaluation and regulative standards for bank risk management. It shows housing and mortgage in statistics.There are mentioned the actual results of financial competition and influence of American mortgage crisis on the Czech mortgage market.In conclusion,it states the trends in the Czech mortgage market.

This diploma thesis deals with the analysis of available forms of financing of housing in Czech Republic. The attention is basicly concentrated on mortages and loans provided by building society, including bridging loans. There are also mentioned different types of prospects for financing, concretely loans and backing provided by government. The application example shows financial demands of various products and their possible combinations.

房地產市場與銀行放款業務間，因為存在著密不可分之關係，本研究主要目的為釐清貸款利率與貸款成數對住宅價格是否具有顯著影響，進而探討中央銀行之選擇性信用管制政策，對於貸款利率、貸款成數與住宅價格之間，是否具有政策效果，最後再針對不同的需求族群，給予購屋行為選擇之參考或為銀行選擇貸款客群之參考。 本研究透過實證分析發現，貸款成數對於住宅價格為正向顯著影響，但貸款利率對住宅價格，則未呈現顯著影響。而政府之選擇性信用管制措施，在實證結果中，並未達到抑制房價之目的。但是在實施信用管制之後，購屋者對與貸款利率，相對更為敏感。在需求族群的分析上，發現高所得族群相對較重視貸款利率，而中所得與低所得族群，則相對較重視貸款成數。低年齡族群較高年齡族群而言，相對較為重視貸款利率之增加。 對於持續關心貸款利率、成數與住宅價格關聯之研究者，本研究建議後續研究者在資料取得之允許下，可嘗試拉長研究期間，及考慮增加了解政策鬆綁後之影響。在資料完整度許可下，建議可以增加個人屬性變數，並考量都更效應之變數。 / There is an inextricably linkage between the real estate market and the bank lending business. The main purpose of this study is to identify the relationships among mortgage interest rate, loan to value (LTV) ratio, and housing price. Further, we discuss the policy effect among them, due to the central bank's selective credit control policy. Finally, the supply-demand sides, our study hopes to give the choice of purchase behavior on demand groups or the selection of bank on loan-customers In our study, we found that the loan to value ratio has a significant positive effect on the housing price, but the mortgage interest rate has no significant effect on the housing price. In the empirical results, we found that the government's selective credit control policy did not achieve the purpose of curbing housing prices. However, after the implementation of selective credit control policy, the housing-buyer is relatively more sensitive to the mortgage interest rate. In the analysis of demand groups, the study found that high-income groups pay more attention to the mortgage interest rate. However, the middle-income and low-income groups emphasize on loan to value relative to the high-income groups. Finally, the young age groups relatively emphasize on the increase of the mortgage interest rates. For the researchers who continue to care about the relationships among mortgage interest rate, loan to value ratio, and housing price, the study suggests that follow-up researchers, with the permission of the data, may attempt to lengthen the study period and consider increasing the impact of easing the policy. Under the data integrity permission, it is advisable to add personal attribute variables and take into account the variables of the urban renewal effect.