September was the last month when individuals in Romania could obtain loans based on former, more relaxed lending rules, Business Standard reported. New regulations will go into effect as of October, drafted by the National Bank of Romania (BNR) to curb lending and lower risks for both banks and clients.

Bucharest inhabitants applied for more than 40 percent of total housing loans - worth 5.13 billion euros, followed by inhabitants of the northwestern city of Cluj-Napoca. “Fear of the new regulations led clients to apply for more loans in September. October growth is not going to be so spectacular,” according to a statement for Business Standard by Radu Gratian Ghetea, President of the Romanian Bank Association (ARB).

The month-on-month growth rate for housing loans was 8 percent in September, double August’s monthly growth. The increase was 64 percent compared to September 2007. This comes amid a deadlock on the Real estate market, due to high housing prices and the decision of potential buyers to stand by and wait for prices to drop. For the first time in several years, housing loans declined by 2 percent in July.

The final month for more relaxed lending also registered a significant increase in consumer loans, worth a total 994 million euros in September alone.