Insider Business Housing loans rates decline to a new low

Housing loans rates decline to a new low

Interest rates for house purchases declined to a new historic low in October, according to data released by the Central Bank of Cyprus, concerning the interest rates on new deposit and loan contracts.

Furthermore, interest rates for consumer credit and interest rate for deposits with agreed maturity up to one year also declined to new historic lows.

Moreover, new lending increased by €28.5 million in October compared to September amounting to €292.1 million.

Concerning deposits, interest rates for deposits with agreed maturities up to one year, declined to 0.54% in October from 0.62% the previous month, marking a new all-time low.

The corresponding rate for deposits from non-financial corporations declined to 0.75% compared with 0.83% in the previous month.

On lending rates, interest rates for consumer credit declined to 3.48% in October compared with 3.60% the previous month.

Lending rate for house purchase declined to a new all-time low amounting to 2.26% in October, compared with 2.37% in the previous month.

Rates for loans to non-financial corporations for amounts up to €1 million declined to 3.49% from 3.52% in the previous month, while rates for corporate loans above €1 million declined to 3.26% in October from 3.62% in the previous month.

According to the CBC, new loans in October amounted to €292.1 million compared with €263.6 million in the previous month, mainly due to the rise in loans for house purchase and to the corporate loans above €1 million.

Consumer loans increased in October to €13.3 million compared with €10.8 million the previous month. New loans for house purchase rose to €69.2 million compared with €58.9 million in the September.

New corporate lending up to €1 million amounted to €43.5 million in October compared with €43.1 million the previous month, while new corporate loans above €1 million amounted to €144.8 million compared with €131.8 million in September.

(Cyprus News Agency)

Top Stories

UK helps employers with slow phase-in of job shield costs

British finance minister Rishi Sunak offered fresh help to employers hit by the coronavirus shutdown on Friday, announcing that future contributions they must make...

One new Covid-19 case from repatriations

There was one new Covid-19 case in Cyprus, the Health Ministry said on Friday, from a total of 2363 tests, bringing the total number...

Limassol: Dead body found in warehouse

  A body has been found in the light shaft of a warehouse on Nicos Georgiou street in Limassol, philenews reports. It said the body of...

Holy Synod to allow weddings during pre-Christmas fasting period

As a result of Covid-prompted wedding postponements, the Holy Synod has decided to allow wedding ceremonies during the pre-Christmas fasting period this year until...

President to discuss phase 3 with scientific advisors on Tuesday

  The team of scientists advising the government on the coronavirus outbreak are due to hold a new meeting with President Nicos Anastasiades on Tuesday...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...