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

Mostly fine on Thursday, after early morning rain

After early morning rain and possible thunderstorms, the weather on Thursday will be mostly fine all across the Mediterranean island. This is what the Met...

Yellow alert for heavy rain in effect till 8am on Thursday

The Cyprus Meteorology Service has issued a yellow alert for heavy rain in effect from 00:00 till 08:00 in the morning on Thursday. Isolated strong...

Where to get a rapid test on Thursday

Aiming at the continuous surveillance of the community and the workplaces, the free programmes of rapid antigen testing of the general population and employees...

323 new cases of COVID-19, no deaths announced on Wednesday

The Health Ministry announced 323 new Coronavirus cases out of 33,194 PCR and rapid antigen tests on Wednesday, 3, March, taking confirmed infections to...

EU’s countries deviate from common vaccination strategy, looking at Israel, Russia, China

In recent weeks, several member states of the European Union have decided to distance themselves from the bloc's common strategy for vaccination against Covid-19...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...