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ECONOMY

CBC: Housing Loan Rates Decline to a New Low

CBC: Housing Loan Rates Decline to a New Low

Interest rates for house purchase 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.

Interest rates for consumer credit and interest rate for deposits with agreed maturity up to one year also declined to new historic lows, the Cyprus News Agency reports.

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.

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