Cyprus Mail

Housing loan rates continue to fall

HOUSING loan interest rates continued to fall in December along with the rates for consumer loans, Central Bank data showed yesterday.

However, interest rates for business loans of up to a million euros rose at the end of last year after a fall last August.

Interest rates for housing loans dropped to 4.67 per cent in December from 4.71 per cent the previous month.

Adding other bank charges raises the rate to 4.93 per cent as opposed to 4.99 per cent in November.

Rates on consumer loans also dropped to 6.0 per cent from 6.57 per cent in November.

On the other hand, the interest rate on business loans of up to a million euros rose to 6.0 per cent in December from 5.62 per cent the previous month.

The interest rate on business loans of over a million reached 5.23 per cent compared with 4.26 per cent.

The interest rate on one year fixed-term deposits for households also went up – 2.23 per cent from 2.20 per cent, as did the two-year deposit, 4.08 per cent from 3.37 per cent.

The rate for three-month deposits dropped slightly in December – 1.84 per cent from 1.85 per cent.

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