Interest rates for consumer credit and housing loans fall further in July

Interest rates for consumer credit and housing loans fall further in July

Nicosia, September 1, 2016/Independent Balkan News Agency

Interest rates for house purchase and for consumer credit continued their downward trend, falling to a new lowest point since November 2007, when data is available.

The interest rate for consumer loans dropped in July to 4.01% from 4.47% in the previous month.

According to data released Thursday by the Statistical Service of Cyprus, the main developments in interest rates on new loan and deposit contracts, including existing contracts which were renegotiated, are summarised as follows:

Deposit Rates

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The interest rate on deposits from households with an agreed maturity of up to one year recorded a marginal increase to 1.51%, compared with 1.49% in the previous month.

The corresponding interest rate on deposits from non-financial corporations decreased to 1.39%, compared with 1.45% in the previous month.

Lending Rates

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The interest rate on consumer credit registered a decrease to 4.01%, compared with 4.47% in the previous month.

The interest rate on loans for house purchase also fell to 2.94%, compared with 2.99% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million remained unchanged at 4.23%, compared with the previous month. In contrast, the interest rate on loans to non-financial corporations for amounts over €1 million recorded a decline to 3.71%, compared with 3.76% in the previous month.

Source: Cyprus News Agency