Cyprus & World News

Drop in Cyprus home loan interest rates

10 July, 2014

Interest rates on loans to households recorded a general decrease in May, according to data from the Central Bank of Cyprus for deposits and loans.
The figures show that the interest rate on loans for house purchase recorded the largest decrease and fell to 4.37% compared with 4.67% in the previous month.
The main categories of interest rates on loans to non-financial corporations also registered decreases. Moreover, the interest rate on loans for amounts over 1 mln euros recorded the most significant decline and dropped to 5.55% compared with 5.90% in the previous month.
As regards the deposit interest rates, the CBC statistics show that the majority of interest rates on deposits from households saw a decline. The interest rate on deposits by households with an agreed maturity of up to one year decreased to 2.49% compared with 2.67% the previous month.
In contrast, the corresponding interest rate for non-financial corporations rose to 2.49% compared with 2.42% the previous month. Interest rates on loans to households also recorded a general decrease.