Nicosia, Cyprus. The Central Bank of Cyprus (CBC) said the average interest rate for new housing loans in Cyprus was 3.04% in February, below the eurozone average of 3.41%. The average rate for new household term deposits of up to one year was 1.19%, compared with 1.78% in the eurozone.
New housing loans
The CBC said the lowest interest rate for new mortgage contracts, regardless of initial rate fixation period, was offered by the National Bank of Greece at 2.01%. The highest rate for new housing loans was recorded at 5.14% by Societe Generale.
The second highest rate was offered by the Housing Finance Corporation at 3.41%.
Existing housing loans
For existing housing loans in Cyprus, the average interest rate stood at 3.50%, above the eurozone average of 2.46%. Among banks, the Bank of Cyprus offered the highest rate at 3.73%, while the lowest rate was recorded at 2.96% by the Housing Finance Corporation.
New business loans up to 1 million euros
In the category of new business loans up to 1 million euros, the average interest rate in Cyprus reached 4.06%. The lowest rate in this category was offered by Eurobank at 3.76%, while the highest came from Banque SBA at 6.34%.
How do the reported interest rates affect your decision to take out a housing loan or place a term deposit?
