Young couples apply for mortgages in Cyprus

Молодые пары активно оформляют ипотечные кредиты на Кипре
3 November 2020 Liza Medvetskaya
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The bank branches are filled with young couples who want to get a mortgage and want to take advantage of the government measure for the interest rate subsidy plan.

The increased domestic demand for real estate in the COVID-19 season is reflected in the data of the Central Bank, with the new mortgages in September recording an increase of € 97 200 000, compared to €55 900 000 last month and €97 800 000 in July.

Молодые пары активно оформляют ипотечные кредиты на Кипре

Banking circles pointed out that the demand for mortgages was reduced in the first quarter of 2020 due to the economy's lockdown. It recovered from May onwards, with the economy gradually returning to normal.

Young couples want to get their tile, and banks are stepping up their advertising campaign in this direction. TV commercials for subsidized mortgages have been in full swing for the past few months, and banks are trying to get a share of mortgages aimed at young couples. It is a new generation of customers who have no debts and can invest in a long-term relationship for banks.

However, the interest is not only focused on the apartment market but also on housing, with young couples giving a boost to the real estate market. Due to the demand, the real estate market is kept alive. The banks channel part of the excess liquidity into loans. Simultaneously, the government considers extending the interest rate subsidy plan for new mortgages and new business loans for small and medium-sized enterprises. At the end of the year, the first interest rate subsidy deadline expires. According to Finance Minister Konstantinos Petridis, the subsidy plan is expected to be extended for another six months. Therefore, if the government grows, then the interest rate subsidy will be valid until the end of June 2021. It is estimated that, through the interest rate subsidy process, banks have granted more than 2,500 mortgage and business loans, which exceed €350. According to data released yesterday by the Central Bank, the interest rate on home loans rose to 2.12% in September, compared to 2.08% the previous month.

New loans to non-financial corporations for amounts up to €1 000 000 increased to €38 900 000, compared to €37 000 000 last month. This category's interest rate fell to 3.17%, compared to 3.20% in the previous month. New loans to companies for amounts over €1 000 000 increased to €151 100 000, compared to € 100 500 000 last month. The interest rate raised to 3.22%, compared to 3.05% in the previous month. New consumer loans increased to € 15 300 000, compared to € 13 500 000 last month. The interest rate increased marginally to 3.09% compared to 3.08% in the previous month.

Source: philenews.com
Photos: pixabay.com
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