housing loans

Budget 2024 Expectations Live: Low interest rates and liquidity support on MSMEs’ wish list for Sitharaman – The Economic Times

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Budget 2024 Expectations Live: Low interest rates and liquidity support on MSMEs' wish list for Sitharaman - The Economic Times

Union Budget 2024 Live Updates: As Finance Minister Nirmala Sitharaman prepares for the upcoming Union Budget, the micro, small, and medium enterprises (MSMEs) are hopeful that the government will prioritise and promote their sector.The Finance Minister will present the Union Budget for 2024-25 on July 23, in her third straight term this year.The MSME industry … Read more

Housing prices maintain upward trend

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Housing prices maintain upward trend

Fact: The increase in overall property demand came from domestic buyers, while a decrease was observed in the number of sale deeds submitted by foreign buyers.

CBC: Consumer loan rates rise, housing loan rates dip

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CBC: Consumer loan rates rise, housing loan rates dip

Cyprus witnessed a rise in consumer loan interest rates in March of this year, alongside a decrease in rates for housing loans, while household deposit rates saw an increase, according to a report released by the Central Bank of Cyprus. In the same month, the total amount of new loans decreased by €79 million compared to the previous month.

Consumer loan rates rise, mortgage rates drop in March

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Consumer loan rates rise, mortgage rates drop in March

In March, consumer loan rates increased while mortgage rates decreased in Cyprus. Deposit rates for households also rose, with new lending decreasing by €79 million compared to the previous month. The interest rate for fixed-term deposits for households increased to 2.24%, while the interest rate for non-financial corporations decreased to the same percentage. Total new loans in March amounted to €496.4 million, with new consumer loans decreasing to €22.2 million and new housing loans decreasing to €119.6 million. New loans to non-financial corporations for amounts up to €1 million increased, while loans for amounts above €1 million decreased. These statistics were published in the April 2024 edition of ‘Monetary and Financial Statistics’ by the Central Bank of Cyprus.

AKEL proposes taxing bank profits for public relief

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AKEL proposes taxing bank profits for public relief

AKEL has submitted a bill proposal to tax unexpected bank profits in order to help those struggling with high loan installments due to interest rate hikes. The proposal includes a 5% special levy on net interest income for 2023 and 2024, with expected revenues of €50 million per year going towards interest subsidies for housing loans. AKEL believes the government is not adequately addressing the issue and aims to provide real relief to households and small businesses.

Young people purchasing an apartment is nowadays a utopia

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Young people purchasing an apartment is nowadays a utopia

The real estate market in Cyprus has seen rapid growth due to the arrival of foreign companies, making it difficult for Cypriots to find affordable housing. High rent and property prices, combined with low average salaries, pose a significant challenge for young couples and individuals from middle or low-income groups. The need for substantial deposits and strict bank requirements further limit access to housing loans. Efforts are being made to address these issues, including potential changes in the terms and conditions of social housing programs to help more people acquire housing.

Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

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Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years, but demand for credit kept falling amid high borrowing costs and a stagnant economy.

Kedipes offers repayment plan for NPLs

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Kedipes offers repayment plan for NPLs

Kedipes has announced a new repayment plan for non-performing loans that would be secured by a primary residence with a market value of up to €350,000. Eligible borrowers can fully repay their loan obligations by paying an amount calculated with a significant percentage discount on the market value of the mortgaged residence.

Decline in business loans continued in late 2023, CBC says

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Decline in business loans continued in late 2023, CBC says

Fact: Cyprus saw a decrease in net demand for new business loans in the final quarter of 2023, continuing a downward trend observed since the first quarter of 2022, albeit to a lesser extent than originally expected.