Cyprus: housing loan company due to lower lending rates

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The Housing Finance Corporation (HFC) stated on Monday that it was waiting on lowering the lending rates at the same time as announcing the brand new roll-out of three new financing schemes.

Additionally, the HFC’s director-general has told lawmakers that the organisation had plans underway for minimising its lending rates due to the competition from the private banking sector. Andreas Georgiou also went on to add that the organisation would be reducing lending rates during the week.

Following this, the HFC is expected to launch three new lending schemes soon which are associated to housing, college education and renovations aimed at upgrading buildings’ energy efficiency.

According to sources, the home ownership scheme will target young couples and will include an adjustable rate: 2% for the first 5 years which will then increase to 2.7% after that. In addition, the HFC is projected to return to profitability in 2020 according to officials.