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Thursday, October 5, 2023

AstroBank: Prime Rate 'Freeze' on Home Loans for Consistent Borrowers

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AstroBank: «Παγωμα» βασι κοΙ επιτοκΙου Στεγαστικων ΔανεΙ&omega ;ν Πρoτης Κατοικiας συνεπoν δανε&iota ;οληπτoν

AstroBank is proceeding with a reward program for vulnerable borrowers with informed mortgage debts, with a “Freeze” of the Base Interest Rate (EKT and Euribor).

Specifically, the program concerns First Home Mortgage Loans, the value of which does not exceed €350,000 and which are linked to either the European Central Bank's Base Rate or Euribor. The program will be valid for the period from 01/06/2023 until 31/12/2023, it will provide for the “freezing” of the basic interest rate at 2.75% and will concern the aforementioned loans, both existing and those that will be disbursed during the term of the program.

AstroBank: «Παγωμα» βασι κοΙ επιτοκΙου Στεγαστικων ΔανεΙ&omega ;ν Πρoτης Κατοικiας συνεπoν δανε&iota ;οληπτoν

As a condition for inclusion in the program, the Mortgage Loan for a First Home must not show installment delays during the implementation of the program. It is clarified that the right to join the program will also be available to borrowers who settle any arrears on housing loans they hold with AstroBank, until 30/06/2023. To remain in the new pricing program, the mortgage loan must not be in arrears during the program.

Eligible borrowers will automatically join the program without requiring any action on their part, while they will be able to find out about the reduced interest rate on their loan and the corresponding installment of their loan by contacting the bank's branch network.

It is understood that at the end of the program and/or in the event that a mortgage loan is in arrears during the program, the loan will continue to accrue interest at the pricing of the basic interest rate as it will be valid at the given time (and as it may differ from from time to time) now the margin which is not affected by the terms of the program.

AstroBank recognizes the difficulties faced by its customers from inflationary pressures, which led the European Central Bank to continuous increases in interest rates in recent months, affecting mortgage installments linked to the European Central Bank's base rate and Euribor. In this context, and also responding to the calls of the Minister of Finance, it considered it imperative to support its vulnerable customers in this difficult period. The Bank will absorb any additional interest rate increases while the program is in effect.

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Source: www.kathimerini.com.cy

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