The Hellenic Bank has taken a significant step to ease the financial burden on borrowers by announcing a reduction in its reference interest rate. Effective from March 12, 2025, the rate sees a drop from 2.90% to 2.65%. This 0.25% cut aligns with fluctuations in the European Central Bank’s base rate.
Impact On Borrowers And Business
- Interest Rate Adjustment: The treasury rate was reduced by 0.25%.
- New Rate: Set at 2.65%.
- Beneficiaries: Over 6,000 loan recipients are expected to benefit.
Coming on the heels of a recent 0.16% reduction, which affected the bank’s basic interest to reach 1.75%, this move aims to further relieve over 90,000 borrowers, spanning individuals to businesses, by reducing their borrowing costs.
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Steady Fixed Rates For Home Loans & My Home Rewards
Attractive Mortgage Rates: The Bank offers fixed mortgage rates of:
- 2.95% for the initial three years.
- 3.10% for the first five years.
My Home Rewards Program enriches these offers through:
- Cashback Offers: Up to €2,000 for furnishing and home equipment from partner merchants.
- Enhanced Buyer Opportunities: Enabling customers to own homes under more favorable conditions.
This strategic rate adjustment by Hellenic Bank not only makes loan facilities more accessible but also strengthens the real estate market dynamics in Cyprus, aligning with trends observed in the global real estate arena.
