18 June 2007New interest rates for Home LoansDespite the fact that on 13.06.2007 the European Central Bank (ECB) raised its key interest rate by 0,25%, for the eighth time in the last 18 months, the Greek Postal Savings Bank, continuing to provide service to the community and its successful presence in the Mortgage sector:
- Decreased (starting on 21.05.07) its fixed interest rates on 10- and 15-year loans, while retaining unchanged the fixed interest rates on 1-, 3- and 5-year loans, following the new increase by the ECB.
- Extended to 30.06.07, its offer for new mortgages or home loan transfers (refinancing) for its exceptionally competitive euro products "FIXED EXTRA" (with a fixed installment and an interest rate of 2,95% for one year) and "IT'S MINE 100" (with an interest rate based on ECB plus a fixed margin of 0,70% for the entire duration of the loan irrespective of the amount lent).
- Grants a 12-month grace period for the above products, with interest capitalisation, in cases of loan transfers from other Banks.
Moreover, the Greek Postal Savings Bank continues to provide loans financing up to 100% of the value of a property, without any additional charge being made on the interest rates, while, at the same time, borrowers are exempt from paying legal and engineer’s fees until 30.06.2007.
The Bank Administration proceeded to make these important decisions wanting, on the one hand, to protect its customer base from any potential future interest rate increases set by the European Central Bank (ECB) and, on the other hand, not to worsen the situation for socially sensitive groups of amongst its customers.
Consequently today the basic interest rates for Home Loans offered by the Greek Postal Savings Bank have been formulated as follows*:
|
NEW INTEREST RATES FOR HOME LOANS
|
| IT'S MINE 100 (irrespective of the amount - new applications up to 30.06.07) (ECB + 0,70% margin fixed for the entire duration) |
4,70% |
"IT’S MINE" - EXTRA EUROHOME 2 (for amounts starting at €100.000)
(ECB + 0,70% margin fixed for 3 years) |
4,70% |
"IT’S MINE" - EXTRA EUROHOME 1 (for amounts starting at €100.000)
(ECB + 0,95% margin fixed for 3 years) |
4,95% |
| Adjustable Rate for Subsidised Loans (Subsidised by the Greek Workers' Housing Organisation and the Greek State) |
5,28% |
| Adjustable Rate for Those with Large Families and the Handicapped |
4,25% |
| Adjustable rate for inhabitants of border regions |
4,50% |
| FIXED EXTRA (irrespective of the amount - new applications and transfers up to 30.06.07) (for the first year, for the next three years ECB + 0,70% margin fixed) |
2,95% |
| Fixed for 1 year - "FIXED 1" |
(unchanged) |
4,20% |
| Fixed for 3 year - "FIXED 3" |
(unchanged) |
4,50% |
| Fixed for 5 year - "FIXED 5" |
(unchanged) |
4,70% |
| Fixed for 10 year - "FIXED 10" |
(decrease) |
4,95% |
| Fixed for 15 year - "FIXED 15" |
(decrease) |
5,30% |
Greek Postal Savings Bank customers will continue to enjoy the lowest monthly payments on the market for their Home Loans with the added security of the EURO (e.g. for a €100.000 with our FIXED EXTRA product, the monthly payment of interest alone is €255,83, while repayment of capital and interest is €362,03).
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