Several National Banks Agreed to Lower Interest Rates on Home Loans
Several branches of national banks have joined together have lowered their interest rates for home loans. Among the banks that carried out the lowering of interest rates in the city, 15 banks were offering discounts on loans f6r buyers first properties, three left their lending rate above the banks’ threshold and four banks.
Other banks started to offer 4 percent discounts on lending rates for those first time buyers, but rates for the second home loans remain strictly under control. Only last week 19 banks have raised their lending rates for home buyers to ten percent above the said benchmark interest rate. Banks offer discounted loan on pre-owned properties with restriction on property and home loans.
A local credit analysts said the current lending rate was cut even further in the last few weeks is now approaching a bank’s bottom line which means that there will be no more cuts in the future.