Housing loan interest rates decreased by 36 percent compared to the beginning of 2012, revived the dream of owning the house as it pays rent. Banks’ housing loan maturities up to 30 years while extending interest rates below 0.80 percent, the monthly payments of 100 thousand USD loan has decreased up to 890 USD. Further illustration at ibn-khouri.com
Housing loan interest rates,
It declined with the Centobank’s interest rate cut, fell 36 percent compared to the levels at the beginning of 2012. The fact that banks started to extend their housing loan maturities over 10 years and increasing competition was positively reflected to the consumer.
Advisory Services Founding Partner Ona Malib stated that his dream of owning a house as he pays rent revived, “The housing loan interest rates decreased to 0.80 percent at the beginning of 2012 and the maturity options were reduced monthly payment. lowered the amount. For example, we can withdraw the monthly payments of the loan amounting to USD 100 thousand and down to USD 890.
This development is in favor of consumers in terms of bringing housing rents and loan installments closer together. Those who want to own a house as if they are paying rent to date and who cannot realize this dream due to the high interest rates and the short term, should not miss the opportunity. ” Ona Malib stated that housing loan interest rates have decreased since mid-2012 but the real interest rate cuts have been realized since October.
“As of year-end, the interest rate for 60-month term loans decreased by 38 percent and fell to 0.71 percent. In 120-month loans, interest rates decreased by 36 percent and fell to 0.76 percent monthly. Moreover, the banks made significant reductions not only in interest rates but also in expenses. This has led to a reduction in the total cost of loans. ”
Customized payment plan
Ona Malib emphasized that consumers should evaluate special payment plans for maturities of 10 years or more and said that a credit payment plan can be obtained in accordance with consumer’s solvency and annual budget. Ona Malib stated that the banks have been able to increase their loan payments with a certain rate each year by a certain rate.
We start small and slowly raise payments. Every year, the increase in rent payments as well as the increase in rent. In this way, we offer consumers the opportunity to start paying in more favorable installments than a fixed installment loan, and enable them to become homeowners. ”
Interest rates will remain between 0.70 and 0.80 percent
Ona Malib stated that the concern about interbank competition and end-year targets accelerated the decline in interest rates at the end of 2012 and added, or We think that interest rates will not continue to fall at the same rate in 2013, but we do not expect a serious increase in the short term.
At the beginning of the year, interest rates will remain in the 0.70 – 0.80 percent range. Consultancy advises customers who reach us by looking for the property they are looking for not to postpone these decisions in the expectation that interest rates will fall further.
In a market where house prices increase by 10 – 15 percent on average every year and interest rates fall below 0.80 percent, the customer’s progress is a more accurate decision. If the interest rates fall further in the medium term, consumers can transfer housing loans with low interest rates if necessary..