Eurobank Cyprus to Reward 1,400 Current Borrowers with Reduced Mortgage Rates

Eurobank Cyprus has announced its plan to reward approximately 1,400 up-to-date mortgage customers by reducing the final interest rate on their home loans by 50 basis points. This initiative, originally unveiled in May 2023, targets private borrowers who have maintained good repayment standings.

The bank's initiative aims to support Cypriot households during a period of elevated lending rates, underscoring Eurobank Cyprus’ proactive approach in challenging economic conditions. According to the announcement, the initiative has already benefited around 1,400 individual customers.

Implemented from June 1, 2023, to May 31, 2024, the initiative automatically includes all individual borrowers with active home loans for their primary residence, whether for purchase or construction. These loans are linked to variable interest rates tied directly or indirectly to the Euribor, irrespective of the market value of the property.

Explaining further, the bank clarified that Euribor refers to the Euro Interbank Offered Rate, indicating the rate at which credit institutions lend funds to each other.

“In the coming days, the bank will deposit the corresponding amounts into the current accounts of all affected customers, bearing the substantial cost of this measure entirely,” stated Eurobank.

The bank concluded by affirming its commitment to supporting its customers and the broader Cypriot economy.

By fLEXI tEAM