Sat, Jul 04 2009

Top Bulgarian banks raise rates in July

Thu, Jul 31 2008 17:56 CET bydnevnik.bg 113 Views

Several of Bulgaria's leading banks increased their rates on mortgage and consumer credits in July, data from fincity.bg, the Bulgarian comparison shop portal for financial products and services, showed.

Mortgage rates increased from 0.1 per cent to 0.5 per cent, while the cost of consumer loans edged up 0.1 per cent to 1.45 per cent.

Borrowers continue to shun euro-denominated loans despite the superior terms in comparison with programs in the local currency.

'This is because of persistent belief that the lev is depreciating because of the high inflation,' said Nikolai Staikov, the FinCity executive director.

Demand for euro-denominated consumer loans is expected to pick up over the next couple of months as borrowers take the bait of lower interest rates.

The reverse trend is shaping demand on the mortgage lending segment where euro-denominated loans have the upper hand.

The survey found the home buyers are looking for the maximum term of maturity and the lowest percentage of co-financing on the part of the borrower.

Read the full article on Dnevnik.bg

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