Hellenic Bank on Monday announced a reduction in its reference rate for loans linked to the European Central Bank’s (ECB) base rate.
Effective from December 18, 2024, the rate will decrease by 0.25 percentage points, moving from 3.40 per cent to 3.15 per cent.
“This reduction will also affect loans tied to Euribor interbank rates, benefiting over 6,000 borrowers,” the bank stated.
Last month, the bank also lowered its own base rate by 0.21 percentage points, bringing it down to 1.91 per cent.
“This earlier reduction positively impacted more than 90,000 borrowers, including individuals and businesses, helping them better manage their borrowing costs,” the bank explained.
In addition to rate adjustments, Hellenic Bank recently introduced a new fixed-rate mortgage product.
The bank stated that customers can now secure a fixed interest rate of 2.95 per cent for the first three years or 3.10 per cent for the first five years.
“Hellenic Bank remains steadfast in its commitment to supporting customers by offering competitive products and services that contribute to the development of the Cypriot economy and the well-being of society,” the bank concluded.
