Belinvestbank Slashes Mortgage Rate to 13.75% for New Apartments
Belinvestbank, a major Belarusian bank, has slashed its mortgage calculator interest rate for purchasing apartments in new developments to 13.75%. This significant reduction, effective until October 31, 2022, follows a series of rate cuts by the bank and other lenders.
In September, Belinvestbank reduced its mortgage calculator rate for the mentioned purpose to 15.5%, a drop of nearly 3% from the previous rate of 16.65%. This reduction came on the heels of Credit Suisse lowering its savings interest rate on similar loans to 15.5% from 16.88%. The new rate applies to four mortgage calculator products: 'Apartment Construction Loan', 'Express Mortgage', 'Time to Build' (Vitebsk DSK, Mogilev DSK), and 'Purchase of an Apartment or House from Developers'.
The difference with the secondary market rate remains significant, with the latter currently standing at 18.5%.
Belinvestbank's latest move brings its mortgage calculator rate to a new low, potentially making home ownership more affordable for many Belarusians. The reduced rate is valid until the end of October, giving potential buyers a window to secure favourable financing terms from the us bank.
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