Millennium Bank cuts mortgage rates by 3.5%

The interest rates of the individuals’ mortgage and home equity loans have been cut up to 3.5% by Millennium Bank.

Millennium Bank

The calculation of new rates are based on the loan to value of the credit and they are applicable for the loans that are acquired starting with August 10, 2009.

Eliza Erhan, Head of Retail Product Development Millennium Bank has stated that the decreasing trend of interest rates have been followed by these changes, but they have also position Millennium Bank’s offer among the best on the market, especially for lower risk loans.

For mortgage loans the new interest rate is calculated as the three-month Robor/Euribor, plus a margin starting from 6.5%. For home equity loans the new interest rate is calculated as the three-month Robor/Euribor, plus a margin starting from 7%.

According to the three-month Euribor/Robor evolution, Mortgage and home equity loans are offered by Millennium Bank with variable interest rate, these are updated every three months. Clients gets their benefit in the form of zero administration fee and free life insurance.

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