Cheaper housing credits in November 2012

In November 2012, interest rates on loans decreased both on an annual basis and compared to October, showed BNB (Bulgarian National Bank) statistics for the period. The reduction is real because the annual percentage of expenses (including fees and commissions besides the interest on the credit) also decreased. In November 2012, the average interest rate on housing loans drawn in Bulgarian leva declined by 0.73 percentage points, compared to the same month of 2011 to 7.12%, and that on credits in Euros dropped by 0.44 percentage points to 7.4%. The decrease in the interest rate, compared to October, was 0.21 percentage points for loans in Bulgarian currency and 0.5 percentage points for loans in Euros.

At the same time, in November 2012, the annual percentages of costs on housing loans in Bulgarian leva decreased by 0.49 percentage points year-on-year to 7.99%, and that in Euros - by 0.58 percentage points to 8.04%. On a monthly basis, the decrease in the average percentage of expenses was 0.24 percentage points for mortgage loans in Bulgarian currency and 0.4 percentage points for those in Euros. The average amount of mortgage loans extended in 2012 was BGN 68,000, maturing in 12 years on average.

In November 2012, the price of consumer loans remained practically the same as in October, although registering a decrease on an annual basis.

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