HSBC reduces interest rates for new home

HSBC has announced that it is extending its Special Offer on all New Home Loans up to Lm35,000 till 31 December 2001, and further reducing costs and interest rates on these new loans.

Through this offer HSBC customers who are buying their first home, upgrading their residence or purchasing a summer residence will benefit from a discounted variable rate of just 5.5 % per annum on the first Lm25,000 which will apply for the first two years of the loan. From year three the rate will revert to a very reasonable 6% per annum on the first Lm25,000. Previously the 5.5% offer applied on only the first Lm15,000 and only for the first year.

The bank has also reduced the costs applicable on balances of over Lm25000.

HSBC also caters for higher value home loan applications where the loan amount exceeds Lm35,000 through its High Value Home Loans. Interest rates for this product range from a very attractive 6.25% and 6.5% interest rate per annum for the full term of the loan. These rates translate into long term considerable savings on interest payments.

Customers seeking finance at advantageous rates to buy or change their residence can obtain an instant home loan quotation either on freephone 0800 77 44 44 or by visiting any HSBC branch around Malta and Gozo.

Mr Emmanuel Sammut, Senior Manager at HSBC Home Loans said: "The Bank is continuously taking the lead in the Home Loans market, providing innovative and attractively priced products with superior and very fast service.

Through this offer new HSBC Home Loans customers will be saving substantial amount in interest payments on a 30 year loan of Lm25,000.

This is a show of confidence in the residential property market and testimony of the Bank's customer driven approach."