The new interest rates are calculated based on the loan to value of the credit and are applicable for the loans acquired starting with August 10, 2009.
“These changes follow the decreasing trend of interest rates, but they also position Millennium Bank’s offer among the best on the market, especially for lower risk loans”, stated Eliza Erhan, Head of Retail Product Development Millennium Bank.
The new interest rate for mortgage loans is calculated as the three-month Robor/Euribor, plus a margin starting from 6.5%. The new interest rate for home equity loans is the three-month Robor/Euribor, plus a margin starting from 7%.
Millennium Bank offers mortgage and home equity loans with variable interest rate, updated every three months, according to the three-month Euribor/Robor evolution. Clients benefit from zero administration fee and free life insurance.
Millennium Bank is a fully owned subsidiary of the Portuguese-based Millennium bcp. The bank started operating in Romania in fall 2007. Currently, Millennium Bank has 73 units across the country.
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