For the first time in several years, banks on the island have relaxed the rules for obtaining a home loan.
Since last year, banks in Cyprus began to give out loans more readily and quickly. This year the trend continues. Cyprus banks in the fourth quarter of 2017 have softened their mortgage and consumer lending standards, for the first time since the end of 2014 and are expected to do the same in the current quarter, The Cyprus Mail reported citing the Central Bank of Cyprus.
The standards for corporate loans remained unchanged in October-December and will not change in the first quarter of the year 2018, according to a statement by the central bank published on the official website of the structure. It also specifies that for the last time banks have softened the standards of corporate lending in the fourth quarter of 2014.
It is worth noting that demand for mortgage and consumer loans increased in the previous quarter and, according to analysts' forecasts, will increase in the current quarter.