The Land, Infrastructure and Transport Ministry said Monday it cut the standard interest rate on which the Government Housing Loan Corp. bases its lending rates by 0.1 percentage point to 2.6 percent per annum.
The reduction is in line with a cut in the rate charged by the Finance Ministry on loans from the Fiscal Investment and Loan Program, the government-run lending facility that taps the pool of postal savings and pension contributions.
The new rate will apply retroactively from April 22, the start of the first round of the mortgage provider's annual application acceptance campaign.