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Mortgage rate at 52-month high
Central News Agency
2013-06-24 09:56 PM
Taipei, June 24 (CNA) Five major banks in Taiwan provided a total of NT$42.73 billion (US$1.4 billion) in new loans to home buyers at an average rate of 1.986 percent in May, the highest rate in 52 months. According to figures released by the Central Bank, the loans registered an increase of NT$1.35 billion from April. The interest rate, after an increase of 0.04 percentage points from the previous month, was the highest since Feb. 2009 for new home mortgages. A Central Bank official attributed the moderate increase to a rise in mortgage rates in 13 administrative districts of New Taipei City. The five major banks brought the rates to over 2 percent for real estate located in certain parts of those districts due to higher risks. The increase in the total mortgage provided was attributed mainly to the NT$11.4 billion -- an increase of NT$1.5 billion from April -- lent under a program to help young people buy their own property. (By Kao Chao-fen and Jay Chen)
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