Arab Bank Lowers Interest Rates on Housing Loans
30 Aug, 2009
As part of Arab Bank’s continued efforts to provide housing loans to its customers at reduced cost that meets their needs during the current economic climate, the Bank decided to lower the lending interest rate by 0.5% to 8.25% for customers who take out a housing loan starting September 1, 2009.
Arab Bank’s Chairman and CEO, Abdel Hamid Shoman, said “This step is part of the Bank’s constant efforts to ease lending terms and to lower the cost of obtaining housing loans in order to meet the current economic conditions in general and the Jordanian real estate market situation in specific.”
Mr. Shoman further explained, “This step will have a tangible positive effect on supporting the real estate market through reducing the borrowing burden for the Bank’s customers which will in turn lead to revitalized economic and investment activities in the country. This is another effort to meet the needs of the Bank’s customers at the Retail Banking front.”
Arab Bank has lowered prime interest rates twice this year. The Bank has also lowered interest rates on new personal, auto and housing loans as well as extended the repayment period to suit the customers’ needs.