Bancolombia: why the bank lowers rates for home purchase – Financial Sector – Economy
Given the skyrocketing cost of credit in the country, where banks are charging interest rates close to 23 percent effective per year only for home purchases, according to recent figures from the Financial Supervision, Bancolombia announced this Thursday that it established a maximum rate for this credit segment of 14.15 percent effective per year. And if the credit is subsidized by the National Government, the rate will be almost 10 percent in the first years.(Also read: New consumer loans have 'cost' banks $1.1 trillion more) Juan Carlos Mora, president of Bancolombia. The ad did Juan Carlos Mora, president of the…
