Cabinet approves proposal to boost transparency of mortgage interest rates

An amendment to the Act on Banks was approved by the government at its session on June 8 that is aimed at ushering in a more transparent manner of providing information about mortgage interest rates, the TASR newswire reported. The proposed rules, drawn up by the Finance Ministry, are designed to apply to new interest rates on mortgages as well as rates applicable after a term of fixed interest rates expires.

An amendment to the Act on Banks was approved by the government at its session on June 8 that is aimed at ushering in a more transparent manner of providing information about mortgage interest rates, the TASR newswire reported.

The proposed rules, drawn up by the Finance Ministry, are designed to apply to new interest rates on mortgages as well as rates applicable after a term of fixed interest rates expires.

The measure should enable bank clients to get a better idea of the components of a specified interest rate, allowing them to compare mortgage offers more easily.

The Finance Ministry also said the amendment is designed to bring about equal conditions for mortgages and other kinds of housing loans.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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