Calculation of the loan with pencil and paper - Tola: with the new interest rate we will save 300 thousand ALL in 20 years
If we want to get a 10 million Lek loan to buy a house, with the new 2.75% interest rate issued by the country's central bank, the total we will save is about 300 thousand Lek at the end of the loan repayment.
After a pencil and paper calculation with the economic expert Igli Tola, the monthly installment of the loan would be reduced by about 1234 ALL.
Although the Central Bank lowered the base interest rate from 3 to 2.75%, the second level banks do not reflect the decision 100%.
Banks currently offer an interest rate for home purchase loans ranging from 3.2-3.7% for a maturity period of 20 to 25 years.
Lowering the base interest rate will create more appropriate monetary conditions to control the impact that short-term supply shocks may have on inflation in the future.
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