Iskan loans interest lowered to 3.28 percent

The Public Corporation for Housing (PCH) – better known as Iskan – in cooperation with the Central Bank and the Association of Lebanese Banks, has lowered its interest rates around 35 percent, from 5.07 percent to 3.28 percent.

Rony Lahoud, Director General of the PCH, said: “The decision will include both new and old applicants.”

For instance, those who borrowed LL270 million ($180,000) repaid LL360 million ($240,000), but according to the new rates, they will repay only LL330 million ($220,000).

Old applicants who took out a loan through PCH will benefit from a reduction on the PCH interests from three to 2.5 percent, which is equivalent to LL10 million.

Lahoud said: “Nothing will change in the installments repaid in the first phase of the loan, because people are repaying the capital. The reduction will be on the second phase.”

PCH provided 5,000 loans last year with a value of $660 million, recording nine percent increase compared to 2015.