Sakana trims mortgage rate
Manama, January 7, 2010
Bahrain-based Sakana Holistic Housing Solutions has cut its mortgage base rate by 0.25 per cent to 9.25 per cent.
This is the second rate reduction in the last four months totalling 0.50 per cent.
'We are seeing some signs of stability in the global markets and we believe that this may have positive impact on our funding costs going forward,' said Sakana chief executive officer R Lakshmanan.
'Sakana has recently completed three years of successful commercial operations and again this may have positive impact on our ability to raise funds.
'This rate reduction is part and parcel of Sakana's commitment to customers to provide best value and expect this reduction will reduce strain on their financial burden.
'We take this opportunity to thank our customers for their continued patronage. We hope the rate reduction will stimulate some demand for real estate as the market is currently depressed,' he said.
'With market moving from off-plan to completed property and as many projects are gearing up for completion, supply of homes is expected to increase in the next couple of years,' he added.
'The government has also announced several initiatives to provide housing to citizens. As a result the long term outlook for mortgage finance is stable.'-TradeArabia News Service