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HFO: Notable Growth Rate for 2000

22/08/2001 10:37
According to figures published by the House Financing Organisation, results for the year 2000 showed notable growth rates. Deposits for the year rose by 37% compared to the previous year, to CYP 253.7 million. A total of 1.530 new loans were issued to families equalling CYP 50.9 million compared to a total of CYP 35.6 million the previous year. Assets of the Organisation also rose by 30.9% to CYP 316 million compared to 1999 and reserves rose to CYP 13.2 million.

The HFO, which is a non-profit making organisation, offers loans for housing purposes to middle and low income families, with favourable terms. The organisation subsidises interest on loans by around 3%, totalling around CYP 2 million per annum.