"Flat 35" Housing Loan Rate Moves Up
The average rate for the so-called Flat 35 moved up 0.032% in July to 3.226%, its first increase in two months. The Flat 35 is a joint offering of the Government Housing Loan Corporation and private financial institutions, and it is the longest fixed-term housing loan. The hike reflects higher cost of funds for the 308 participating institutions. Flat 35 loans, introduced in 2003, have taken off after a slow beginning, as this somewhat dated article from the IHT describes.