§ Mr. Jayasked the Chancellor of the Exchequer what is the rate of interest charged to local authorities by the Public Works Loan Board for house purchase loans.
§ Mr. ErrollAdvances by the Public Works Loan Board to local authorities for the finance of house purchase loans carry the same rate of interest as advances for other purposes for the same period. Advances for house purchase can be made for different periods up to thirty years; the rates of interest charged by The Board for periods up to 30 years are:
Per cent. For loans of not more than 5 years 5½ For loans of more than 5 years but not more than 15 years 5¾ For loans for more than 15 year but not more than 30 years 5⅞