The Land, Infrastructure and Transport Ministry will cut the standard rate on loans from Housing Loan Corp. to 2.7 percent from 2.8 percent, Vice Minister Kunihisa Ono said Monday.
The statement came as the government decided to cut the interest rate on loans under the government's "zaito" fiscal investment and loan program to 1.8 percent from 2 percent on Friday.
The housing loan interest rate reduction will be retroactive to Monday.