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CN Lowers Outstanding Personal Housing Provident Fund Loan Rates from Ytd
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The People's Bank of China announced a 0.25 ppt reduction in personal housing provident fund loan rates in May 2024. According to the regulations, personal housing loans from the housing provident fund issued before this will adopt the new rates starting yesterday (1st). Personal housing loans from the housing provident fund issued before May 18, 2024, known as outstanding mortgages, began adjusting to the corresponding first-home and second-home rates from yesterday. For the first home for self-occupation, the loan rate is 2.35% for loans under five years and 2.85% for loans over five years. For the second home for self-occupation, the loan rate is 2.775% for loans under five years and 3.325% for loans over five years. This adjustment does not require borrowers to apply. Many places, including Beijing and Shanghai, have already announced a batch of unified reductions. The rate cut will directly reduce the repayment pressure on housing loan borrowers. AAStocks Financial News |
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