Starting yesterday (15th), both Beijing and Shanghai have lowered their mortgage interest rates and down payment ratios. The reporter visited some bank outlets and found that the lowest first-home loan interest rates in Beijing and Shanghai have dropped to 4.2% and 4.1% respectively.
Video source: CCTV News (02:07)
In Beijing, various banks including China Construction Bank, Industrial and Commercial Bank of China, and Postal Savings Bank of China have begun to implement new mortgage policies.
Sun Zhuo, deputy general manager of the Personal Credit Department of China CITIC Bank Beijing Branch: China CITIC Bank has issued loans to our customers in accordance with the latest loan interest rates. For customers who have applied in the early stage (but have not yet been loaned), if they have other adjustments or changes regarding the down payment ratio or the loan term, we will also re-sign the corresponding loan contract with the customer.
According to the policy, the down payment ratio for Beijing’s first home loan has been reduced to 30% from the previous 35% for ordinary residences and 40% for non-ordinary residences, and the lower interest rate limit has been reduced from 4.75% to 4.3% in the six urban districts and 4.2% in the six non-urban districts. The down payment ratio for a second home has dropped from the previous 60% for ordinary residences and 80% for non-ordinary residences to 50% in urban six districts and 40% in non-urban districts. The lower interest rate has dropped from the previous 5.25% to 4.8% in urban six districts and non-urban districts. 4.75% in the sixth district of the city.
Based on a 30-year loan of 1 million yuan to purchase a first-time home in District 6 of the city, the loan interest rate in effect on and before December 14 is 4.75%, and the 30-year interest expense is about 880,000 yuan. The monthly payment is about 5,200 yuan. Starting from December 15, the loan interest rate is LPR plus ten basis points, which is currently 4.3%. The total interest in 30 years is about 780,000 yuan, and the monthly payment has dropped to about 4,900 yuan.
Sun Zhuo, deputy general manager of the Personal Credit Department of China CITIC Bank Beijing Branch: The total interest expense was saved by 100,000 yuan, which is basically a savings of 300 yuan per month. The customers who get the biggest benefits and benefit the most are the first-time customers.
In Shanghai, the down payment ratio for first home loans has dropped from 35% to 30%, and the lower interest rate limit has dropped from 4.55% to 4.1%. The down payment ratio and interest rate lower limit for second-home loans have also been significantly reduced.
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