2023-09-01 17:58:52
China’s financial watchdogs have announced cuts in mortgage interest rates and minimum down payments for home purchases in order to stimulate the real estate market, which has recently come under additional pressure due to debt problems. promoters Country Garden and Evergrande.
According to a joint statement from the People’s Bank of China (POBC) and the country’s National Administration for Financial Regulation, customers with mortgage loans for the purchase of their first home will be able, from September 25, to request a change rate in the contract or migrate to a new mortgage in order to reduce the interest they pay.
At the same time, the banking sector may find it easier to repay mortgages early, which would increase their interest income.
In addition, in mortgages intended for the purchase of both first and second homes, the minimum initial payment of buyers will be lowered to 20% and 30%, respectively, throughout the country.
In turn, local governments will be able to specifically modify housing credit policies. Many Chinese cities have recently made changes to their home lending policies, including allowing preferential loans for first-time home purchases regardless of a buyer’s previous credit history.
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