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<CN Home>BJ, SH, GZ, SZ, Other Places Trim Interest Rates for Individual Housing Provident Fund Loans
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The People's Bank of China (PBOC) decided to lower the interest rate for individual housing provident fund loans by 0.25 ppts since last Saturday (18th). According to the Beijing Housing Provident Fund Management Center, as quoted by CNR.com, Beijing already implemented the reduction of the loan interest rate. For individual housing provident fund loans issued before 18 May, the original interest rate standard for individual housing provident fund loans remained in place; and from 2025 onwards, the interest rate standard for adjusted individual housing provident fund loans will be implemented. According to the decision of the PBOC, the interest rates for the first individual housing provident fund loans of less than five years and more than five years were trimmed to 2.35% and 2.85% respectively, and the interest rates for the second individual housing provident fund loans of less than five years and more than five years were cut to 2.775% and 3.325% respectively, according to a notice issued by the Shanghai Provident Fund. The Guangzhou Housing Provident Fund Management Center also issued a notice stating that the interest rate for individual housing provident fund loans was chopped by 0.25 ppts since last Saturday, with the interest rates for the first individual housing provident fund loans of less than five years and more than five years being adjusted to 2.35% and 2.85% respectively, and the interest rates for the second individual housing provident fund loans of less than five years and more than five years being adjusted to no less than 2.775% and 3.325% respectively. Shenzhen's housing provident fund loan interest rate was also revised downward. "Shenzhen Housing Provident Fund Loan Management Regulations" stipulated that, after the issuance of the provident fund loans, in case of the national provident fund loan interest rate adjustment, the provident fund center should adjust the loan interest rate on a quarterly basis. Individual housing provident fund loans that had been disbursed in Shenzhen prior to last Saturday have been subject to the adjusted interest rate since July. In addition, Nanjing, Hainan, Hunan, Changsha and Urumqi all announced downward adjustments to their housing provident fund loan interest rates in accordance with the new policy. AAStocks Financial News |
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