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<CN Home>PBOC Expects 0.25 ppt Cut in Individual Housing Provident Fund Loan Rate to Save Residents RMB20B+ in Provident Fund Loan Interest Annually
Pan Gongsheng, Governor of the People's Bank of China (PBOC), announced at a State Council Information Office press conference that the individual housing provident fund loan r...
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<CN Home>PBOC Expects 0.25 ppt Cut in Individual Housing Provident Fund Loan Rate to Save Residents RMB20B+ in Provident Fund Loan Interest Annually
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Pan Gongsheng, Governor of the People's Bank of China (PBOC), announced at a State Council Information Office press conference that the individual housing provident fund loan rate will be reduced by 0.25 ppts.

Specifically, the rate for first-home loans with a term over five years will drop from 2.85% to 2.6%, while rates for other terms will be adjusted simultaneously. These adjustments are estimated to save residents over RMB20 billion in provident fund loan interest each year, which will be conducive to the inelastic housing demand from households and the stabilization of the real estate market.

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