China's principal national commercial banks revealed comprehensive plans to modify interest rates on existing mortgage loans on Saturday (Oct. 12) in compliance with the central bank's efforts to stabilize the real estate sector.
The adjustment will be implemented starting from Oct. 25, 2024, according to statements of major lenders including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank.
The mortgage rates for first homes, second homes, and more will be reduced to 30 basis points below the loan prime rate, the statements said.
China's central bank requested last month commercial banks to lower interest rates for outstanding mortgage loans as the country aims to lower financial burdens on property owners.
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