Shanghai regulations on mortgage rates have been implemented by multiple banks, with the minimum mortgage rate for a second home being 3.09%

On August 25th, six departments in Shanghai jointly issued a "Notice on Optimizing and Adjusting the city's Real Estate Policy Measures." On the evening of August 29th, many banks in Shanghai, including Bank of China, Agricultural Bank of China, China Construction Bank, China Merchants Bank, Ping An Bank, Everbright Bank, Bank of Beijing, Jiangsu Bank, and Nanjing Bank, released a "Notice on Optimizing and Adjusting the Pricing Mechanism of Commercial Personal Housing Loans" through their official WeChat public accounts. The content of the notices from each bank is consistent. In terms of new arrangements in the pricing mechanism, banks will no longer differentiate between first-time home buyers and second-time home buyers. The specific interest rate level for each customer's commercial personal housing loan will be determined based on the market interest rate pricing self-discipline mechanism in Shanghai, as well as factors such as the bank's business situation and customer risk status. For owners of second homes in Shanghai, if they apply for a mortgage after September 1st, the minimum interest rate is expected to be 3.09%, the same as for first-time home buyers. Existing second home mortgages with an interest rate of 3.45% can apply for a reduction to 3.36%. This is in line with the adjustment requirements previously announced by the People's Bank of China Shanghai Branch.