Lates News

On August 25, six departments in Shanghai jointly issued the "Notice on Optimizing and Adjusting the City's Real Estate Policy Measures." On the evening of August 29, 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 Bank of Nanjing, released the "Announcement on Optimizing and Adjusting the Pricing Mechanism of Commercial Individual Housing Loans" through their official WeChat public accounts. The content of each bank's announcement was consistent. In terms of new arrangements, banks will no longer distinguish between first-time and second-time homebuyers in their loan pricing mechanisms. The specific interest rates for commercial individual housing loans for each customer will be determined based on Shanghai's market interest rate pricing self-discipline mechanism, as well as the bank's operating conditions, customer risk conditions, and other factors. For second-home owners in Shanghai, if they apply for a mortgage after September 1, the minimum interest rate is expected to reach 3.09%, which is consistent with the interest rate for first-time homebuyers. Existing second-home mortgages with an interest rate of 3.45% can apply to lower the interest rate to 3.36%. This is consistent with the adjustment requirements previously issued by the People's Bank of China's Shanghai branch. (21st Century Business Herald)