China's big lenders to lower rates on existing first-home loans

Updated: Sep 7, 2023 Xinhua Print
Share - WeChat
Potential homebuyers look at a residential property model in Fuyang, Anhui province. [WANG BIAO/FOR CHINA DAILY]

BEIJING -- China's four State-owned commercial banks announced Thursday that they will cut interest rates on existing mortgages for first-home loans.

The adjusted interest rates will be effective from Sept 25, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and the China Construction Bank said in statements.

The move followed a decision by China's financial watchdogs last week to optimize housing credit policies, in a bid to reduce interest expense for mortgage borrowers and help spur consumption and investment.

According to analysts, this lowering of mortgage rates will benefit about 40 million borrowers.

Copyright©2024 China Daily. All rights reserved.


京公网安备 11010502032503号 京公网安备 11010502032503号