On October 8, Dongguan Housing Provident Fund Management Center issued the "Notice on Lowering the Interest Rate for the First Personal Housing Provident Fund Loan". The notice stated that the interest rate of the first personal housing provident fund loan for Dongguan is 2.6% for 5 years (including 5 years) and 3.1% for 5 years or more. The interest rate for the second personal housing provident fund loan remains unchanged.
notice shows that according to the decision requirements of the People's Bank of China Decision to Lower the Interest Rate for the First Personal Housing Provident Fund Loan", starting from October 1, 2022, the interest rate for the first personal housing provident fund loan is lowered: the interest rate for the personal housing provident fund loan of less than 5 years (including 5 years) is lowered from 2.75% to 2.6%, and the interest rate for the personal housing provident fund loan of more than 5 years is lowered from 3.25% to 3.1%. The interest rate policy for the second set of personal housing provident fund loans remains unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years shall not be less than 3.025% and 3.575% respectively.
What are the specific changes in interest rates before and after the policy adjustment? According to the Dongguan Housing Provident Fund Management Center, the current interest rate (annual interest rate) of the first personal housing provident fund loan in Dongguan is 2.75% for less than 5 years (including 5 years); 3.25% for more than 5 years; and the interest rate of the second personal housing provident fund loan is 3.025% for less than 5 years (including 5 years) and 3.575% for more than 5 years.
After adjustments are made in accordance with the decision requirements of the People's Bank of China to lower the interest rate of the first personal housing provident fund loan in Dongguan, the interest rate of the first personal housing provident fund loan in Dongguan is 2.6% for less than 5 years (including 5 years) and 3.1% for more than 5 years. The interest rate for the second personal housing provident fund loan remains unchanged.
So, how much burden can be reduced after interest rates are adjusted? Taking the current repayment method of the maximum loan limit for the first house in Dongguan, the maximum loan period is 900,000 yuan, the maximum loan period is 30 years and the same principal and interest as , as an example, the total interest before the adjustment is about 510,000 yuan, the monthly payment is 3,917 yuan, and the total interest after the adjustment is about 483,000 yuan, and the monthly payment is 3,843 yuan.
It should be noted that personal housing provident fund loans issued after October 1, 2022 (inclusive) will be implemented at the adjusted new interest rate. Unfinished personal housing provident fund loans issued before October 1, 2022 will be implemented at the adjusted new interest rate starting from January 1, 2023.
edited and written by: Nandu reporter Huang Huiping
