People's Bank of China decided that starting from October 1, 2022, will lower the interest rate of the first personal housing provident fund loan by 0.15 percentage points, and the interest rates below 5 years (including 5 years) and above 5 years are adjusted to 2.6% and 3.1% respectively. 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 lower than 3.025% and 3.575% respectively.
htmlOn September 29, People's Bank of China and China Banking and Insurance Regulatory Commission issued a notice, deciding to phased adjustment of differentiated housing credit policies. Urban governments that meet the conditions in can independently decide to maintain, lower or cancel the interest rate limit for the first-home loan issued in the local area before the end of 2022. The introduction of this policy measure of
is conducive to supporting urban governments to make full use of the policy toolbox for "taking policies based on the city" and promoting the stable and healthy development of the real estate market. Within the scope of local policies, banks and customers can negotiate to determine the specific interest rate level of newly issued first-home loans, which will help reduce residents' interest expenses and better support rigid housing demand.
People's Bank of China, China Banking and Insurance Regulatory Commission Notice on phased adjustment of differentiated housing credit policies
Shanghai headquarters of the People's Bank of China , branches, business management departments, urban central branches of provincial capitals (capitals) and sub-provincial urban central branches; banking and insurance regulatory bureaus:
for persistence Houses are for living, not for speculation, fully implement the long-term mechanism of real estate, implement policies based on cities and make full use of policy toolboxes, better support rigid housing demand, and promote the stable and healthy development of the real estate market. In accordance with the relevant deployment of the State Council, the following notice is hereby issued on phased adjustments to differentiated housing credit policies:
1. For cities where the sales prices of newly built commercial housing from June to August 2022 have been declining month-on-month and year-on-year, the lower limit of the first housing commercial personal housing loan interest rate will be phased before the end of 2022. The lower limit of the interest rate policy for commercial personal housing loans for second-home housing units shall be implemented in accordance with the current regulations.
2. In accordance with the principle of "policy based on the city", city governments that meet the above conditions may independently decide to maintain, lower or cancel the interest rate limit for commercial personal housing loans for local first-home housing in stages in accordance with changes in the local real estate market situation and regulatory requirements. The People's Bank of China and the China Banking and Insurance Regulatory Commission will send agencies to guide the provincial market interest rate pricing self-discipline mechanism to cooperate in the implementation.
People's Bank of China
China Banking and Insurance Regulatory Commission
September 29, 2022
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