Sumary of China Further Eeases Mortgage Loan Rate Guidance to Spur Demand:
- Policies including lowering down-payments, lowering mortgage interest rates, loosening restrictions on secondhand housing sales and loosening purchase restrictions will create better conditions for active market transactions in mid-to-late May, said Yan Yuejin, research director of Shanghai-based E-house China and Development Institute.
- For purchases of first homes, commercial banks can reduce the lower limit of interest rates on home loans by 20 basis points, based on the corresponding tenor of benchmark Loan Prime Rates (LPRs), the People Bank of China (PBOC) and China Banking and Insurance Regulatory Commission said in a statement.
- Read Also: Locked-Down Shanghai to Start Gradually Reopening Malls, Other Businesses Banks in many cities cut mortgage rates in the first quarter following calls from authorities to support buyer sentiment in a market rocked by a liquidity crunch and troubled developers last year, and now by nationwide COVID-19 outbreaks.
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