At present, the lower limit of the first set of commercial personal housing loan interest rate at the national level is the loan market quotation (LPR) minus 20 basis points, and the lower limit of the second set of commercial personal housing loan interest rate is LPR plus 60 basis points.
The policy issued on September 29th is aimed at the cities where the sales price of newly-built commercial housing has been declining continuously from June to August 2022 (according to the data of 70 major cities published by the National Bureau of Statistics, there are 23 eligible cities), and the lower limit of the interest rate of the first set of commercial personal housing loans before the end of 2022 is not less than LPR minus 20 basis points. This policy is aimed at the first set of commercial personal housing loans, and it is phased. After the expiration at the end of 2022, the original policy will be automatically restored.
It is worth noting that Tianjin is a declining city. At present, the interest rate of the first set of commercial loans is 3.9%, and the city governments that have clearly met the requirements in the information released by the People's Bank of China can decide to maintain, reduce or cancel the lower limit of the interest rate of the first set of new local housing loans by stages before the end of 2022.
In other words, by 2023, the policy of 3.9% may be maintained or restored to 4. 1%, but in any case, the interest rate is really low now, and those who want to make a move may as well catch up before the end of 2022.