On August 3rd, 2023, the People's Bank of China and the State Financial Supervision Administration issued the Notice on Matters Related to Reducing the Interest Rate of the First Home Loan in Stock. Since September 25th, borrowers with the first commercial personal housing loan can apply to the loan financial institutions for interest rate adjustment. The interest rate of the first housing provident fund loan in Shenzhen is 3. 1%, and the interest rate of commercial loans is 4.6%.
If it is a second suite, the interest rate will be higher. For example, the commercial loan interest rate for the second suite is 4.9%. These interest rates mentioned above are actually only benchmark interest rates, and the actual loan interest rates of banks are basically higher than this standard, and the actual loan interest rates of banks are also different. Therefore, if you want to buy the first residential house in Shenzhen by loan, you can look at the loan policies and loan conditions of various banks first, and then make a targeted choice.
How to apply for the first home loan to reduce interest rates?
For eligible stock housing loans, from September 25, 2023, borrowers can take the initiative to apply to loan banks, and banks are also encouraged to provide borrowers with more convenient services by issuing announcements and batch processing. In the way of adjustment, we can not only change the increase rate of housing loan interest rate agreed in the contract, but also replace the existing loans with new loans issued by banks.
The specific interest rate adjustment range shall be determined by both borrowers and lenders through consultation, but the adjusted interest rate shall not be lower than the lower limit of the first housing loan interest rate policy of the original loan issuing city. New loans can only be used to repay existing loans and are still included in the management of commercial personal housing loans.
The People's Bank of China and the General Administration of Financial Supervision will pay close attention to market dynamics, guide banks and customers to negotiate independently in accordance with the principles of marketization and rule of law, reduce the interest rate of existing housing loans in an orderly manner, and maintain a good market competition order.
Baidu Encyclopedia-Notice on Matters Related to Reducing the Interest Rate of the First Home Loan in Stock