2024-09-29
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on the evening of september 29, the central bank issued a document to improve the interest rate pricing mechanism for commercial personal housing loans, and the four major banks responded actively.
icbc, agricultural bank of china, bank of china, and china construction bank all issued announcements today that they will adjust the interest rates of existing personal housing loans. the details are as follows:
the bank of china announced that it has actively responded to the initiative of the self-regulatory mechanism and is promoting the reduction of existing commercial personal housing loan interest rates in an orderly manner in accordance with the law. the bank will follow the principles of marketization and legalization, formulate implementation details in accordance with laws and regulations, and make technical preparations at the same time. it plans to release them on october 12, 2024 through the bank’s official website, official wechat public account, loan agency, 95566 and other channels specific implementation details will be implemented, and batch adjustments to existing mortgage interest rates will be implemented before october 31, 2024.
the agricultural bank of china announced that it will provide convenient services through multiple channels in accordance with the principles of marketization and rule of law, and carry out interest rate adjustments in accordance with laws and regulations. specific operational matters will be announced on october 12, 2024. on october 31, 2024 previously, batch adjustments were made to existing commercial personal housing loan interest rates. subsequently, relevant information will be announced on the agricultural bank of china’s official website, wechat official account, loan agency bank, 95599 and other channels.
china construction bank announced that the bank is working hard to formulate an implementation plan for batch adjustments to existing mortgage interest rates, and plans to issue specific operational details on october 12, 2024, and complete batch adjustments by october 31, 2024. relevant matters will be released in a timely manner on china construction bank's official website, wechat official account, outlets and other channels.
the industrial and commercial bank of china announced that it has actively responded to the initiative of the self-regulatory mechanism and is advancing the adjustment of existing mortgage interest rates in an orderly manner. the bank will follow the principles of marketization and rule of law and carry out existing mortgage interest rate adjustments in accordance with laws and regulations. it plans to announce specific operational guidelines and related matters on october 12, 2024 through the official website of the industrial and commercial bank of china, wechat official account, outlets, 95588 and other channels. , and complete the batch adjustment of existing mortgage interest rates before october 31, 2024.
the people's bank of china issued an announcement tonight to improve the interest rate pricing mechanism for commercial personal housing loans. the market interest rate pricing self-discipline mechanism also issued an initiative. in principle, all commercial banks should carry out batch adjustments on eligible existing mortgage loans before october 31, 2024, and will add points higher than 30 basis points to the loan market quoted interest rate (lpr). the existing mortgage interest rates will be uniformly adjusted to the loan prime rate (lpr) -30 basis points. as of the end of july, the weighted average interest rate of all existing mortgage loans was approximately 4.06%. in the first eight months of this year, the national average interest rate for new mortgage loans was 3.61%. according to the initiative, the existing mortgage interest rates will be reduced to approximately 3.55% after batch adjustments. after the adjustment, the interest rates will drop by approximately 0.5 percentage points from 4.06% before the adjustment. the drop is expected to be an average, and the specifics will be different for each contract.
related report links:
happy celebration! existing mortgage interest rates will be lowered! how to adjust it? how much can be adjusted? one article to understand →
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