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on september 30, the bank of china released faqs on existing mortgage interest rate adjustments in 2024 on its official account (1)

which mortgage products are within the scope of this adjustment?

answer: this housing loan interest rate adjustment is for commercial personal housing loans, and provident fund loans are not within the scope of the adjustment.

are there any differences in loan adjustments for first and second homes?

answer: except for beijing, shanghai, and shenzhen, this mortgage interest rate adjustment does not differentiate between the number of houses. first-home and second-home loans will be adjusted according to unified rules.

will this mortgage interest rate adjustment also be repriced?

answer: this mortgage interest rate adjustment does not involve lpr repricing, but only batch adjustments to the interest rate plus or minus points.

how low will my mortgage interest rate be?

answer: if your mortgage interest rate (except beijing, shanghai, and shenzhen) is higher than lpr-30bp, your mortgage interest rate will be adjusted to lpr-30bp;

if your mortgage is a first-time home loan in beijing, shanghai, or shenzhen, and the interest rate is higher than lpr-30bp, your mortgage interest rate will be adjusted to lpr-30bp;

if your mortgage is a second-home loan in beijing, shanghai, or shenzhen, and the interest rate is higher than the local mortgage interest rate policy lower limit, your mortgage interest rate will be uniformly adjusted to the local mortgage interest rate policy lower limit (currently, the lower interest rate limit for second-home loans within the fifth ring road in beijing it is lpr-5bp, and outside the fifth ring road, it is lpr-25bp; the lower limit of the interest rate in the lingang new area of ​​shanghai free trade zone and jiading, qingpu, songjiang, fengxian, baoshan, and jinshan district is lpr-25bp, and the lower limit of the interest rate in other areas is lpr-5bp; shenzhen ii the lower limit of suite interest rate is lpr-5bp).

do i need to provide application materials?

answer: you do not need to provide application materials. our bank will make batch adjustments before october 31st.

when will my mortgage interest rate be adjusted?

answer: our bank will implement batch adjustments to existing mortgage interest rates before october 31, 2024. after that, you can check your latest loan interest rates through our mobile banking.

bank of communications’ customer questions and answers on adjustment of existing housing loan interest rates (1)