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在线翻译:
szdaily -> News -> 
Bank raises mortgage rates for home purchases
    2021-05-10  08:53    Shenzhen Daily

CHINA Construction Bank (CCB) Shenzhen Branch has raised the mortgage rates for first- and second-home purchases by 15 basis points and 35 basis points, respectively, starting Thursday, Shenzhen Special Zone Daily reported.


The mortgage rate for commercial housing for low-income families remains unchanged. The adjustments are aimed at implementing the country’s principle that “housing is for living in, not for speculation,” promoting a stable and healthy real estate market in Shenzhen and advocating citizens’ rational housing investment, according to CCB Shenzhen Branch.


The mortgage rate for first-home purchases, after the increase, is 45 basis points higher than the loan prime rate (LPR), while that for second-time buyers is 95 basis points higher than the LPR.


The LPR is a market-based benchmark lending rate reported by the People’s Bank of China on which many lenders base their mortgage rates.


The mortgage rate for commercial housing for low-income earners remains to be 30 basis points higher than the LPR, according to CCB Shenzhen Branch.


The latest five-year LPR, as reported by the central bank in April, stands at 4.56 percent.


“The mortgage rates of major commercial banks are basically the same in a city, so the adjustments made by CCB Shenzhen Branch will be a ‘signal,’” a banker told the Daily.


The banker said that it is generally expected that the four major State-owned banks and China Merchants Bank will be in the “first echelon” of the adjustment action, while other small urban commercial banks will gradually follow.


It has become a trend in the country that lenders are starting to raise their mortgage rates, said the Daily.


According to data on mortgage rates of 42 key cities in China monitored by the Rong Big Data Research Institute, the average mortgage rate for first-home purchases in China edged up by 4 basis points month on month to reach 5.31 percent in April this year.


The average mortgage rate for second-home purchases stood at 5.59 percent in April, up 2 basis points on a monthly basis.


Most of the banks in Shenzhen have currently kept the mortgage rate for first-home purchases at 4.95 percent, which is 30 basis points higher than the LPR, while that for second-home purchases is 5.25 percent, 60 basis points higher than the LPR. (Zhang Yu)

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