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MNI BRIEF: PBOC Abolishes Lower Housing Mortgage Limit

MNI (Singapore)
MNI (Beijing)

The People’s Bank of China eliminated the nationwide policy floor for the interest rates on commercial mortgage loans for first-time and second-time home buyers, its latest effort to curb the real-estate downturn.

Local authorities were given the autonomy to determine whether to set the lower limit of housing mortgages, according to a statement on the PBOC website on Friday.

The central bank also lowered the minimum down-payment ratio to no less than 15% for first-time purchases and no lower than 25% for second-time buyers. Local authorities will determine the minimum down-payment levels on this base, the statement said.

The PBOC also lowered the interest rates for housing provident fund loans by 0.25 percentage points, starting Saturday.

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