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PBOC Cuts Outstanding Mortgage Rates For First-time Homebuyers

CHINA PRESS
MNI (Singapore)

Chinese first-time homebuyers can negotiate with lenders to reduce the interest rates of their outstanding mortgages, either by changing the mortgage contracts, or refinancing existing mortgages starting Sept 25, according to a statement on the People's Bank of China website on Thursday. The adjusted rates should be no lower than the policy floor of first-home mortgages that the local city adopted when the original loan was issued, the central bank said. The estimated average reduction should land about 0.8 pp. Borrowers on a 25-year, CNY1 million loan with a rate lowering to 4.3% from 5.1% should save more than CNY5,000 per year in interest, which will also boost borrowing and spending capacity. (Source: Financial News)

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