State-owned banks have started to lower the interest rates on existing housing loans. ICBC, CCB, ABC, and BOC have already announced their plans
State-owned major banks such as ICBC, CCB, ABC, and Bank of China have officially started the work of lowering the interest rates on existing housing loans, and plan to release specific implementation details on October 12, 2024, aiming to complete the adjustment by October 31. This measure is intended to reduce residents' financing costs and respond to the initiative of market interest rate pricing self-discipline mechanism
The long-awaited reduction in existing housing loan interest rates has officially begun.
On the evening of September 29th, China Construction Bank, Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China successively issued the "Announcement on Adjustment of Existing Housing Loan Interest Rates," officially announcing the start of reducing existing housing loan rates.
China Construction Bank's announcement stated that in order to implement the decisions and arrangements of the Party Central Committee and the State Council, adhere to the political and people-oriented nature of financial work, respond to customer concerns, and reduce residents' financing costs, the bank resolutely implements the People's Bank of China's Announcement [2024] No. 11, actively responds to the initiative of the market interest rate pricing self-discipline mechanism, and promotes the adjustment of commercial individual housing loan rates in a legal and orderly manner.
"The bank is actively formulating a plan for batch adjustment of existing housing loan rates, and plans to release specific operational details on October 12, 2024, and complete the batch adjustment by October 31, 2024. Relevant information will be promptly released on the bank's official website, WeChat official account, branches, and other channels, please stay tuned, this announcement is hereby made."
Similarly, Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China have all stated that they will announce specific operational details on October 12 and complete batch adjustments by October 31.
