Ten commercial banks followed the downward adjustment of existing home loan interest rates, with China Merchants Bank, Ping An, Industrial Bank, SPD Bank, and CITIC BANK all included
As of September 30th, China Merchants Bank, CNCB, CGB, Industrial Bank, Ping An Bank, SPD Bank, and other ten commercial banks have announced plans to lower the interest rates on existing housing loans. The specific operational details will be released on October 12, 2024, and the adjustments will be completed by October 31st. This measure aims to promote the stable and healthy development of the real estate market in response to policy requirements
Commercial banks that have reduced the interest rates on existing housing loans are still increasing.
As of the afternoon of September 30th, joint-stock banks such as China Merchants Bank, CNCB, Guangfa Bank, Industrial Bank, Ping An Bank, SPD Bank, as well as city commercial banks such as Shanghai Bank, Shanghai Rural Commercial Bank, and Zhejiang Bank have all announced plans to reduce the interest rates on existing housing loans.
Taking China Merchants Bank as an example, the bank announced that, in order to implement the decisions and arrangements of the Party Central Committee and the State Council, promote the stable and healthy development of the real estate market, and resolutely implement the policy requirements of the "Announcement No. 11 of 2024 of the People's Bank of China", actively respond to the initiative of self-discipline mechanism, and is actively preparing for the orderly adjustment of interest rates on existing commercial individual housing loans in accordance with the law.
"It is planned to release specific operational details on October 12, 2024, and complete the batch adjustment of interest rates on existing housing loans before October 31, 2024. Relevant matters will be announced on our official website, WeChat official account, and other channels, please stay tuned."
In addition to the above-mentioned banks, among the six major state-owned banks, Postal Savings Bank of China and Bank of Communications also announced the reduction of interest rates on existing housing loans last night.
So far, all six major state-owned banks have announced relevant housing loan interest rate adjustment plans.
