LINE

Text:AAAPrint
ECNS Wire

16 banks in Beijing raise loan rates on first homes

1
2017-03-22 12:13Ecns.cn Editor: Mo Hong'e ECNS App Download

(ECNS) -- Sixteen commercial banks in Beijing have hiked lending rates on first homes, requiring them to be no less than 95 percent of the benchmark lending rates, up from the previous "no less than 90 percent," Beijing Youth Daily reported on Wednesday.

The hike will translate to a 120,000 yuan ($17,400) increase in interest payments on a 25-year loan on a 3 million yuan first home.

The move comes on the heels of a new housing rule issued by Beijing to limit financial risk and promote the steady and healthy growth of the home-loan business.

The 16 banks are: Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, Bank of Communications, China CITIC Bank, China Merchants Bank, China Minsheng Bank, SPD Bank, Industrial Bank, China Everbright Bank, Huaxia Bank, Postal Savings Bank of China, the Beijing branch of China Bohai Bank, Bank of Beijing, and Beijing Rural Commercial Bank.

Industry insiders said some other banks may also up their lending rates to benchmark levels.

A separate new rule, set to take effect on April 10, forbids the division of a bungalow room into several partitions. The rules requires all lanes in a bungalow to be marked out in a property's registration, as Beijing moves to tackle "lane homes" in the sizzling school-district housing market.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.