BoCom tightens mortgage policy
By Zhang Fengming |
February 9, 2010, Tuesday
|
Print Edition
Print Edition
THE Bank of Communications is to tighten its first-home mortgage policy from tomorrow, following the trend set by the Bank of China to increase interest rates on mortgages, according to a bank source.
Shanghai-based BoCom, the fifth-biggest lender in China, will freeze the 30 percent discount policy on mortgage rates, the source said yesterday.
"The 15 percent discount on mortgage rates will be the main stream. We're not alone in the tightening, we're just following suit," the BoCom source said.
The policy on second-home mortgages will also be tightened at BoCom, the source said.
BoCom is the latest to follow the trend of tightened mortgage policies set by BOC last week.
Previously, almost all first-home mortgage applicants could enjoy the 30 percent rate discount and pay a 20 percent down payment on first homes. To enjoy the full discount now, home buyers must pay a much higher down payment, and have a perfect credit record or be major clients of the bank.
The Bank of Shanghai is still offering 30 percent interest rate discounts but insiders said it was likely the bank would also shift to a tighter policy.
Shanghai-based BoCom, the fifth-biggest lender in China, will freeze the 30 percent discount policy on mortgage rates, the source said yesterday.
"The 15 percent discount on mortgage rates will be the main stream. We're not alone in the tightening, we're just following suit," the BoCom source said.
The policy on second-home mortgages will also be tightened at BoCom, the source said.
BoCom is the latest to follow the trend of tightened mortgage policies set by BOC last week.
Previously, almost all first-home mortgage applicants could enjoy the 30 percent rate discount and pay a 20 percent down payment on first homes. To enjoy the full discount now, home buyers must pay a much higher down payment, and have a perfect credit record or be major clients of the bank.
The Bank of Shanghai is still offering 30 percent interest rate discounts but insiders said it was likely the bank would also shift to a tighter policy.
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