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Banks increase mortgage rates for 1st-home buyers
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Some Chinese banks have raised mortgage rates for first-home buyers amid a liquidity squeeze following the Industrial Bank’s curbs on property loans, a private report showed.
About 30 percent of 69 bank branches in 22 cities have raised the rates by 5-10 percent above the benchmark lending rate while around 60 percent now do not offer discounted mortgage rates to first-home buyers.
The Industrial and Commercial Bank of China in Guangzhou has raised the rate 20 percent above the benchmark, New York-listed China Real Estate Information Corp (CRIC) has said in a report.
The mortgage rates on average were raised from 2 percent below the benchmark to 3 percent above, the report said.
First-home buyers in Shanghai still need to pay 30 percent as initial payment. Banks surveyed by CRIC in Shanghai were China Construction Bank, Shanghai Pudong Development Bank and Shanghai Rural Commercial Bank.
Doing away with the mortgage rate discounts for first-home buyers will weaken purchasing power, raise purchase costs and suppress demand, the report said.
Fujian-based Industrial Bank has halted a certain type of loan to property developers earlier which sparked market worries that other lenders may follow.
Some banks, including ICBC, CCB, the Agricultural Bank of China, the Bank of China and the Bank of Communications, said they didn’t halt lending.
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