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Mortgage lending reaches fresh record
By Zhang Fengming |
February 12, 2010, Friday
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Online Edition
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INDIVIDUAL mortgage loans soared to a record in January as home buyers raced to enjoy preferential policies before the end of December, the Shanghai headquarters of the central bank said today.
Individual mortgage loans added 19.6 billion yuan (US$2.87 billion) in January, up 19.1 billion yuan from a year ago, the Shanghai headquarters of the People's Bank of China said today.
Among them, new home mortgages grew by 10.3 billion yuan while second-hand home mortgages increased 9.3 billion yuan.
"Lost of home buyers dashed to apply for mortgages at the end of last year to enjoy the preferential policies, making the mortgage loans extended in January soar to a record," the central bank said.
In general, it takes about two weeks for the bank to issue a mortgage to individuals after they sign a contract.
A credit officer at one of the country's big-five banks said they're busy because home buyers rushed to apply for mortgages in December to gain a low tax rate on second homes bought more than two years ago and less than five years.
"New deals signed dropped sharply in January when compared with the year-end hustle," the credit officer said. "We were very busy extending the deals signed in December."
Individual mortgage loans added 19.6 billion yuan (US$2.87 billion) in January, up 19.1 billion yuan from a year ago, the Shanghai headquarters of the People's Bank of China said today.
Among them, new home mortgages grew by 10.3 billion yuan while second-hand home mortgages increased 9.3 billion yuan.
"Lost of home buyers dashed to apply for mortgages at the end of last year to enjoy the preferential policies, making the mortgage loans extended in January soar to a record," the central bank said.
In general, it takes about two weeks for the bank to issue a mortgage to individuals after they sign a contract.
A credit officer at one of the country's big-five banks said they're busy because home buyers rushed to apply for mortgages in December to gain a low tax rate on second homes bought more than two years ago and less than five years.
"New deals signed dropped sharply in January when compared with the year-end hustle," the credit officer said. "We were very busy extending the deals signed in December."
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