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Public Housing Fund Raises Rates
October 21, 2010, Thursday
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The mortgage lending rate under the country's public housing fund program has been raised by 17 basis points for loans of 5 years and under and by 18 basis points for others, according to a statement by the Ministry of Housing and Urban-Rural Development.
Yesterday, the lending rate for mortgages of 5 years and under was increased to 3.5 percent while the rate for longer loans is now 4.05 percent.
The statement came immediately after the central bank had raised the benchmark one-year deposit and lending rates at commercial banks.
Lending rates under the country's public housing fund program are lower than those offered by commercial banks.
In the case of a 15-year, 600,000-yuan mortgage under the public housing fund program, the new monthly payment will be 4,453 yuan, an increase of 54 yuan, according to Shanghai Centaline Property Consultants Ltd.
Yesterday, the lending rate for mortgages of 5 years and under was increased to 3.5 percent while the rate for longer loans is now 4.05 percent.
The statement came immediately after the central bank had raised the benchmark one-year deposit and lending rates at commercial banks.
Lending rates under the country's public housing fund program are lower than those offered by commercial banks.
In the case of a 15-year, 600,000-yuan mortgage under the public housing fund program, the new monthly payment will be 4,453 yuan, an increase of 54 yuan, according to Shanghai Centaline Property Consultants Ltd.
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