China's central bank issued detailed rules on Sunday on interest rates on m...
FILE PHOTO: A man sits in front of the headquarters of the People's Bank of China , the central bank, in Beijing, China October 17, 2013. REUTERS/Kim Kyung-Hoon/File Photo
BEIJING - China’s central bank issued detailed rules on Sunday on interest rates on mortgage loans, following its reform to switch to a market-based reference rate for pricing new loans. Effective from Oct. 8, banks will set individual housing loans based on the new loan prime rate , the People’s Bank of China said in a statement published on its website.
The interest rate on individual mortgage loans for first-time home buyers cannot be lower than the LPR, and the rate on loans for second-time home buyers cannot be lower than the LPR plus 60 basis points, the central bank said.
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