Multiple Banks Announce Uniform Reduction of Outstanding Home Loan Rates to LPR-30BP by End of October

Published: Oct 10, 2024 17:27

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【Unified reduction of interest rates on outstanding home loans to LPR-30BP, with announcements from multiple banks】On October 10, several banks including Industrial and Commercial Bank of China (ICBC), Bank of Communications, China Merchants Bank, Shanghai Pudong Development Bank, China Zheshang Bank, and Industrial Bank announced FAQs on the adjustment of interest rates for outstanding home loans. For those with current mortgage rates higher than LPR-30BP, they will be uniformly adjusted to LPR-30BP. Both first-home and second-home mortgages will be subject to the adjustment, with ICBC confirming a unified adjustment on October 25, and other banks aiming to complete the adjustment by October 31. Those with existing mortgage rates lower than LPR-30BP will not participate in this adjustment.

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