2014-07-01

First Tier Cities Sees Mortgages Back to 15% Discounts

Among 23 hot spot cities tracked, as of June 23, 9 had mortgage discounts. Beijing and Shanghai were 15% off the benchmark rate; Guangzhou and Hangzhou 10% off; Shenzhen, Tianjin and three other cities saw 5% off. The rest of the cities are at benchmark or above.

Even though discounts are offered, credit standards are up. Shanghai Minsheng Bank requires customers to have average assets of ¥1 to ¥3 million yuan to receive a 5% discount; ¥3 to ¥5 million to receive a 10% discount; ¥5 million and up to receive a 15% discount.

The big four banks increased their mortgage loan quotas in June and sped up mortgage processing.
一线城市房贷利率松动 个别银行再现8.5折利率

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