SHANGHAI: The Industrial and Commerical Bank of China (ICBC) has decided to cut discounts for homebuyers on interest mortgage loans, a Chinese daily reported.
The Shanghai Daily reported on March 31 that the Beijing headquarters had ordered the Shanghai branch to cut down the mortgage rate discount for first-time homebuyers from the previous 30%.
A source told the daily that a 15% discount is possible if buyers offer a 20% to 30% down payment. A discount of 25% would be given to those who offer a down payment of above 30%, the report said.
“Currently, this new rule has been implemented in Shanghai. In addition, China Construction Bank, Bank of Communications and Industrial Bank are said to have cancelled the 30% discount mortgage rate policy in Shanghai,” said the report.
The Shanghai Daily reported on March 31 that the Beijing headquarters had ordered the Shanghai branch to cut down the mortgage rate discount for first-time homebuyers from the previous 30%.
A source told the daily that a 15% discount is possible if buyers offer a 20% to 30% down payment. A discount of 25% would be given to those who offer a down payment of above 30%, the report said.
“Currently, this new rule has been implemented in Shanghai. In addition, China Construction Bank, Bank of Communications and Industrial Bank are said to have cancelled the 30% discount mortgage rate policy in Shanghai,” said the report.
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