On 30 september, as a result of the rapid implementation of the new deal by various banks in 20 cities in guangzhou with a minimum of 15 per cent of the initial home delivery, the guangdong provincial branch of the people's bank of china announced that 20 cities in guangdong, including guangzhou, were receiving loans from families to purchase private commercial housing, no longer distinguishing between first and second homes and a flat minimum rate of 15 per cent. This policy was implemented from 30 september 2024. Journalists have learned that many banks in guangdong, such as the agricultural bank, the construction bank, the bank of china, wahxia bank and the guangzhou chamber of agriculture and commerce, have quickly implemented the new deal, and that citizens have purchased two houses during the national golden week, with a minimum down payment of 15 per cent. Twenty cities are the cities of guangzhou, joohai, zhiqiang, fushan, zhu guan, hagen, mezhou, whezhou, zhongyi, dong zhong, nakshan, jiangmen, yangjiang, zhangjiang, maoming, zhangqing, qingyu, qingzhou, qianyang, qianyang and yunwoo. On the evening of 29 september, the people's bank of china and the general directorate of state financial supervision issued a circular to optimize the minimum down payment rate for individual housing loans. For households that have made loans to purchase housing, commercial personal housing loans no longer distinguish between first and second homes, with a flat minimum down payment of no less than 15 per cent. The circular makes it clear that, on the basis of a nationally harmonized minimum rate of down payment, the provincial branches of the people's bank of china and the regional units of the general directorate of financial monitoring and management of the people's bank of china, in accordance with the principle of city-driven planning, and in accordance with the regulatory requirements of the municipal governments of the territories, determine independently whether or not a differentiated minimum rate of down payment policy has been established for the municipalities of the territories, and determine the floor of the lowest rate of down payment for the municipalities of the territories. In guangzhou, the policy of a minimum down payment rate of 15 per cent for the first home and a minimum down payment rate of 25 per cent for the second home was implemented, but, with the support of a “rent-for-one” “sale-for-one” policy, residents are required to obtain registration certificates for the rental of their homes or to attach them to their names and obtain a coded source of information for the source of the dwelling, and the number of flats may be reduced accordingly upon purchase. The adjustment of interest rates on mortgages in guangdong is also proceeding in an orderly manner. In guangdong province, financial institutions of schemers will issue interest rate adjustment announcements through channels such as twitter, official websites, outlets or app. Most borrowers will be adjusted by the bank on its own initiative and will not be required to apply. Banks will provide borrowers with a “one-key operation” of online banking, mobile banking, etc., and will provide easy access to designated outlets for borrowers who do not have easy online access. According to the announcement and initiative, the interest rate on mortgages held above lpr-30 basis points will be harmonized to no less than lpr-30 basis points, with an average projected reduction of about 0. 5 percentage points. It is estimated that, based on a stock loan of $1 million, 25-year periods, and equivalent principal repayments, the borrower could save interest on about $5,600 a year, assuming that the interest rate on the mortgage was reduced from 4. 4 per cent to 3. 55 per cent。
