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Banks deny easing curbs on mortgages
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China’s top-five banks and city commercial banks denied they have eased controls on home loans in Shanghai amid an abating heat in the property market.
The lenders, including Shanghai Pudong Development Bank and the Bank of Shanghai, clarified they haven’t eased mortgage policies, following media reports over the weekend that a bank in Shanghai offered a 20 percent discount on the mortgage rate.
The top-five banks are the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, the Bank of China and the Bank of Communications.
The Shanghai Branch of CCB, China’s second-biggest lender, said it didn’t adjust its mortgage policy and would not do so unless there are changes to the regulatory and local government policies.
A copy of the bank’s internal document that was circulated on the Internet over the weekend said that the lender will consider some qualified homebuyers who don’t have outstanding mortgages as first-home buyers in Shanghai, and that customers who have total financial assets worth over 80 percent of the loan amount with the bank can have 20 percent off the benchmark mortgage rate.
But CCB said the document is a first draft of a notice and the policies in it are not effective.
Lenders require 30 percent down payment and lend at the benchmark rate for first-home buyers. Second-home buyers need a 70 percent down payment and pay 10 percent more on the benchmark rate.
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