Source: CCTV.com

10-27-2008 10:57

Special Report:   House Market under New Policy

New policies on property loans come into effect Monday. Under the new policies issued by the central bank on Wednesday, banks will be allowed to charge as little as 70 percent of benchmark lending rates for the mortgages.

Under the new policies issued by the central bank on Wednesday, banks will be allowed to charge as little as 70 percent of benchmark lending rates for the mortgages.
Under the new policies issued by the central bank 
on Wednesday, banks will be allowed to charge as 
little as 70 percent of benchmark lending rates 
for the mortgages.
 

For those buying their first home, the down payment requirement will be lowered to 20 percent from the present 30 percent. The central bank has required financial institutions to finish drawing out details to carry out the policies.