Source: CCTV.com

01-06-2009 11:37

China's big 4 state-owned banks have agreed to offer preferential loans to home-buyers, following an earlier move by smaller lenders, which recently slashed rates by up to 30 percent. But, as Sun Jiayu explains, only 2 of the big 4 banks have released detailed information so far.

China's big 4 state-owned banks have agreed to offer  preferential loans to home-buyers,but only 2 of the big 4 banks have released detailed information so far.

At Beijing branches of the four major state-owned commercial banks, only China Construction Bank and Agricultural Bank of China gave detailed information about conditions for loan applicants who want to qualify for the 30 percent reduction in interest rates.

Chen Shu, Deputy GM of Housing Finance and Personal Credit dept. CCB BJ Branch, says, "for example, the discount will be available to home buyers who have no default records in the past two years. We also check whether their property certification is in line with procedures for applying for housing loans. We also check whether the buyers have bought any other products at our bank."

But the other 2 major state-owned lenders, the Bank of China and ICBC, have yet to release any details at their branches in Beijing. And it's no different at their branches in Shanghai, Guangzhou and Zhejiang. Home buyers may need to go to their banks to obtain the information they need. As of now, only a few banks have contacted loan applicants, using text messages or phone calls to tell them about lower interest rates.

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Editor:Qin Yongjing