Text/Chen Haoxing
On the morning of September 9, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank successively issued announcements on the adjustment of interest rates for the first set of personal housing loans in stock.
Industrial and Commercial Bank of China mentioned in the announcement that from September 2023, 9, it will negotiate and adjust the loan execution rate with existing personal housing loan customers. "For existing housing loans that implemented the first home loan interest rate standard at the time of the original loan issuance, our bank will adjust the contract loan interest rate in batches on September 25, 2023, and implement the new interest rate level from the same day after batch adjustment, and the previous interest will be calculated according to the original contract interest rate level."
The Agricultural Bank of China mentioned in the announcement that the scope of adjustment includes commercial personal housing loans for the first housing that the Bank has issued and signed contracts but has not issued before August 2023, 8 (inclusive), or other existing housing commercial personal housing loans whose actual housing situation meets the first housing standards in the city where the borrower is located.
The adjusted interest rate of the commercial personal housing loan for the first home of the stock of the stock shall not be lower than the lower limit of the interest rate policy for the commercial personal housing loan for the first home in the city where the original loan was issued. The lower limit of the interest rate policy for the first set of housing loans in each city shall be subject to the official website of the provincial branches of the People's Bank of China.
Bank of China mentioned in the announcement that it will carry out the adjustment of the interest rate of the first set of existing housing loans from September 2023, 9. The scope of adjustment is that before August 25, 2023 (inclusive), the Bank has issued and signed a contract but has not yet issued a commercial personal housing loan, and meets one of the following two conditions: the nature of the number of units at the time of issuance of the personal housing loan is the first set of housing loan; At the time of issuance, the number of personal housing loans was two sets of housing loans and above, but it has now complied with the first housing loan policy in the city.
China Construction Bank mentioned in the announcement that loans that meet the scope of this adjustment refer to loans that have been issued before August 2023, 8 and have signed contracts but have not been issued for the first set of commercial personal housing loans, and other existing housing commercial personal housing loans that do not meet the first housing standard when the loan is issued or signed before August 31, 2023, but the actual housing situation of the current borrower meets the first housing standard in the city where it is located.
Loans that meet the scope of this adjustment, if the number of consecutive days in arrears exceeds 90 days, will not be adjusted until the arrears are repaid, and can be adjusted after the arrears are repaid. If there are special circumstances, you can consult the loan handling agency.
How do I apply for a mortgage interest rate reduction?
Industrial and Commercial Bank of China said in the announcement that the specific application channels are divided into online and offline channels.
Online channel: Mobile banking. ICBC Mobile Banking supports "one-click application", the specific processing path is: download ICBC APP - login/registration - loan - existing housing loan interest rate adjustment - one-click application. The application for the "second set to the first set" business requires customers to upload the first set of housing loan certification materials at the same time. Existing mortgage customers who repay the outstanding principal and interest of non-performing loans and are currently priced at a fixed or benchmark interest rate do not need to upload supporting documents.
Offline channels: Customers can click "Finance-Personal Loan-Loan Service Bank Consultation Phone Inquiry" through the WeChat official account of "Industrial and Commercial Bank of China Customer Service" to view the contact information of all loan service banks of our bank, and can apply for interest rate adjustment offline at the original loan service bank. The application for the "second set to the first set" business requires the customer to bring his ID card, the first set of housing loan certificate and other materials.
Agricultural Bank of China said in the announcement that in the future, Agricultural Bank of China will provide inquiry and other services through PALM Bank, loan handling banks, business outlets, 95599, "Agricultural Bank of China Micro Bank" and other channels, and customers can inquire whether the interest rate of their existing housing loans meets the conditions for reduction and the extent of the reduction from September 2023, 9.
Bank of China said in the announcement that mortgage customers with two or more sets of housing loans who meet the adjustment conditions, fixed interest rate or benchmark interest rate pricing, complete LPR conversion, and return the outstanding principal and interest of non-performing loans can submit applications through online (mobile banking) and offline (loan handling institutions) channels, but need to submit relevant supporting materials through offline (loan handling institutions) channels.
From September 9, customers can log in to the Bank of China mobile banking APP and inquire whether the mortgage under your name meets the adjustment conditions, adjustment progress and adjustment results under the "Loan-Mortgage Interest Rate Adjustment" module. After the interest rate of existing housing loans is adjusted in batches, Bank of China will notify the interest rate adjustment result by SMS. If there is any objection to the interest rate adjustment, you can contact the loan handling institution within one month after the interest rate adjustment, otherwise it is deemed to have agreed to the interest rate adjustment.
China Construction Bank said in the announcement that in the above circumstances, in accordance with laws and regulations, contractual agreements, customer wishes, etc., China Construction Bank will also provide new loan replacement methods.
The details of the operation involving the customer will be further clarified later. Customers can inquire about the customer Q&A of the mortgage interest rate adjustment through the WeChat public account of "China Construction Bank Customer Service". In order to enhance the convenience of customer service, China Construction Bank will successively open online channels such as mobile banking to provide services such as information inquiry and application acceptance. There is no charge for this existing mortgage interest rate adjustment. After the adjustment is successful, you can check the adjustment result and repayment plan through the relevant channels of China Construction Bank.
Source: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank