The interest rate on commercial loans has dropped to 3.15%, and the provident fund has to be shot!
On May 17, the People's Bank of China issued a notice on lowering the interest rate of personal housing provident fund loans, starting from May 18, 2024, the interest rate of personal housing provident fund loans will be reduced by 0.25 percentage points, the interest rate of the first set of personal housing provident fund loans below 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, and the interest rates of the second set of personal housing provident fund loans below 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively.
To calculate an account, with a loan of 1 million, the 5-year interest rate of the provident fund will be reduced from 3.1% to 2.85%, and the total interest can be saved by about 48,000 yuan.
Compared with commercial loans, the interest rate of 2.85% of the provident fund is 3.35% compared with the interest rate of commercial loans, and the total interest can save about 98,000 yuan.
At the same time, the central bank also issued a notice on adjusting the interest rate policy for commercial personal housing loans, canceling the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level.
It is understood that as of press time, the first set of mainstream banks in Foshan has fully achieved LPR-60bp, that is, 3.35%, and the second set of LPR+20bp, that is, 4.15%. Some banks said: the minimum for the first set can be 3.15%, and high-quality customers can apply; The second set can also achieve 3.35% if the bank conditions are met (the specific implementation standards of each bank are the main ones).
That is to say, the lower limit of the first home loan interest rate in Foshan has long been cancelled, and only the second set of interest rates still retains the lower limit.
Next, whether the lower limit of the second set of interest rates will be completely cancelled, we will follow up as soon as possible, so stay tuned.
In addition to the reduction of the interest rate of the provident fund, whether the "business to business" will be liberalized is also one of the issues that most of the public is concerned about. Since last year, dozens of cities have introduced support policies for "business to business", including Dongguan in Guangdong, but the specific landing conditions are different. The "business-to-business" policy can not only reduce the interest rate of housing loans, but also allow employees to enjoy the dividends of the provident fund system, reduce the expenditure of mortgage interest, and reduce the pressure of family loan repayment. However, at present, Foshan has not yet supported the "business to business".