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Heavy! The interest rate of the housing provident fund loan has been lowered, and your dream of buying a house is one step closer!
Introduction:
Hello dear friends! On this sunny day, I would like to bring you exciting news: the People's Bank of China officially announced that from May 18, 2024, the interest rate on personal housing provident fund loans will be reduced by 0.25 percentage points! This policy adjustment has undoubtedly brought a cool breeze to those of us who plan to buy a house or have already taken on a mortgage.
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[Orthographic analysis]
First, the interest rate has been lowered, and the cost of buying a house has dropped significantly
First of all, we need to understand what this rate cut means. To put it simply, if you plan to buy a house with a housing provident fund loan, then you will need to pay less interest. Specifically, the interest rate of the first set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively. This is undoubtedly a big plus for many families.
For example, if you take out a loan of 1 million, the loan term is 30 years, and the repayment method of equal principal and interest is calculated, from May 18, 2024, after the provident fund interest rate is reduced, the monthly payment will be reduced by 135 yuan, and the cumulative monthly payment for 30 years will be reduced by 48,500 yuan.
At the original interest rate, you will need to pay a certain amount of interest. But now that interest rates have come down, you'll have less to pay each month on your mortgage, and your total interest will be lower. This is undoubtedly good news for us friends to reduce the economic pressure.
Second, there are also preferential interest rates for second homes
In addition to the reduction of the interest rate for the first home, this policy adjustment also offers a preferential interest rate for the housing provident fund loan for the second home. The interest rate of the second set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively. This means that even if you already have a home and want to buy a second home, you can still enjoy a preferential interest rate.
However, it should be reminded that although the interest rate for the second home is favorable, it is still slightly higher than the first home. Therefore, when buying a house, you also need to weigh and choose according to your actual situation.
Third, the deep meaning behind the policy adjustment
So, why did the People's Bank of China choose to lower the interest rate of personal housing provident fund loans at this time? There are deep considerations behind this.
Reducing the cost of buying a home can stimulate demand in the real estate market. In the current economic situation, the real estate market is facing certain pressures. By lowering the interest rate of housing provident fund loans, the threshold and cost of buying a house can be lowered, attracting more buyers to enter the market. This is of positive significance for stabilizing the real estate market and promoting the healthy development of the economy.
Encouraging residents to use housing provident fund loans is also one of the important purposes of policy adjustment. The housing provident fund system is one of the important components of the social security system in mainland China, which aims to help workers solve housing problems. By reducing the interest rate of housing provident fund loans, more employees can be encouraged to use housing provident fund loans to buy houses and improve the efficiency of housing provident fund.
Fourth, your dream of buying a house is one step closer
For those who are considering buying a house, the reduction in the interest rate of the housing provident fund loan is undoubtedly good news. It not only reduces the cost of buying a house, but also brings us one step closer to realizing our dream of buying a home. Therefore, if you already have plans to buy a house or are worried about the mortgage, you may wish to pay attention to the opportunities brought by this policy adjustment!
End:
When we think back to that sunny day and the exciting news mentioned at the beginning, we can't help but feel emotional. The reduction of the interest rate of the housing provident fund loan not only brings tangible benefits to our friends, but also makes us full of confidence and expectation for the future. Let's work together, with the support of the policy, realize the dream of buying a house as soon as possible and enjoy a better life!
Which mortgage type do you want to buy a home?
1. Pure provident fund loan
2. Pure commercial loans
3. Portfolio loans
4. Full payment
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