BEIJING, January 9 (TMTPOST) – Several banks in Nanjing have cut the interest rate on first-home loans to 3.9%, according to media reports.
Employees from China Merchants Bank, the Bank of Communications, and the Nanjing Branch of China Construction Bank have revealed that they recently received a notice from the People’s Bank of China, the central bank of China. Starting from Tuesday, Nanjing’s mortgage interest rate has been reduced by 30 basis points. Calculated based on the latest 5-year loan prime rate (LPR) of 4.2%, the current interest rate in Nanjing for first-time homebuyer is 3.9%, and 4.5% for second-time homebuyer.