china to cut individual housing provident fund loan rates by 0.25 percentage points -即嗨体育app下载

china will cut the loan rates of individual housing provident fund by 0.25 percentage points, the central bank announced friday.

starting may 18, the interest rate of first-home loans that mature within or at five years will be set at 2.35 percent, while the over-five-year rate will be slashed to 2.85 percent, the people's bank of china said on its website.

for second-home purchases, the interest rate of loans that mature within or at five years will be no lower than 2.775 percent, while the over-five-year rate will be no lower than 3.325 percent.

the housing provident fund is a long-term housing savings plan made up of compulsory monthly deposits by both employers and employees. it can only be used by employees for house-related expenses.