First-time home buyers in Shanghai can now enjoy greater mortgage rate discounts from several banks, according to a financial report by cs.com.cn.
The Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China, together with other commercial bank branches, are now offering a maximum discount of 15 percent.
In accordance with ICBC’s appraisal, clients transacting at the bank’s Shanghai branches can also get a 15 percent discount. This is the third time that ICBC has offered such rates since the beginning of the year.
Meanwhile, the Shanghai branch of China Everbright Bank was instructed by its headquarters to adjust its mortgage rate to the benchmark rate from a discount of 15 percent.
However, Bank of China has maintained its 10 percent discount for first-timers.
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