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First home mortgage rate lowered to 3.15%

Writer:   |  Editor: Zhang Zhiqing  |  From:   |  Updated: 2024-10-29

Shenzhen has reduced commercial mortgage rate for first homes to 3.15%, one day after the central bank lowered its benchmark lending rate by 25 basis points Oct. 21.

Sales persons of a new housing unit in Guangming District introduce apartments available for sale to potential homebuyers. Photo from Shenzhen Special Zone Daily

The reduction will help first-time homebuyers save approximately 150,000 yuan for a loan of 3 million yuan for 30 years. The mortgage rate for second home is now at 3.55%.

The central bank cut the one-year loan prime rate (LPR) to 3.1%, and the five-year LPR to 3.6%.


Shenzhen has reduced commercial mortgage rate for first homes to 3.15%, one day after the central bank lowered its benchmark lending rate by 25 basis points Oct. 21.