Eight banks have eliminated discounts on mortgagerates for first-home buyers in Beijing, effective fromlast Monday, amid new efforts
to cool down the realestate market.
The banks, including Industrial and Commercial Bankof China and China
Construction Bank, also hikedmortgage rates for second-home buyers at 20%higher than the benchmark interest rate.
The move follows previous measures to raisehousing loan interest in the
capital.
A bank insider said that real estate agents werealready told that more banks
would tighten mortgage restrictions.
Data showed average discounts on mortgage rates for first-home purchases in Beijing duringApril was 7.3% and the average interest
rate 4.54%. Among the 30 banks monitored, 18offered a discount of 5%.
Data at national level also showed a clear tightening of discounts on
mortgage rates with manybanks in first-tier cities changing from 10% to 5%.
Analyst Li Weiyi said house purchases now need more down payments and
shoulder heavierloan interests that drive away property speculators.
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