BOC Mortgage rate minimum 85 percent

Strict restrictions on speculative home purchase the Bank of China yesterday announced a mortgage policy on its official website, the stock of the first set, two sets, three sets and above the rate of floating mortgage rates were adjusted to the benchmark rate of 0.85 times times, 1.1 times times and 1.2 times times. BOC became the first state-owned large commercial bank to announce the cancellation of the loan discount.　　BOC also stipulates that for households that have borrowed to buy a second home, they are not less than 50% of the down payment and interest rates are no less than 1.1 times times the benchmark rate.　　The reporter calculates discovers, take 20 year 400,000 yuan loan as an example, the mortgage interest rate increases to 85 percent, the home buyer has to pay more than 70 percent time more than 46,000 yuan expense. BoC said that strict restrictions on the various names of speculation and speculative home purchases, in principle, suspended the issuance of third sets of housing loans.　　This is also the second after the Agricultural Bank announced the withdrawal of the third suite of large state-owned commercial banks. At the same time, the purchase of housing loans is suspended for non-local residents who cannot provide proof of local tax or social insurance payments for more than 1 years.