Chinese banks raised first home loan rates to 20% above benchmark

Rong360, a Beijing based financial info company reports that the Chinese banks raised their first home loan rates to 20% above benchmark, as they begin to exhaust their annual lending quotas.

Key Points:

None of the 23 banks monitored by Rong360 are offering first home loan rates below the benchmark.

2 are on par with the benchmark.

1 has suspended mortgage lending completely.

9 have raised first home-loan rates 5% above benchmark.

8 are at 10% above.

3 are + 20%.

All of the banks monitored by Rong360 currently require a 70% down payment for second homes loans.