Banks told to move faster on home loans

China Daily (Canada) - - NEWSCAPSULE -

Commercial banks should set mort­gage rates at “rea­son­able” lev­els and grant hous­ing loans more quickly, es­pe­cially for first time buy­ers, the People’s Bank of China said.

Dur­ing a meet­ing with ex­ec­u­tives from 15 commercial banks on Mon­day, the PBOC em­pha­sized that the banks should im­prove their hous­ing fi­nance ser­vices and give pri­or­ity to loans for first time home­buy­ers while keep­ing a closer eye on the as­so­ci­ated risks.

An­a­lysts said tight mort­gage con­di­tions are con­strain­ing the mar­ket. Banks have been rais­ing mort­gage rates for first time buy­ers or hold­ing off on ap­provals amid tighter liq­uid­ity. Banks have also been re­act­ing to their ris­ing ex­po­sure to the property sec­tor in 2013. (Photo 5)

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.