Bei­jing banks can­cel dis­count mort­gages

China Daily (Hong Kong) - - BUSINESS DIGEST -

Com­mer­cial banks in Bei­jing have ap­par­ently stopped pro­vid­ing dis­counts for mort­gage loans, with some even hik­ing mort­gage rates by 20 per­cent on top of the bench­mark in­ter­est rate, sources said. “We can ac­cept your ap­pli­ca­tion, but can­not prom­ise if we will lend,” this is the mes­sage one po­ten­tial home-buyer said he was told by sev­eral banks when he tried to ob­tain a mort­gage for his first home, the Le­gal Evening News re­ported on Tues­day. The news­pa­per also found that dis­counts for first­time home­buy­ers no longer ex­ist, and the ap­pli­ca­tion pro­ce­dure has been ex­tended to two months or longer from two weeks.

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