Major banks in China have confirmed that their property loan rates have been set to a rate of 5.51 percent stipulated by the central bank.

The Beijing Daily Messenger reported that the Bank of China has decided to keep the down payments for individuals, which remains unchanged at 20 percent.

But the down payment for offices, and, apartments and second private apartments will rise to 30 to 40 percent.

China Construction Bank is applying the directory housing loan rate of 6.12 percent, 0.61 points higher than other major banks including the Industrial and Commercial Bank of China.

Other banks in China including Everbright and Merchants Bank are still waiting for the central banks approval of applying the lowest housing loan interest rates.

Source:CRI news