INTEREST ON BANK LOANS, WHICH ARE NORMALLY CALCULATED AT MONTHLY COMPOUND INTEREST, IS CALCULATED IN THE FORM OF AN EQUAL PRINCIPAL, AN EQUAL PRINCIPAL, OR A SHORT-TERM LUMP SUM, OR A LUMP SUM DEBT SERVICE OF $60,000 PER YEAR (12 MONTHS AT THE CURRENT ANNUAL RATE OF 5.31% (MONTHLY RATE: 5.31%/12 = 0.4425%). SO LET'S SEE WHAT THE INTEREST RATE FOR INDIVIDUAL BANK LOANS IS. WHICH BANK LOANS ARE LOW?

Short-term loans within one year or more 4.35;

Medium- to long-term loans 1 to 5 years (including 5 years) 4.75 years or more 4.90;

THE INTEREST RATE ON THE PROVIDENT FUND LOAN IS 1 TP3T PER ANNUM FOR LESS THAN 5 YEARS (INCLUDING 5 YEARS) 2.75 YEARS OR MORE 3.25;

As the interest rates of the banks are now freely floating, according to the rules of the People ' s Bank, the interest rates of the banks ' loans will be different and the interest on the loans will be minimal。

Interest on a loan is the remuneration that the lender receives from the borrower for sending out monetary funds and the price that the borrower must pay for using the funds. The interest rate on bank loans is the ratio of interest over the borrowing period to the current amount. The interest rate of the borrower ' s borrowing contract is set by financial institutions such as banks, and the parties can only consult within the limits set by the Bank of China. The high interest rate of the loan increases the amount repaid by the borrower after the term of the loan, and vice versa. Three main factors determine the interest on the loan: the amount of the loan, the duration of the loan, the interest rate of the loan。

The General Law on Loans provides that:

(i) Determination of the interest rate of the loan: the lender shall set the interest rate for each loan at the upper and lower limits of the loan rate established by the People ' s Bank of China and shall set it in the loan contract;

(ii) Interest on loans: The lenders and borrowers shall receive or deliver interest on a scheduled basis in accordance with the borrowing contract and the relevant interest-bearing provisions of the People ' s Bank of China. The extension period of the loan, plus the original period reaching the new interest rate slot, shall be charged from the date of the extension at the new period rate. Overdue loans are subject to a mandatory penalty。

(iii) Loan interest: In accordance with State policy, interest on loans may be subsidized for the purpose of promoting the development of certain industries and regional economies. Loans at interest rates are subject to independent review by the host bank and are strictly regulated in accordance with the relevant provisions of the General Code of Loans。

(iv) Interrupted, reduced and interest-free loans: No unit or individual shall have the right to decide on the suspension, reduction and interest-free, except as prescribed by the State Council. The lender shall, on the basis of a decision of the State Council, provide for a specific standstill, reduction and interest-free payment within the limits of its competence。

THE FIRST IS STATE-OWNED BANKS. AMONG THE STATE-OWNED BANKS, CHINESE BANKS HAVE THE LOWEST INTEREST RATES, FOLLOWED BY CONSTRUCTION BANKS, CHINA AGRICULTURAL BANK AND CHINA BUSINESS BANK. AMONG OTHER STATE-OWNED BANKS, INTEREST RATES ON MORTGAGES ARE GENERALLY LOWER THAN FOR OTHER BANKS. THE MOST RECENT DATA SHOW THAT IN 2021 THE INTEREST RATE ON BANK MORTGAGES IN THE QUAD COUNTRIES WAS GENERALLY AROUND 3.85%。

IF THE LENDER IS TO APPLY FOR A CREDIT LOAN, THE MINIMUM LOAN RATE IN 2021 SHOULD BE THE BANK OF CHINA, WHICH CURRENTLY STANDS AT 2.%。

THIS WAS FOLLOWED BY A LOAN FOR THE RENOVATION OF THE WORKSHOP, WITH AN EQUIVALENT REPAYMENT OF PRINCIPAL INTEREST. THE MAXIMUM REPAYMENT PERIOD IS UP TO FIVE YEARS AND THE INTEREST RATE ON THE LOAN IS AS LOW AS 31 TP3T。

SUBSEQUENTLY, INTEREST RATES ON COMMERCIAL BANK LOANS OF SHARE-BASED BANKS, SUCH AS EXTREMIST BANK, LIVING BANK, AND COMMERCIAL BANK, WERE RELATIVELY LOW, WITH MONTHLY RATES IN THE RANGE OF 6-8%。

Then there are loans for renovations from postal banks, construction banks, agricultural banks and low interest rates。

Big Bank Gwang's August 2022 mortgage rate?

LIGHT BANKS: THE INTEREST RATE IS 4.35% FOR SIX MONTHS (INCLUDING SIX MONTHS), 4.35% FOR SIX MONTHS TO ONE YEAR (INCLUDING ONE YEAR), 4.75% FOR ONE TO THREE YEARS (INCLUDING THREE YEARS), 4.75% FOR THREE TO FIVE YEARS (INCLUDING FIVE YEARS), 4.9% FOR FIVE YEARS OR MORE, 2.75% FOR FIVE YEARS (INCLUDING FIVE YEARS) FOR HOUSING CAPITAL FUND LOANS, AND 3.25% FOR FIVE YEARS OR MORE; THE INTEREST RATE FOR HOUSING LOANS FOR COMMERCIAL BANKS IS IN FACT BASED ON THE CENTRAL BANK ' S LENDING BASE RATE, EXCEPT THAT COMMERCIAL BANK LENDING RATES ARE USUALLY HIGHER, AND THE LOWER INTEREST RATE FOR COMMERCIAL LOANS IS CERTAINLY HIGHER FOR ORDINARY HOUSEHOLDS。

New policy on mortgages in postal banks?

I. Short-term loans at the Postal Bank ' s first mortgage rate of up to six months (including six months) from 4.35 months to one year (including one year) and from one to three years (including three years) from 4.75 three to five years (including five years) from 4.75 years to more than 4.9 years

II. Basic conditions for borrowers

1. Borrowers must have full civil capacity at the age of 18 years and require more formal work and a stable income as a precondition to secure the ability to repay the loan。

2. The borrower has entered into a contract with the developer for the purchase of the house and a letter of intent for the purchase of the house, so as to be eligible for the loan。

3. The borrower has paid down payment of more than 20 per cent of the total price of the house purchased。

A co-borrower is required to provide a written commitment by the parties to a clear mutual repayment liability。

5. Both lenders and property owners need to agree to mortgage the house purchased to the bank and jointly to register the mortgage and insurance the property to avoid future disagreements

This is what the interest rate for individual bank loans is. Overall, the interest rate on individual bank loans is divided into three tranches: short-term loans, medium-term loans and long-term loans. Different individual loans have different loan rates. Individuals should apply for personal loans in accordance with their own circumstances in order to maximize benefits。

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