Several banks in Shenzhen have started adjusting mortgage interest rates. For a second home loan of 1 million, over a 30-year period, the repayment will be reduced by 80,000 yuan.

After Shenzhen introduced new real estate policies on September 5, several banks started to implement specific implementation details on September 12. Journalists have not fully sorted out the information, but on September 12, Industrial Bank Shenzhen Branch, Agricultural Bank of China Shenzhen Branch, Industrial and Commercial Bank of China Shenzhen Branch, Construction Bank Shenzhen Branch, Shanghai Pudong Development Bank Shenzhen Branch, Shanghai Bank Shenzhen Branch, and other 12 bank institutions successively issued announcements. The announcements stated that, starting immediately, based on the latest policies, there will no longer be a distinction between first-time home buyers and second-time home buyers. Yan Yuejin, deputy director of the Shanghai E-House Real Estate Research Institute, said that previously in Shenzhen, the interest rate pricing formulas for first-time and second-time home buyers were LPR-45BP and LPR-5BP, respectively. According to this new policy, the interest rate for second-time home buyers has been reduced by 40 basis points compared to before. With a simple calculation based on a loan principal of 1 million, a 30-year equal principal and interest repayment method, the total cost of the mortgage will decrease by nearly 80,000 yuan, and the monthly repayment amount will decrease by approximately 220 yuan.