Several banks in Shenzhen have started adjusting mortgage interest rates. For a 1 million loan for a second home over a period of 30 years, the borrower will save 80,000 yuan in repayments.

After Shenzhen introduced new real estate policies on September 5, several banks started to implement specific detailed rules on September 12. According to incomplete statistics by reporters, on September 12, 12 banking institutions including Industrial Bank Shenzhen Branch, Agricultural Bank of China Shenzhen Branch, Industrial and Commercial Bank of China Shenzhen Branch, China Construction Bank Shenzhen Branch, Shanghai Pudong Development Bank Shenzhen Branch, and Shanghai Bank Shenzhen Branch successively issued announcements. The announcements stated that, starting from that day, 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 Shanghai E-House Real Estate Research Institute, stated that previously, the pricing formulas for first-time and second-time homes in Shenzhen were LPR-45BP and LPR-5BP, respectively. According to this policy, the interest rates for second-time home buyers have been reduced by 40 basis points compared to before. Based on a simple calculation, with a loan principal of 1 million yuan and a 30-year equal principal and interest repayment method, the total repayment cost of the mortgage will be reduced by nearly 80,000 yuan, and the monthly payment will be reduced by approximately 220 yuan.