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According to CCTV News on September 29, starting from October 1, China will implement interest subsidies for residents purchasing homes with newly issued commercial personal housing loans, aiming to reduce the cost of home buying and better support and unlock the rigid housing demand of urban and rural residents.

The subsidy policy focuses on first-home buyers with genuine needs, with priority support for ordinary families purchasing small to medium-sized, lower-priced homes. The per-household purchased home must not exceed 120 square meters in floor area and the purchase price must not exceed 1.5 million yuan.

The loan amount eligible for the subsidy can reach up to 1 million yuan, with the fiscal authority providing an annualized interest subsidy of 1 percentage point. Given the current interest rate level for first-home commercial personal housing loans, this is equivalent to a one-third discount on the interest rate, with the subsidy period lasting up to 5 years.

According to estimates, for a long-term commercial personal housing loan of 1 million yuan, the policy could help borrowers reduce cumulative interest payments by nearly 50,000 yuan.

According to the Ministry of Finance website, the implementation period of the above policy is tentatively set at one year.

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