The Industrial and Commercial Bank of China, the country's biggest lender, has begun offering preferential mortgage rates to qualified clients. More than one million customers are expected to benefit from the new rates.
TheIndustrialandCommercialBankofChina,the
country'sbiggestlender,hasbegunofferingprefer-
entialmortgageratestoqualifiedclients.
Bank executives said they would adjust the mortgage rate system from Tuesday evening. From Wednesday, clients will be able to enquire if their mortgage rate has been cut.
Currently, ICBC imposes a 15 percent discount on the benchmark lending rate. After the adjustment, qualified clients will enjoy a 30 percent discount on the benchmark rate.
ICBC explained that customers who have failed to pay their mortgages for two consecutive sessions will be excluded from the preferential policy.
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