notice on adjustments to the municipality’s hpf deposit and loan interest rates
shgjj no.15 (2015)
to all banks entrusted with housing provident fund services, shanghai municipal residential estate mortgage guaranty co., ltd. (seg):
we hereby notify you of relevant issues regarding adjustments to the municipality’s housing provident fund deposit and loan interest rates as follows in accordance with notice of pboc on cutting financial institutions’ rmb loan and deposit benchmark interest rates and further expanding floating range for deposit interest rates (bi no. 61 [2015]):
lower personal housing provident fund deposit interest rate as of 1 march 2015. deposit interest rates for personal housing provident fund collected in the fiscal year remains unchanged at 0.35%. deposit interest rate for personal housing provident fund balance carried forward from previous fiscal year is lowered from 2.35% to 2.10%.
lower personal housing provident fund loan interest rates as of 1 march 2015. lower the interest rate on a personal housing provident fund loan over five years from 4.25% to 4.00%, and the interest rate on a five-year personal hpf loan or a personal hpf loan less than five years from 3.75% to 3.50%.
any personal housing provident fund loans released as of 1 march 2015 (incl.) shall follow the regulations specified in the notice. as for unmatured debts on personal housing provident fund loans released prior to 1 march 2015, the new regulations in the notice shall apply as of 1 january 2016.
as of 1 march 2015, the interest rate for housing provident fund loans in support of pilot projects of the municipality’s security housing construction shall be raised to 10% higher than the interest rate on a personal housing provident fund loan over five years.
please be notified and proceed accordingly.
attachment 1: a summary of adjustments to hpf deposit and loan interest rates (unit: annual interest rate %)
items | previous rate | new rate |
1. personal hpf deposit |
|
|
current year | 0.35 | 0.35 |
carryover from previous year | 2.35 | 2.10 |
2. personal hpf loan |
|
|
five years or less | 3.75 | 3.50 |
over five years | 4.25 | 4.00 |
3. loans for pilot projects | 10% higher than the interest rate on a personal hpf loan over five years | 10% higher than the interest rate on a personal hpf loan over five years |
attachment 2:a demo on calculations for various repayment plans for a rmb 100,000 yuan hpf home loan (*emi method,unit: yuan)
year(s) | annual interest rate ％ | monthly repayment | total repayment |
1 | 3.50 | payoff at maturity | 103500.00 |
2 | 3.50 | 4320.27 | 103686.53 |
3 | 3.50 | 2930.21 | 105487.49 |
4 | 3.50 | 2235.60 | 107308.81 |
5 | 3.50 | 1819.17 | 109150.47 |
6 | 4.00 | 1564.52 | 112645.32 |
7 | 4.00 | 1366.88 | 114817.97 |
8 | 4.00 | 1218.93 | 117017.04 |
9 | 4.00 | 1104.10 | 119242.46 |
10 | 4.00 | 1012.45 | 121494.17 |
11 | 4.00 | 937.67 | 123772.07 |
12 | 4.00 | 875.53 | 126076.09 |
13 | 4.00 | 823.12 | 128406.12 |
14 | 4.00 | 778.35 | 130762.07 |
15 | 4.00 | 739.69 | 133143.83 |
16 | 4.00 | 706.00 | 135551.27 |
17 | 4.00 | 676.39 | 137984.27 |
18 | 4.00 | 650.20 | 140442.70 |
19 | 4.00 | 626.87 | 142926.42 |
20 | 4.00 | 605.98 | 145435.28 |
21 | 4.00 | 587.18 | 147969.12 |
22 | 4.00 | 570.18 | 150527.79 |
23 | 4.00 | 554.75 | 153111.12 |
24 | 4.00 | 540.69 | 155718.93 |
25 | 4.00 | 527.84 | 158351.05 |
26 | 4.00 | 516.05 | 161007.29 |
27 | 4.00 | 505.21 | 163687.45 |
28 | 4.00 | 495.21 | 166391.35 |
29 | 4.00 | 485.97 | 169118.77 |
30 | 4.00 | 477.42 | 171869.51 |
*emi: equated monthly instalments
shanghai municipal provident fund management center
1 march 2015
