notice on adjustments to the municipality’s hpf deposit and loan interest rates
shgjj no.59 (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 stepping up efforts in market-oriented reform of interest rates (bi no. 143 [2015]):
1. lower personal housing provident fund deposit interest rate as of 11 may 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 2.10% to 1.85%.
2. lower personal housing provident fund loan interest rates as of 11 may 2015. lower personal housing provident fund loan interest rate for over five years from 4.00% to 3.75%, and personal housing provident fund loan interest rate for five years or less from 3.50% to 3.25%.
any personal housing provident fund loans released as of 11 may 2015 (incl.) shall follow the regulations specified in the notice in terms of interest rates. as for the unmatured debts on the personal housing provident fund loans released prior to 11 may 2015, and personal housing provident fund loans less than a year (including one-year loans) , the previous interest rates shall be kept intact as of 11 may 2015, namely, the new interest rates will not be applied right away. as for personal housing provident fund loans over one year, previous interest rates shall remain unchanged as of 11 may 2015, and the new interest rates, as specified in this notice, shall be effective as of 1 january 2016.
3. as of 11 may 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 of a personal housing provident fund loan for 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 | 2.10 | 1.85 |
2. personal hpf loan |
|
|
five years or less | 3.50 | 3.25 |
over five years | 4.00 | 3.75 |
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 | 3.25 | payoff at maturity | 103250.00 |
2 | 3.25 | 4309.19 | 103420.51 |
3 | 3.25 | 2919.15 | 105089.45 |
4 | 3.25 | 2224.50 | 106775.96 |
5 | 3.25 | 1808.00 | 108480.01 |
6 | 3.75 | 1553.15 | 111827.03 |
7 | 3.75 | 1355.40 | 113853.84 |
8 | 3.75 | 1207.33 | 115903.88 |
9 | 3.75 | 1092.38 | 117977.12 |
10 | 3.75 | 1000.61 | 120073.49 |
11 | 3.75 | 925.70 | 122192.94 |
12 | 3.75 | 863.44 | 124335.40 |
13 | 3.75 | 810.90 | 126500.79 |
14 | 3.75 | 766.01 | 128689.03 |
15 | 3.75 | 727.22 | 130900.04 |
16 | 3.75 | 693.40 | 133133.73 |
17 | 3.75 | 663.68 | 135389.99 |
18 | 3.75 | 637.36 | 137668.73 |
19 | 3.75 | 613.90 | 139969.84 |
20 | 3.75 | 592.89 | 142293.20 |
21 | 3.75 | 573.96 | 144638.68 |
22 | 3.75 | 556.84 | 147006.18 |
23 | 3.75 | 541.29 | 149395.55 |
24 | 3.75 | 527.11 | 151806.65 |
25 | 3.75 | 514.13 | 154239.36 |
26 | 3.75 | 502.22 | 156693.52 |
27 | 3.75 | 491.26 | 159168.98 |
28 | 3.75 | 481.15 | 161665.59 |
29 | 3.75 | 471.79 | 164183.19 |
30 | 3.75 | 463.12 | 166721.61 |
*emi: equated monthly instalments
shanghai municipal provident fund management center
11 may 2015
