China raises Public Housing Fund mortgage rates

08:25, December 28, 2010      

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Following the interest rate hike, the Ministry of Housing and Urban-Rural Development announced it would raise the Public Housing Fund mortgage rate for home buyers by a quarter of a percentage point. It will take effect this Wednesday.

The rate for loans with a maturity of five years or less under the scheme would be raised to 3 and 3 quarters of a percent. Meanwhile the rate for loans with a maturity of over five years would be raised to 4.3 percent.

Established in the 1990s, the Public Housing Fund, or PHF, scheme was designed to help medium and low income workers to buy homes. Employees are required to contribute five to 12 percent of their salaries to the fund, with their employers contributing the same amount.

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