notice on adjustments to the municipality’s hpf deposit and loan interest rates-凯发

laws & regulations
notice on adjustments to the municipality’s hpf deposit and loan interest rates
2015-03-02

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

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