China will lower mortgage rates on existing home loans to a level similar to those of newly issued housing loans, according to an announcement of the People's Bank of China (PBC) on Sunday.
The PBC has required all commercial banks to carry out the adjustment of existing home loans before October 31, 2024. For the basis points added to the existing home loans interest rate that is higher than -30 basis points, it will be uniformly adjusted to -30 basis points, and it will not be below the lower limit of the basis points added to the newly issued housing loans currently implemented in a city (if any).
The average reduction in mortgage rates for existing home loans is expected to be around 0.5 percentage points. The adjustment is made to reduce the interest burden on mortgage borrowers.
The minimum down payment ratio for both first and second homes will be unified, except for cities that have a lower limit of mortgage interest rate policy, and set different mortgage interest rate for the first and second homes.
China to lower mortgage rates for existing home loans
Some Iranians in Türkiye are crossing back over the border, driven by worry and desperation, as a nationwide communications blackout in Iran has left them cut off from their loved ones.
Protests have erupted in many Iranian cities since Dec. 28. They initially began with Tehran bazaar merchants demonstrating against the sharp devaluation of the national currency rial, and soaring inflation, before spreading to other cities. The unrest has led to casualties among both security forces and civilians.
At the Turkish-Iranian border, many are returning with no certainty about what awaits them, filled instead with questions and growing fear for those on the other side of the border.
"I went to Van yesterday for internet. I urgently needed to use the internet. I got it done. Now I'm heading straight back. There are protests everywhere. We can't get any news. We can't communicate with our families. And it's not just me, there are many Iranians outside the country who can't reach their families," said Feriste, an Iranian citizen.
With communications blacked out across Iran, those outside the country feel powerless to check on the situation back home. For some, this silence has prompted them to return across the border, even as tensions continue to rise.
"We can't get any news. There is no internet. Everything is shut down. I want to search. I want to find out. I want to see my brother. I'm going to see my family," said Husnu, an Iranian citizen.
"I work in Türkiye, and I have no news from Iran at all. I'm going back because I'm worried about my family. It's been days since I last heard from them, and because I'm worried, I'm returning to Iran now. Of course, we are concerned about our safety. We don't know what awaits us there," said another Iranian.
With protests escalating and government blackouts still in place, many Iranians are caught between staying in safety abroad and risking everything to reconnect with their families.
"We had to come to Türkiye because we couldn't reach our families. Schools were closed already. All official institutions were shut down. We have no information about other cities either, because there is no communication network there. There is no television, no internet. We can't even check Twitter," said Nazlican, another Iranian citizen.
Iranians in Türkiye return home, fearing for their families amid unrest in Iran
