Bank of China released a FAQ on the adjustment of existing housing loan interest rates in 2024 (Part One). Except for Peking, Shanghai, and Shenzhen, this adjustment of housing loan interest rates does not differentiate between the number of housing units. Both first-time and second-time housing loans will be adjusted according to the unified rules. This adjustment of housing loan interest rates does not involve re-pricing based on the Loan Prime Rate (LPR), but only bulk adjustments to the interest rate spread. If the housing loan interest rate (excluding Peking, Shanghai, and Shenzhen) is higher than the LPR-30 basis points, it will be uniformly adjusted to LPR-30 basis points. If it is the first housing loan in Peking, Shanghai, or Shenzhen, and the rate is higher than LPR-30 basis points, it will be uniformly adjusted to LPR-30 basis points. If it is the second housing loan in Peking, Shanghai, or Shenzhen, and the rate is higher than the lower limit of the local housing loan interest rate policy, it will be uniformly adjusted to the lower limit of the local housing loan interest rate policy (currently, the lower limit for second housing loans within the Fifth Ring Road of Peking is LPR-5 basis points, and outside the Fifth Ring Road is LPR-25 basis points; in the Shanghai Free Trade Zone, Lingang New Area, Jiading, Qingpu, Songjiang, Fengxian, Baoshan, and Jinshan districts, the lower limit for interest rates is LPR-25 basis points, while in other areas it is LRP-5 basis points; in Shenzhen, the lower limit for second housing loans is LPR-5 basis points). No application materials are required, and the banks will uniformly conduct bulk adjustments before October 31st.