Mainland China's October Loan Prime Rate (LPR) has been released, with LPR for over 5 years at 3.6%, down from 3.85% last month. LPR for 1 year is 3.1%, down from 3.35% last month. According to "Caifinance", based on 1 million RMB (Renminbi, same below), a 30-year loan, and equal principal and interest repayment method, with this LPR decrease of 25 basis points, the monthly payment will decrease by 141.5 RMB, resulting in a total reduction of 0.051 million RMB over 30 years.
內地5年期以上LPR下降25個基點 報道估算100萬房貸30年累計減少供款5.1萬人幣
Mainland China's 5-year LPR has dropped by 25 basis points. Reports estimate that for a 1 million yuan mortgage over 30 years, the total reduction in payments is 0.051 million yuan.
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