China will allow banks to lower the interest rate ceiling on house loans.

Chinas financial authorities announced on Sunday that banks will be allowed to lower the lower limit on home loan interest rates depending on the comparable tenor of the Loan Prime Rate for first-time home buyers . The measure is to support housing demand and promote the countrys property markets healthy development .

BEIJING – China's financial authorities announced on Sunday that banks will be allowed to lower the lower limit on home loan interest rates depending on the comparable tenor of the Loan Prime Rate for first-time home buyers.The People's Bank of China and China's Banking and Insurance Regulatory Commission said in a statement that the measure is to support housing demand and promote the country's property market's healthy development.