Shanghai provident fund cuts personal housing provident fund loan interest rate, and the stock will implement the adjusted interest rate from January 1, 2025

On May 18, Shanghai Provident Fund issued a notice on adjusting the interest rate of personal housing provident fund loans in the city. According to the decision of the People's Bank of China, starting from May 18, 2024, the interest rate of the first set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be reduced to 2.35% and 2.85% respectively. The interest rate of the second set of personal housing provident fund loans for less than 5 years (including 5 years) and more than 5 years will be reduced to 2.775% and 3.325% respectively. For loans issued after May 18, 2024 (inclusive), the adjusted interest rate will be implemented; for loans issued before May 18, 2024, if the loan term is one year, the original loan contract interest rate will be implemented, and if the loan term is more than one year, the adjusted interest rate will be implemented from January 1, 2025.