Banks raise housing loan interest rates for first-home buyers

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The Beijing branches of most major Chinese banks have raised interest rates on home-purchase loans for first-home buyers, effective from September 14, reports

The interest rates for first-home buyers in Beijing have been increased by 5 percent to 20 percent over the central bank's benchmark rate.

It's also being reported that certain banks branches in Beijing have already stop issuing new home loans.

Official data shows average interest rates for first-home purchases in Beijing through August was 5.12 percent.

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