Loan interest subsidy policy intensifies: saving money on buying a home, doing business, and spending.

On September 29, the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration issued the Notice on Implementing the Interest Subsidy Policy for Residential Home Purchase Loans, specifying that starting from October 1, eligible households taking out loans to purchase their first home will receive an annualized interest subsidy of 1 percentage point. Based on the current interest rate level for commercial personal housing loans for first homes, this is equivalent to a one-third discount on the interest rate. For example, for a long-term commercial personal housing loan of 1 million yuan, the interest subsidy policy can help the borrower reduce cumulative interest payments by nearly 50,000 yuan at most. It is understood that the policy implementation period is tentatively set at 1 year. To make it convenient for households to borrow and benefit from the policy nearby, all banks that conduct commercial personal housing loan business may handle the residential home purchase loan interest subsidy business in accordance with the regulations. Homebuyers handle loans at banks according to the normal credit process and only need to simultaneously authorize the bank to handle the interest subsidy on their behalf when signing the loan contract. Banks automatically identify eligible borrowers and automatically calculate and deduct the corresponding interest subsidy amount when collecting monthly interest. The interest subsidy benefit will be directly reflected in the repayment amount for each period.