Shanghai's first home loan interest rate drops to 3.05%. Home buyers: Policy dividends combined with accelerated housing upgrades have sped up home buying decisions.

On May 20th, with the new loan market quoted rate dropping by 10 basis points, the first-home loan rate in Shanghai also dropped to 3.05%. The policy effect quickly spread to the real estate market. Reporters found that new housing projects in the core area of Shanghai were experiencing a surge in reservations. A sales manager calculated for reporters that for a 30-year, 10 million yuan equal principal and interest loan, the total interest saved could be close to 200,000 yuan, with a monthly savings of over 500 yuan. Homebuyers admitted that the policy incentives, combined with the acceleration of housing upgrades, have expedited their decision to buy a house.