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(Shanghai Daily)
Updated: 2008-03-21 17:30

Shanghai's public housing fund lent a record amount of mortgages in 2007 amid robust housing demand from end-users due to its lower interest rate compared to those offered by commercial banks.

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The Shanghai Provident Fund Management Center, the city's public housing fund manager, reported on Wednesday that it lent 28.79 billion yuan ($4 billion) in housing loans last year, an increase of 10.17 billion yuan, or 54.6 percent, from 2006.

Meanwhile, the number of borrowers of the public housing fund jumped 48.72 percent to 143,600 in 2007, the center said.

"More people are now able to benefit from the public housing fund mechanism and the continuously rising interest rate has made the fund more attractive," said Cong Cheng, an official at the center.

In 2007, the People's Bank of China increased its interest rates on lending and deposits six times.

The lending rate for loans above five years rose to 7.83 percent from 6.84 percent, up 14.47 percent.

Meanwhile, the public fund's interest rate has been raised five times during the same period. The rate for mortgages of more than five years has been raised to 5.22 percent from 4.59 percent, an increase of 13.73 percent.

Starting September 1 last year, mortgage loans granted by the Shanghai public housing fund to each family were also raised to as much as a half million yuan.

The city's public housing fund manager grants a 200,000-yuan mortgage to every person who is covered and a 400,000-yuan mortgage to each family. People with large provident fund accounts are eligible for an extra 100,000 yuan and their families could get loans up to 500,000 yuan. Previously, the loan amount was 300,000 yuan per household.