BEIJING - China's six major national commercial banks have announced plans to adjust mortgage rates for existing home loans in line with the central bank's policies to stabilize the property market.

Detailed measures of the adjustment of mortgage rates for existing home loans will be released on Oct 12, 2024, according to statements of the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China.

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The statements noted that the adjustment will be implemented by Oct 31, 2024.

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China's central bank on Sunday requested commercial banks to lower mortgage rates for existing home loans as the country aims to lower financial burdens on property owners.

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The mortgage rates for first homes, second homes, and more are required to be reduced no lower than 30 basis points below the loan prime rate by Oct 31, 2024.