BEIJING, Sept. 29 -- China's central bank on Sunday requested commercial banks to lower interest rates for existing home loans as the country aims to lower financial burdens on property owners.

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 (LPR) by Oct. 31, 2024.

In principle, 18 national commercial banks need to release their plans for adjustments before Oct. 12.