Wendy Zhang/ Shanghai Daily news

On the heels of China Everbright Bank, the first to offer fixed-rate home mortgages in Shanghai, more local banks are waiting for the right time to follow suit, eastday.com reported today.
China Everbright Bank has offered two fixed-rate products: mortgages of up to five years and those of five to ten years. The general bank had planned to offer three kinds of products, but the third one, that with terms from 10-30 years, required further consideration. However, long-term fixed-rate mortgage loans are expected to be a focus in the near future, said an industry analyst with the bank.
Shanghai Pudong Development Bank has prepared for the introduction of its fixed-rate home mortgages and is now waiting for the approval of the Chinese Banking Regulatory Commission. The bank will offer five-year fixed-rate property loans and will negotiate rates with their clients.
The Bank of Shanghai is also interested in offering such loans and has submitted its plan to the authority, with a longer term expected for its home mortgages.