BEIJING - One month ago China relaxed its rules on mortgage loans for home buyers, but experts say it is "almost impossible" for them to fully enjoy the interest rate discount.

The People's Bank of China and the China Banking Regulatory Commission jointly announced on Oct 1 that people buying the first home or the second home under the condition that?the?loan for the first home has been paid off could be allowed interest rates as low as 70 percent of the 6.55-percent benchmark mortgage rate.

The mortgage loan easing was an effort to reinvigorate China's sluggish property market, which is key to stabilizing the economy.

The country's major lenders, including China Construction Bank (CCB), Agricultural Bank of China (ABC) and China Merchants Bank (CMB), confirmed the implementation of the policy.

However, a manager of an ABC's local branch in Jiangsu province told Xinhua on condition of anonymity that "it is almost impossible to offer 30 percent off."

"A great amount of bank deposits are taken from wealth management programs with high return promise. Big mortgage loan discounts mean losses to banks as the cost of taking a deposit is high," said the manager.

Su Xin, a loan manager of a CMB's local branch in Shandong province, said the bank offers 5 percent off to VIP clients and the benchmark rate to others.

Xinhua surveyed several banks and found that 10 percent off is the best offer available and with no 30 percent discounts available.

Although the implementation is lower than expected, many banks have sped up loan approval process to help home buyers.

New mortgage policy lowers economic risks: analyst	Bank of China implements mortgage rule easing measures