China to scrap mortgage-related fees

China has scrapped miscellaneous fees associated with home loans with a view to alleviate homebuyer's burden and spur faltering home sales, Xinhua reported on Monday citing authorities.

The fees include mortgage insurance, notary, home evaluation and other compulsory fees when homebuyers use public housing funds to purchase apartments, said a new rule jointly released by the Ministry of Housing and Urban-Rural Development, Ministry of Finance and the People's Bank of China - the central bank.