PBOC asks Shanghai lenders to raise mortgage loan rates

SHANGHAI, July 24 (Reuters) - China's central bank has ordered lenders in Shanghai to raise the rate of mortgage loans for first-time homebuyers to 5% from 4.65%, media reported, as the government ramps up efforts to rein in the overheated property sector.

The Shanghai branch of People's Bank of China (PBOC) also told banks in the city to raise the mortgage loan rate for people who are buying second homes to 5.7% from 5.25% in Shanghai, effective from Saturday, the official China Securities Journal reported on Saturday, without identifying its source.

PBOC Shanghai declined to comment.

(Reporting by Samuel Shen, Zhang Yan and Vidya Ranganathan Editing by Robert Birsel)