China's financial authorities said on Sunday they will let banks cut the lower limit of interest rates on home loans based on the corresponding tenor of the Loan Prime Rate for first home purchases.

The move is to support housing demand and promote healthy development of the country's property market, the People's Bank of China and China's Banking and Insurance Regulatory Commission said in a statement.

(Reporting by Albee Zhang and Ryan Woo; Editing by William Mallard)