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 Two Authorities Vow to Optimize Housing Credit Policies
Category:Legislative Updates  
Subject:Real estate  
Keywords:housing;  credit
Publish Date:09-07-2023
On August 31, 2023, the People's Bank of China and the National Financial Regulatory Administration jointly issued the Notice on Adjusting and Optimizing Differentiated Housing Credit Policies and the Notice on Relevant Matters concerning the Reduction of Interest Rate of Existing First-home Loans.
The adjustments to relevant policies center on two points. First, the lowest down payment ratios for commercial personal housing loans nationwide are unified. Cities that set restrictions on housing purchase and those that do not will no longer be distinguished. As for commercial personal housing loans, the policy stipulates a unified minimum down payment ratio of not less than 20% for first-time home buyers and 30% for second-time buyers. Second, the lowest mortgage interest rate limit for second-time home buyers should be no less than 20 basis points over the loan prime rate (“LPR”), while the rate limit for first-time home buyers should remain at no less than 20 basis points below the LPR.
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