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Shanghai Relaxes Mortgage Rules To Bolster Housing Market Support

CHINA PRESS
MNI (Singapore)
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Shanghai became the first among China’s biggest cities to lower down-payment ratios and the mortgage rate floor for homebuyers on Monday. The down-payment ratios for first- and second-time buyers were lowered to a minimum of 20% and 35%, from the previous 30% and 50%. The minimum mortgage rates for first- and second-time purchases were lowered to 3.5% and 3.9%. The city also allowed families with multiple children to purchase an additional house and lower the income tax, and social security payment requirement for non-local homebuyers. (Source: Securities Daily)

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Shanghai became the first among China’s biggest cities to lower down-payment ratios and the mortgage rate floor for homebuyers on Monday. The down-payment ratios for first- and second-time buyers were lowered to a minimum of 20% and 35%, from the previous 30% and 50%. The minimum mortgage rates for first- and second-time purchases were lowered to 3.5% and 3.9%. The city also allowed families with multiple children to purchase an additional house and lower the income tax, and social security payment requirement for non-local homebuyers. (Source: Securities Daily)