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BEIJING: The Zhejiang Province government has imposed new regulations on downpayments for buying property sector in line with the central government’s measures to cool down the property market, a report in CN Stock said on May 19.
According to the regulations, the downpayment for a family's first home with an area bigger than 90 sq m should be at least 30%; while downpayment for a second house is at least 50% with the mortgage rate 1.1 times the benchmark interest rate.
A much higher downpayment and mortgage rate will be adopted for purchase of subsequent homes. Meanwhile, the regulations said banks can suspend housing credit to the buyers of third or more homes if home prices rise too rapidly and too high and home supply is insufficient.
Banks will also be directed stop offering loans to people who have not paid personal income tax or social security funds in the previous 12 months
According to the regulations, the downpayment for a family's first home with an area bigger than 90 sq m should be at least 30%; while downpayment for a second house is at least 50% with the mortgage rate 1.1 times the benchmark interest rate.
A much higher downpayment and mortgage rate will be adopted for purchase of subsequent homes. Meanwhile, the regulations said banks can suspend housing credit to the buyers of third or more homes if home prices rise too rapidly and too high and home supply is insufficient.
Banks will also be directed stop offering loans to people who have not paid personal income tax or social security funds in the previous 12 months
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