Shanghai housing authorities on Monday introduced a differentiated housing credit policy, in a bid to crack down on speculative buying and promote the stable and sound development of the property market.
For Shanghai residents' first home purchases, the down payment should be no less than 35 percent, according to an statement jointly issued by People's Bank of China Shanghai Head Office and the Shanghai Housing and Urban-Rural Development Commission.
The down payments for second homes for residential purposes and investment purposes have been raised to 50 percent and 70 percent, respectively, said the statement.
The issuing of housing provident fund loans in Shanghai was also tightened. For second-home purchases, the mortgage interest rate could reach 10 percent, and the maximum loan for second home purchases was cut by 100,000 yuan (,481), the Shanghai Housing Provident Fund Management Committee said on Monday. And families who have used the fund twice may not apply for more, it said in a statement.