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Shanghai banks study implementing stricter mortgage policy
By Zhang Fengming |
January 27, 2011, Thursday
|
Online Edition
Online Edition
MOST banks in Shanghai said today that they will implement the new government order of at least 60 percent down payment on second homes after working out detailed plans.
The State Council said late yesterday that banks should increase the down payment raito from the previous 50 percent requirement to curb housing speculation.
"We'll for sure implement new requirement," said Bank of Communications today. "We're finalizing implementation details now. Branches will follow the new order soon."
Such stance is echoed by Industrial and Commercial Bank of China, Shanghai Pudong Development Bank and Bank of China.
Cao Jiayi, an ICBC credit officer, said mortgage applicants should take quick moves if they still want to enjoy the last-minute 50 percent down payment. "The 60 percent down payment is looming," she said.
Besides, banks in Shanghai have already tightened housing loans against a tighter liquidity quota.
Lenders including BOC, Shenzhen Development Bank, China Everbright Bank and Industrial Bank have already stopped interest rate discounts to first home buyers. Other banks still offer a 15 percent discount on first home buyers.
The State Council said late yesterday that banks should increase the down payment raito from the previous 50 percent requirement to curb housing speculation.
"We'll for sure implement new requirement," said Bank of Communications today. "We're finalizing implementation details now. Branches will follow the new order soon."
Such stance is echoed by Industrial and Commercial Bank of China, Shanghai Pudong Development Bank and Bank of China.
Cao Jiayi, an ICBC credit officer, said mortgage applicants should take quick moves if they still want to enjoy the last-minute 50 percent down payment. "The 60 percent down payment is looming," she said.
Besides, banks in Shanghai have already tightened housing loans against a tighter liquidity quota.
Lenders including BOC, Shenzhen Development Bank, China Everbright Bank and Industrial Bank have already stopped interest rate discounts to first home buyers. Other banks still offer a 15 percent discount on first home buyers.
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