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Home buyers may get higher loans
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Shanghai is planning to raise the maximum amount of loans that home buyers can borrow through the public housing fund.
The government may increase the maximum amount of loans from the housing public accumulation fund for individuals from 400,000 yuan (US$64,400) to 700,000 yuan, news portal Sina.com said yesterday, citing unnamed sources from the government.
The maximum loan to a household will be raised to 1.4 million yuan from 800,000 yuan, the report said.
The report came after China’s Minister of Housing and Urban-Rural Development Chen Zhenggao on Friday called for local authorities to boost the quota for public fund loans and simplify the application process to allow the housing fund to play a bigger role in meeting residents’ basic housing needs.
Shanghai Provident Fund Management Center, the manager of the city’s public housing fund, said in a statement released on its website yesterday that it will improve the efficiency of the fund and inform the public after adjustment is made.
A proportion of an employee’s salary goes into the housing accumulation fund which can be used to make a down payment on a home. Hopes are running high the Chinese government will ease curbs and stimulate the weak real estate market.
In January, Beijing raised the ceiling of loans from the housing public accumulation fund from 800,000 yuan to 1.2 million yuan for first-home buyers, the highest in China. On Friday, Fujian Province cut the down payment requirement for houses bought through the housing accumulation fund to 20 percent from 30 percent.
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