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Home loans post slower growth in April
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HOUSING loans in Shanghai grew slower in April as potential home buyers waited for details of a new set of mortgage policies, the Shanghai headquarters of the People’s Bank of China said yesterday.
Banks extended 3.96 billion yuan (US$638 million) in new mortgages in April, 5.12 billion yuan less than March but 500 million yuan more than April last year, according to a statement.
“Home mortgages have been growing slowly as consumers adopted a wait-and-see attitude for details of a set of new mortgage rules released in late March,” the Shanghai headquarters said. “Also, banks need time to approve new mortgage applications.”
On March 31, China relaxed its mortgage policies in a bid to boost demand in the housing market and spur economic growth.
Second-time buyers will have their minimum down payment cut to 40 percent from 60-70 percent previously, and the ratio for households who have paid off their mortgage and use provident funds to purchase a second home remains at 30 percent, the PBOC said.
Data from the Shanghai Statistic Bureau showed the city’s housing market recovered in April as home sales by area fell 8 percent in the first four months of this year, an improvement from a steep 16 percent decline in the first three months.
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