For resident families purchasing their second commercial residential houses with loans, the minimum down payment ratio for commercial personal housing loans shall not be less than 25%, and the lower limit of the interest rate is removed.
In Guangdong province, aside from first-tier cities such as Guangzhou and Shenzhen, the other 19 prefecture-level cities have recently adjusted their housing loan policies. Based on market self-disciplinary mechanisms, these adjustments reflect the response to the current real estate market conditions and comply with municipal government regulatory directives. The new policy will officially take effect starting May 24, 2024, and applies to commercial housing and real estate purchase contracts signed thereafter.
The main adjustments to the new housing loan policy are as follows:
The determination of the number of housing units owned by resident families refers to relevant government documents, usually decided by the results of investigations or certification provided by the city government's relevant departments.
The removal of the commercial personal housing loan interest rate floor for first and second homes means that in these 19 cities the housing loan interest rate has been marketized. Market-based interest rate levels are determined through autonomous negotiations between commercial banks and borrowers based on the principles of rule of law.
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