- Wednesday, October 16, 2024
Chinese regulators have recently made significant changes to the nation's mortgage requirements, opening up favorable mortgage conditions to a larger pool of home buyers. Previously, these conditions were only available to first-time buyers. The move aims to bolster property sales amidst a continuing slump in the real estate market.
The Ministry of Housing and Urban-Rural Development, China's central bank, and the National Financial Regulatory Administration worked in conjunction to ease the requirements for individuals who have already purchased homes. This policy shift will not only benefit first-time buyers but also those who do not have family members with registered properties under their names.
Traditionally, first-home buyers receive more attractive mortgage rates compared to other buyers who already own at least one property. Additionally, they are subject to smaller down payments that can go as low as 20% of the total property value.
These changes come at a critical time when the real estate market in China is struggling. By expanding access to favorable mortgage conditions, Chinese regulators hope to revitalize property sales and stimulate growth in the sector.
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