Zhengzhou becomes latest city to remove restrictions on home purchases, resales; lower downpayment requirement
Zhengzhou becomes latest city to remove restrictions on home purchases, resales; lower downpayment requirement

Zhengzhou becomes latest city to remove restrictions on home purchases, resales; lower downpayment requirement

 

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Zhengzhou city, capital of central China’s Henan province, becomes the latest major Chinese city to remove all restrictions on home purchases and resales to support residents’ rigid and improvement-based housing demand, according to a notice released by the local government late on Tuesday.

The city will also lower the floor of down payment requirement for first-time home buyers when they apply for mortgage loans from banks to 20% from previous 30% and lower that for second-home buyers to 30%, according to the document.

Banks will reasonably determine the specific downpayment ratio and mortgage rates for each mortgage loan application based on the banks’ business situation and the clients’ risk condition, the authority said.