Shanghai optimizes mortgage policies for first-home purchases

Shanghai today issued a notice on optimizing housing credit policies, which allows people to take preferential loans for first-home purchases regardless of their previous credit record.

The move aims to better meet the rigid and improved housing needs, and enable more homebuyers to enjoy the preferential down payment ratio and interest rates for first-home mortgage loans.

According to the notice, when families (including borrowers, spouses, and minor children) apply for loans to purchase residential properties, as long as the family members do not have fully owned housing units under their names in Shanghai, regardless of whether they have already used loans to purchase properties, banks and financial institutions will implement housing credit policies for first-home purchases.

This will be put into effect from September 2.