The People’s Bank of China Shanghai Head Office and branches of provinces, autonomous regions, municipalities directly under the Central Government, and cities specifically designated in the state plan; local offices of the National Financial Regulatory Administration; state-owned commercial banks, the Postal Savings Bank of China, and joint-stock commercial banks:
To implement the decisions and arrangements made by the Communist Party of China Central Committee and the State Council, support the rigid housing demand of urban and rural residents as well as their diverse needs to improve living conditions, and promote stable and sound development of the property market, the People’s Bank of China and the National Financial Regulatory Administration hereby issue the notice on the following matters concerning the personal housing loan policy：
For households that borrow loans to buy homes, the minimum down payment ratios for commercial personal mortgage loans shall no longer be distinguished between first-home and second-home loans, but rather be set uniformly at no less than 15 percent.
Based on the national policy on minimum down payment ratios, the provincial-level branches of the People’s Bank of China and the local offices of the National Financial Regulatory Administration shall adopt city-specific approaches. In line with the regulatory requirements of the local governments, they shall decide on their own whether to apply the policy on minimum down payment ratios on a differentiated basis in the cities within their respective jurisdictions, and they shall set for the cities the floor ratios of minimum down payment.
The People’s Bank of China
National Financial Regulatory Administration
September 24, 2024
