The State Council announced a policy in an Executive Meeting held on April 14 to rein the staggering rise of housing prices in some cities and stop the irrational housing demand. In light of this new requirement, ICBC officially starts the differential policy on housing loans from April 16. New rules on releasing personal housing loans: Down payment of at least 30% in loan for the family buying first home of 90 square meters or above; down payment of at least 50% in loan for the family buying second home.
Loan rate at least 110% of benchmark rate; and for the family buying third (or above) home, higher percentage in down payment and higher interest rate.
