The minimum down payment ratio for a first home is no less than 20%, big deal! Shanghai releases 9 real estate market optimization and adjustment policies
Shanghai optimizes and adjusts real estate market policies and implements comprehensive policies to support reasonable housing demand. On May 27, the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Municipal Taxation Bureau jointly issued the "Notice on Optimizing Policies and Measures for the Stable and Healthy Development of the City's Real Estate Market", proposing adjustments. Nine policies and measures including optimizing the housing purchase restriction policy, supporting the reasonable housing needs of families with multiple children, optimizing the housing credit policy, supporting "old for new" and optimizing the supply of land and housing. The "Notice" will come into effect on May 28, 2024.
The "Notice" clearly adjusts and optimizes the housing purchase restriction policy. The first is to optimize the conditions for non-Shanghai residents to purchase houses. Shorten the number of years for non-Shanghai registered residents and singles to pay social insurance or personal income tax when buying a house, and expand the area where houses can be purchased. The second is to adjust the relevant policy scope. Restrictions on house purchase for divorced persons will be lifted, regulations on housing donations will be adjusted, and enterprises will be supported in purchasing small second-hand houses for employees to rent.
The "Notice" emphasizes supporting the reasonable housing needs of families with multiple children. First, one additional house can be purchased. The second is to optimize the identification standards for the first home in personal housing loans for families with multiple children.
The "Notice" proposes to optimize housing credit policies. The first is to adjust and optimize individual housing credit policies in accordance with the principle of city-specific policies. The second is to further leverage the role of housing provident fund personal loans in supporting residents’ reasonable housing needs and moderately increase the maximum amount of housing provident fund personal loans in Shanghai.
The "Notice" proposes to support families with housing difficulties to improve their living conditions. We will adopt appropriate subsidy measures in phases to provide transitional rentals, decoration and relocation, etc. to support the "replacement of old housing with new ones" for families with housing difficulties and promote the improvement of living conditions.
The Notice calls for optimizing land and housing supply. Give full play to the guiding role of the city's master plan, reasonably grasp the regional planning sequence and development rhythm and structure, strive to improve the efficiency of land resource allocation, and achieve high-quality and precise land supply based on regional infrastructure, public facilities, industrial development, market demand, etc. Improve the real estate and land linkage mechanism, differentiate and optimize the area standards and proportion requirements for small and medium-sized housing, support regional coordination and overall balance, and better promote the coordinated development of regional population, land, and housing.
According to the provisions of the "Notice", Shanghai will also establish and improve the housing security system, explore the acquisition and wholesale leasing of adapted housing through state-owned platform companies and other entities, and optimize the supply of housing security; accelerate urban renewal such as the renovation of "two old buildings and one village", and more Channels can improve the living conditions and environmental quality of the general public; improve housing quality and support the construction of green, low-carbon, smart, and safe houses; strengthen monitoring and supervision to maintain the order of the real estate market.
In terms of adjusting and optimizing the housing purchase restriction policy, in order to meet reasonable housing needs, serve talents' housing, and promote work-housing balance, the housing purchase restriction policy will be adjusted and optimized in a differentiated and regional manner.
The first is to shorten the number of years for non-Shanghai residents to pay social security or personal income tax when buying a house. The number of years for non-Shanghai residents to pay social security or personal income tax when buying a house is adjusted from "continuous payment for 5 years or more" to "continuous payment for 3 years or more"; non-Shanghai talents who purchase houses in key areas such as new cities and north-south transformation will be required to pay accordingly. The adjustment from "continuous payment for 3 years or more" to "continuous payment for 2 years or more" is adjusted. Non-Shanghai talents purchasing houses in the Lingang New Area of the Free Trade Zone will continue to implement the "continuous payment for 1 year or more" requirement.
The second is to expand the housing purchase areas for non-Shanghai talents and non-Shanghai singles in key areas. Based on promoting regional job-housing balance, the housing purchase area for non-Shanghai talents in key areas such as new cities and north-south transformation will be expanded to the entire area; the housing purchase area for non-Shanghai singles will be expanded to second-hand housing in the outer ring.
The third is to adjust the relevant policy scope. The regulations on the combined calculation of the number of housing units purchased after divorce have been cancelled. For couples who purchase a house after divorce, the number of housing units owned by the family before the divorce will no longer be calculated. Regulations on housing donation have been adjusted so that donated housing will no longer be included in the number of housing units owned by the donor.
The fourth is to support enterprises in purchasing houses for employees to rent. For enterprises that purchase small second-hand houses for employees to rent, there is no longer a limit on the number of housing units purchased.
In terms of supporting the reasonable housing needs of families with multiple children, in order to meet the reasonable housing needs of families with multiple children, support measures are taken in terms of housing purchase restrictions and credit.
One is to purchase an additional house. For families with two or more children, they can purchase one more house on the basis of the existing housing purchase restriction policy.
The second is to optimize the identification of first-time housing units. Optimize the identification standards for the first home in personal housing loans for families with multiple children to reduce the interest burden on home purchases.
In terms of optimizing housing credit policies, in accordance with the city-specific policy principle, relevant policies for new commercial personal housing loans in Shanghai will be adjusted:
First, the lower limit of commercial personal housing loan interest rates for first homes is adjusted to no less than 45 basis points less than the market quoted interest rate for loans of the corresponding period, and the minimum down payment ratio is adjusted to no less than 20%.
Second, the lower limit of commercial personal housing loan interest rates for second homes will be adjusted to no less than 5 basis points less than the market quoted interest rate for loans of the corresponding period, and the minimum down payment ratio will be adjusted to no less than 35%; the Lingang New Area of the Free Trade Zone, as well as Jiading, The six administrative regions of Qingpu, Songjiang, Fengxian, Baoshan and Jinshan will continue to implement differentiated policies. The lower limit of commercial personal housing loan interest rates for second homes will be adjusted to no less than 25 basis points less than the market quoted interest rate for loans of the corresponding period, and the minimum down payment ratio will be adjusted. is not less than 30%.
Banking financial institutions shall, according to requirements, reasonably determine the specific down payment ratio and interest rate level of each loan based on factors such as the institution's operating conditions and customer risk conditions. For specific loan business, please contact the handling bank.
In terms of optimizing the housing provident fund personal loan policy, we will further leverage the role of housing provident fund personal loans in supporting residents’ reasonable housing needs and optimize the housing provident fund personal loan policy.
One is to increase the loan limit. For employees purchasing their first home, the maximum loan limit for personal provident funds is adjusted to 800,000 yuan, and the maximum loan limit for family provident funds is adjusted to 1.6 million yuan. For families with multiple children to take out a loan to purchase their first home, the maximum loan amount will be increased by 20%, the policy remains unchanged, that is, it can reach a maximum of 1.92 million yuan. For employees purchasing a second set of improved housing, the maximum loan limit for personal provident funds is adjusted to 650,000 yuan, and the maximum loan limit for family provident funds is adjusted to 1.3 million yuan.
The second is to reduce the down payment ratio. If you apply for a Provident Fund loan to purchase your first home, the minimum down payment ratio will be adjusted to 20%; if you apply for a Provident Fund loan to purchase your second improved house, the minimum down payment ratio will be adjusted to 35%, and the house purchased is in the Lingang New Area of the Free Trade Zone As well as the six administrative regions of Jiading, Qingpu, Songjiang, Fengxian, Baoshan and Jinshan, the minimum down payment ratio is adjusted to 30%.
In terms of supporting families with housing difficulties to improve their living conditions, in order to support families with housing difficulties to improve their living conditions, eligible "old-for-new" households will be provided with moderate subsidies for transitional renting, decoration and moving during the housing replacement period.
One is the subsidy objects. From the date of implementation of the "Notice", residents who sell the only housing in the outer ring road completed before 2000 with a construction area of 70 square meters or less within one year and purchase first-hand housing outside the outer ring road can purchase the first-hand housing from Apply for subsidies from the real estate trading center in your district.
Second, the standard of subsidy. According to the sale of housing construction area, a quota subsidy shall be implemented. If the construction area is less than 30 square meters, the subsidy standard is 20, 000 yuan per set; if the housing construction area is 30-50 square meters, the subsidy standard is 25000 yuan per set; for housing construction area 50-70 square meters, the subsidy standard is 30, 000 yuan per set. After dealing with the immovable property right certificate of newly purchased first-hand housing, receive the subsidy.
Shanghai will adhere to city-specific policies, adapt to new changes in the supply and demand relationship in the real estate market, meet the people's new expectations for high-quality housing, coordinate the stock and increase, market and guarantee, take multiple measures to maintain the smooth operation of the real estate market, and promote the construction of a new era of real estate development. model to promote high-quality development of real estate.
