Fine-tuning the Policies of the Sales of and Differentiated Credit Extension to Commodity Housing

 2018-06-08  43


Notice of Beijing Municipal Commission of Housing and Urban-Rural Development, Operations Office of the People's Bank of China (Beijing), Beijing Office of the China Banking Regulatory Commission, and Beijing Housing Provident Fund Management Center on Fine-tuning the Policies of the Sales of and Differentiated Credit Extension to Commodity Housing

· Document Number:No. 3 [2017] of Beijing Municipal Commission of Housing and Urban-Rural Development

· Area of Law: Real Estate

· Level of Authority: Local Regulatory Documents

· Date issued:03-17-2017

· Effective Date:03-18-2017

· Status: Effective

· Issuing Authority: Beijing Municipal Commission of Housing & Urban-Rural Development China Banking Regulatory Commission, Beijing Bureau

 

Notice of Beijing Municipal Commission of Housing and Urban-Rural Development, Operations Office of the People's Bank of China (Beijing), Beijing Office of the China Banking Regulatory Commission, and Beijing Housing Provident Fund Management Center on Fine-tuning the Policies of the Sales of and Differentiated Credit Extension to Commodity Housing
(No. 3 [2017] of Beijing Municipal Commission of Housing and Urban-Rural Development)
All relevant entities,
For the purpose of promoting the stable and healthy development of the real estate market in Beijing Municipality, as of the day immediately following the date of issuance of this Announcement, the sale of commodity residential housing and the application by resident families for commercial personal housing loans shall be governed by the following provisions:
1. The commodity residential housing purchased by an enterprise may be transacted on the market again after at least three years have elapsed from the date of purchase. If the transaction counterparty is an individual, the policies on housing purchase control of Beijing Municipality shall apply.
2. A resident family that has no residential property under its name in Beijing Municipality and has no record of commercial housing loans and provident fund housing loans shall be subject to the present policies on first-home when purchasing an ordinary residential property for owner-occupation. In other words, the downpayment ratio shall be no lower than 35%, while the downpayment ratio for purchasing a non-ordinary residential property for owner-occupation shall be no lower than 40% (excluding policy housing such as commodity residential housing for owner-occupation, housing subject to restrictions on unit types and prices, etc.).
Where a resident family has one residential property under its name in Beijing Municipality, or has no residential property in Beijing Municipality but has records of commercial housing loans or provident fund housing loans, the downpayment ratio for purchasing an ordinary residential property for owner-occupation shall be no lower than 60%, while that for purchasing a non-ordinary residential property for owner-occupation shall be no lower than 80%.
3. The disbursement of personal housing loans with a loan tenure of over 25 years (exclusive) (including provident fund housing loans) shall be suspended.
Beijing Municipal Commission of Housing and Urban-Rural Development
Operations Office of the People's Bank of China (Beijing)
Beijing Office of the China Banking Regulatory Commission
Beijing Housing Provident Fund Management Center
March 17, 2017