Chongqing Liangjiang New District launches a two-month home purchase discount: 20% down payment for the first home

According to the official website of Chongqing Liangjiang New District, Liangjiang New District will hold a real estate fair from August 28 to October 31. During this period, if it complies with the bank’s credit policies, those who have a first home loan can Enjoy 20% discount on bank mortgage loan down payment.

Staff from the Planning and Natural Resources Bureau of Chongqing Liangjiang New District told The Paper that any project participating in this housing fair can enjoy a discount of 20% of the down payment for the first home, but the final definition of the first home is determined by The bank does it.

The official website of Liangjiang New District shows that in order to conscientiously implement the positioning of "houses for living, not speculation" and actively support citizens' reasonable housing purchase needs, multiple discounts can be enjoyed for home purchases at the housing fair. During this housing fair (August 28-October 31), those who purchase new commercial housing in participating projects and have signed a Chongqing commercial housing sales contract online will enjoy certain exclusive discounts; subject to bank credit policies, Those who have a first home loan can enjoy a 20% down payment discount on bank mortgage loans.

It is reported that this trade fair is guided by the Liangjiang New Area Management Committee, the Liangjiang New Area Planning and Natural Resources Bureau, and hosted by the Chongqing Real Estate Industry Association, and is conducted in an "online + offline" manner. This housing fair opened on August 28, the offline housing fair will last until August 30, and the online housing fair will last for two months until October 31.

The official website of Liangjiang New Area shows that the Liangjiang New Area Real Estate Fair attracted 30 brand real estate companies from Sunac, Longfor, Vanke, Jinke and other jurisdictions, with a total of ***95 projects participating in the exhibition, providing tradable goods. There are 19,843 housing units, with a construction area of ??2.3055 million square meters, and commercial non-residential area of ??646,500 square meters. The properties involved include ordinary residences, garden houses, low-density residences, office buildings, commercial and other property types, covering most of Liangjiang New Area Real estate project products.

Previously, the lowest down payment ratio in Chongqing was 30%. Home-buying families that met the conditions for the first home could pay 30% down payment, and the minimum down payment ratio for the second home was 40%.

The standard for defining the maximum down payment ratio is the document issued by the Chongqing Sales Department of the People's Bank of China and the Chongqing Supervision Bureau of the China Banking Regulatory Commission on September 30, 2017. The document shows that in order to further promote the stable and healthy development of Chongqing’s real estate market, starting from October 1, 2017, the following differentiated housing credit policies will be implemented in the main urban areas of Chongqing. The scope of the main urban area includes Liangjiang New District, Yuzhong District, Jiangbei District, Shapingba District, Jiulongpo District, Dadukou District, Nan'an District, Beibei District, Yubei District, and Banan District.

Specifically, for households that own two or more houses in the main urban area and have paid off the corresponding house purchase loans, and apply for a commercial personal housing loan again to purchase an ordinary house, the minimum down payment ratio will be adjusted to 40 %; for households that own a house in the main urban area and the corresponding house purchase loan has not been paid off, and apply for a commercial personal housing loan to purchase an ordinary house again, the minimum down payment ratio will be adjusted to 40%.

After that, in June 2018, Chongqing once again tightened its property market control policies, requiring the suspension of home purchase loans to non-local residents who did not meet the requirements. Specifically, on June 28 of that year, the Chongqing Municipal People's Government issued the "Notice on Further Strengthening the Regulation of the Real Estate Market" requiring that Chongqing will, in light of the current market situation, provide Chongqing tax payment certificates or social insurance payment certificates for more than one year. For certified non-local residents, the issuance of home purchase loans will be suspended. Financial institutions must strictly examine the development loan qualifications of development enterprises and prudently issue development loans; for households that already own two houses and have not paid off the corresponding home purchase loans, the issuance of personal housing loans will continue to be suspended.