Zhengzhou fully cancels purchase and sales restrictions

On September 12, four departments including the Zhengzhou Municipal Housing Security and Real Estate Administration Bureau jointly issued the Notice on Further Supporting Reasonable Housing Demand, which will be implemented from the date of the release. The Notification requirements to cancel restrictive purchase and sale policies, including canceling the restrictive regulations on home purchase and consumption. Specifically, it includes the cancellation of the housing purchase limit in areas within the second ring road, and the cancellation of restrictions on the number of years for housing sales to support residents’ rigid and improved home purchase needs. Besides, it also required to reduce the minimum down payment ratio for commercial personal housing loans. For households that purchase commercial housing with loans, the minimum down payment ratio for commercial personal housing loans for the first house will be uniformly adjusted to no less than 20%, and that for the second house will be no less than 30%. Banking institutions will reasonably determine the specific down payment ratio and interest rate for each loan based on their own operating conditions, customer risk status, and other factors.