The target customers are Shanghai residents (including natural persons without residence registration of the municipality but reside, work or invest in the municipality for long-term) who are buying newly-built commodity house and can afford the required down payment. Meanwhile the following conditions must be met.
1) The applicant should be natural person of full civil capacity, more than 18 years old (including 18 years old) with legal valid identity certificates and fixed residence. If the applicants are foreigners, people without nationality, and residents from Hong Kong, Macau and Taiwan, they must have been resided in China for more than 1 year, and have fixed residence and profession.
2) The applicants must have steady job and income, with sound credit record, and have the capability of repaying principal and interest.
3) The applicant can present with Contract or Intention of Commodity House Sales (Pre-sales) for the house purchased.
4) The applicant has the ability to pay for the down payment of the house purchased.
5) The applicant is committed to buy the house on mortgage, and provide with the notarization, insurance and mortgage registration.
6) Other requirements set by SRCB.
The longest loan term is 30 years, and the final maturity day can’t exceed by 5 years the applicant’s legal retirement age. By the loan maturity day, male applicant can’t be more than 65 years old, and female applicant can’t be more than 60 years old.
Generally, loan limit is not exceeding 70% of the market value of the house purchased. The highest limit is 80%.
Loan interest rates are in accordance with the benchmark interest rates of various terms and classes announced by PBoC, as well as the Interest Rate Floating Rules set by SRCB.
