CBRC DRAWING DETAILS ON SECOND HOME MORTGAGE
AsiaInfo Services, October, 2007
AsiaInfo Services 10-16-2007 CBRC Drawing Details on Second Home Mortgage BEIJING, Oct 16, 2007 (SinoCast via COMTEX) -- China Banking Regulatory Commission, the banking industry watchdog, is drawing detailed instructions on mortgage loans for second house. China's central bank and CBRC on September 27 jointly released a circular requiring down payment of mortgage for second-plus house should be not lower than 40 percent of the house price and mortgage interest rates should be at least 1.1 times the benchmark rates.
Moreover, the down payment and mortgage interest rates should be raised independently by commercial banks on more purchases of houses by one person. How to determine the second house, especially when family members buy houses, has puzzled home...
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