By hannover-web.com Recently, Tianjin announced a new policy, which is the “Notice on Further Optimizing Real Estate Policies to Better Meet Residents’ Reasonable Housing Needs,” issued by the Tianjin Municipal Government Office. Here are the key points regarding the policy changes:
1. **What changes can residents expect in home buying after the cancellation of housing purchase restrictions?**
Residents with local or non-local household registration can now purchase homes throughout Tianjin, including new and second-hand properties. Non-local residents no longer need to provide documentation such as tax or social security proof for home purchases.
2. **Who are the main groups affected by the elimination of housing transfer restrictions?**
In 2020, Tianjin had implemented policies allowing employees with non-local household registration to buy homes under city resident conditions, but these homes had to be held for three years before they could be resold. With the new adjustments, there are now no restrictions on the transfer of purchased homes, meaning the previous holding period no longer applies.
3. **What considerations led to the decision to no longer implement price caps on newly built residential properties?**
Tianjin has improved residential design standards in recent years, resulting in an increased availability of high-quality homes. Although these homes may be priced slightly higher, they are well-received in the market. The shift aims to allow market mechanisms to play a greater role, encouraging developers to create better homes and better meet diverse housing demands.
4. **What exactly does the cancellation of ordinary and non-ordinary housing standards entail?**
The previous standard defined ordinary housing as properties with a floor area ratio above 1.0 and individual units not exceeding 144 square meters. With the cancellation of these definitions, there will no longer be distinctions between ordinary and non-ordinary housing throughout the development and transaction processes. This change is expected to lower development costs and reduce the financial burden on families looking to buy homes.
5. **What is the minimum down payment requirement for purchasing a second home post-adjustment of housing credit policies?**
The minimum down payment for purchasing a second home aligns with that of the first home, set at 15%, which effectively lowers the threshold for residents seeking mortgage loans.
6. **How will housing loan eligibility be determined for residents after the purchase restrictions are lifted?**
Housing quantities will be assessed based on administrative districts. When a resident purchases a home in Tianjin, only their housing situation in that specific district will be considered for loan processing.
For instance, if a buyer owns one home in Hexi District and another in Jinnan District, and they plan to buy a home in Hedong District, only their Hedong District situation will be examined. If they have no homes there, they will be eligible for first-time home loan benefits.
7. **What favorable policies are in place regarding housing loan interest rates?**
First, the policy aims to implement national adjustments to existing mortgage rates, guiding commercial banks to manage these changes smoothly to ease repayment pressures for homeowners. Second, commercial banks are expected to determine interest rates for new second-home loans based on borrowers’ creditworthiness and risk levels, further supporting home purchases.
8. **What specific measures are being taken to support real estate project financing?**
The strategy focuses on market-based, legal principles, enhancing lending for “white list” real estate projects. This includes pressing commercial banks to fulfill their credit obligations and ensuring loans meet reasonable financing demands.
9. **What initiatives is Tianjin undertaking to establish a new model for real estate development?**
The city plans to reform and enhance real estate development management systems while controlling supply based on the inventory cycle of new homes in various districts. It aims to balance market supply and demand. By optimizing housing design standards, the city supports developers in creating high-quality homes that meet diverse needs. Additionally, district responsibilities will be emphasized, encouraging the implementation of measures such as subsidies for home purchases and promotional activities to boost market confidence and ensure stable development in the real estate sector.
(Reported by Chen Qingbin and Zhu Xinwei)
