Minimum down payment for first time buyers reduced in Beijing

Beijing announced a reduction in the minimum down payment ratios for personal housing loans on Thursday, to provide relief to prospective homebuyers, particularly those looking to enter the property market for the first time or improve their housing conditions.

The new policy mandates that the minimum down payment for first-time homebuyers be set at 30 percent, according to a notice jointly issued by the Beijing Municipal Commission of Housing and Urban-Rural Development, and other relevant departments.

Additionally, the minimum down payment for second home purchases has been adjusted to 50 percent for the six central districts within Beijing and 40 percent for the other non-central districts, the notice said.

In the meanwhile, the maximum mortgage loan length would be increased from the current 25 years to 30 years, according to the notice.