Shanghai has introduced nine new measures to reduce the social security age requirement for non-Shanghai residents

(Shanghai News) Shanghai has introduced nine new real estate measures and implemented them from May 28 to better meet the diversified housing needs of residents, including further optimizing the housing purchase restriction policy, supporting the reasonable housing demand of families with multiple children, and optimizing the housing credit policy.

Xinhua News Agency and the paper reported on Monday (May 27) that four departments, including the Shanghai Municipal Housing and Urban and Rural Construction Administration Committee, the municipal Housing Administration Bureau, the Municipal Planning and Resources Bureau and the Municipal Tax Bureau, jointly issued a Notice on policies and Measures to optimize the stable and healthy development of the city's real estate market.

In terms of home purchase qualifications, the new policy will reduce the number of years that non-Shanghai residents need to pay social insurance or personal income tax for home purchases from five years or more to three years or more; The purchase area for non-Shanghai singles has been expanded to second hand housing in the outer ring.

The new policy also cancels the rules for calculating the number of housing units in the merger of divorced house purchases, and couples who buy houses after divorce will no longer calculate the number of housing units owned by families before divorce.

The new policy allows families with two or more children, including Shanghai registered and non-registered residents, to buy an additional home in addition to the existing home purchase restriction policy.

Under the new policy, the lower limit of the interest rate of commercial individual housing loans for the first house is adjusted to not lower than the market quoted interest rate (LPR) of the corresponding term loan by 45 basis points; After the adjustment, the floor for mortgage rates over five years is now 3.5%.

In addition, the minimum down payment ratio for first homes is adjusted to not less than 20%, and the minimum down payment ratio for second homes is adjusted to not less than 35%.

The new policy for employees who buy their first housing, the maximum loan limit of individual provident fund is adjusted to 800,000 yuan (RMB, the same below, about S $14900), and the maximum loan limit of family provident fund is adjusted to 1.6 million yuan.