In order to thoroughly implement the decisions and arrangements of the Party Central Committee and the State Council, accelerate the establishment of a housing system that combines rental and purchase, accelerate the construction of a new model of real estate development, and implement policies to better meet residents' rigid housing needs and diversified improved housing needs, and promote the stable and healthy development of the real estate market, with the consent of the municipal government, the following notice is hereby given on further optimizing the real estate market policy measures:
1. Adjust the housing purchase restriction policy
(1) For non-resident households and single persons who purchase houses outside the outer ring road, the number of years of social insurance or individual income tax required to pay for the purchase of the house shall be adjusted to the date of purchase of the house for one consecutive year or more.
(2) Non-Shanghai resident households holding the Shanghai Residence Permit, with points reaching the standard score, and having paid social insurance or individual income tax in Shanghai for at least 3 years, are entitled to the housing purchase treatment of Shanghai resident families in terms of the number of housing units purchased.
(3) Implement a more differentiated housing purchase policy in the Lingang New Area of the Free Trade Zone, and for groups working in the new area and having separation of jobs and housing, on the basis of implementing the existing housing purchase restriction policy, they can purchase one additional house in the new area to promote the balance between work and housing.
2. Optimize housing credit policies
(1) Implement the state's policy on reducing the interest rate of existing housing loans, guide commercial banks to reduce the interest rate of existing housing loans to around the interest rate of newly issued loans in a prudent and orderly manner, and further reduce the interest expenses of home buyers' housing loans.
(2) The minimum down payment ratio for commercial personal housing loans for the first housing is adjusted to not less than 15%. The minimum down payment ratio for commercial personal housing loans for second housing is adjusted to not less than 25%; The minimum down payment ratio for second home loans in areas with differentiated policies has been adjusted to not less than 20%. The minimum down payment ratio for the second home loan of the housing provident fund will be adjusted accordingly.
3. Adjust the housing tax policy
(1) Adjust the VAT exemption period, and adjust the VAT exemption period for individual foreign sales of housing from 5 years to 2 years.
(2) In accordance with the national work deployment, the ordinary housing standards and non-ordinary housing standards shall be abolished in a timely manner, so as to reduce housing transaction costs and better meet the needs of residents for improved housing.
This notice shall come into force on October 1, 2024.
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Source: Newsroom synthesized from Shanghai Municipal Commission of Housing and Urban-Rural Development
Editor: Sheng Li