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Shanghai raises ceiling for housing fund loans

2015-04-10 GMT+8:00

BEIJING, Apr. 9 (Xinhua) -- East China's Shanghai has raised the ceiling for mortgages from its housing provident fund. A home buyer in Shanghai will be able to borrow up to 1.2 million yuan starting from April 15, the Shanghai Housing Provident Fund Management Center announced on Thursday on its website.

For buyers of first home and second "ordinary home", the lending cap will be lifted to 500,000 yuan for individuals and 1 million yuan for families, up from 300,000 and 600,000 yuan respectively.

For buyers of second "non-ordinary home", an individual can borrow up to 400,000 yuan while a family can borrow as much as 800,000 yuan, up from 200,000 and 400,000 yuan respectively.

Individuals and families contributing to the supplementary housing provident fund can borrow an additional 100,000 yuan and 200,000 yuan respectively.

The Shanghai Housing Provident Fund Management Center has also adjusted limits on the repayment period. For second-hand houses constructed 6 to 19 years ago, the maximum repayment period for housing mortgages will be 35 minus the years of the home. (Edited by Huang Xiaolan,