Beijing on Friday introduced a package of measures, including easing housing purchase restrictions for non-local families and increasing housing provident fund loan limits, in a bid to stabilize the property market and better meet residents’ housing consumption needs.<\/p>\n\n\n\n
These measures, which will take effect on Saturday, were jointly announced in a circular issued by the Beijing Municipal Commission of Housing and Urban-Rural Development, the Beijing Municipal Commission of Planning and Natural Resources, and the Beijing Housing Fund Management Center.<\/p>\n\n\n\n
Under the new policies, the required period for social insurance or individual income tax payment records in Beijing for non-local families to buy homes within the fifth ring road is reduced from two years to one year, the same as the current requirement outside the fifth ring road.<\/p>\n\n\n\n
The city has also raised the housing provident fund loan cap for couples who both contribute to the fund.<\/p>\n\n\n\n
The maximum loan amount will double to 2.4 million yuan (about 350,000 U.S. dollars) for first-home purchases and 2 million yuan for second-home purchases, according to the circular.<\/p>\n\n\n\n
Eligible homebuyers can receive an additional increase of up to 1 million yuan. These higher limits, amounting to 3.4 million yuan and 3 million yuan, respectively, apply to families who have housing registration in Beijing’s six central urban districts but purchase homes in suburban areas, have two or more children, and buy green-certified homes.<\/p>\n\n\n\n
The new measures also allow local families who contribute to the housing provident fund to apply for another provident fund loan when purchasing a new property, provided they either have no existing home or own only one home and have fully repaid their previous provident fund loans. <\/p>\n\n\n\n