23 August 2019

Guangzhou eyes tighter housing fund rules, paper says

Guangzhou plans to tighten the rules for residents applying for mortgage loans from the housing provident fund, limiting the use of the fund to just once for each homebuyer, the China Securities Journal reported Tuesday, citing draft measures issued by the city department managing the fund. Applicants must have contributed to the fund for at least 24 consecutive months for residency permit holders and 36 months for those who are not. The maximum amount of loan is 500,000 yuan (US$80,617) for a single applicant or 800,000 yuan for two or more applicants using the same home as mortgage, the report said.

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