Shanghai Provident Fund New Deal- Minimum down payment of 25% for second improved house

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On October 17th, the Shanghai Housing Provident Fund Management Center announced an adjustment to its personal housing loan policies via its official WeChat account. After careful review by the Shanghai Housing Provident Fund Management Committee, the following changes have been made regarding housing loans:

1. For those purchasing a second home classified as an upgrade, the minimum down payment ratio will now be set at 25%.
2. For second homes classified as upgrades, where the property is located in specific areas such as the China (Shanghai) Pilot Free Trade Zone Lingang New Area, as well as the entire jurisdictions of Jiading, Qingpu, Songjiang, Fengxian, Baoshan, and Jinshan, the minimum down payment can be reduced to 20%.

These new guidelines will take effect from October 18, 2024. Applications for provident fund loans submitted before this date will be governed by the previous policies, while those submitted on or after October 18 will adhere to these new regulations.