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Recently, there have been more and more policies on "identifying first homes by district" in various places, which is related to the down payment ratio and mortgage interest rate of home buyers.

According to the official WeChat account of "Chengdu Housing and Urban-Rural Development", starting from August 13, 2024, for new housing purchases in Chengdu, only the housing situation of the buyer in the district (city) or county where the intended housing is located will be verified. If the buyer has no housing, it will be recognized as the first home.

Not only Chengdu, but also Suzhou, Hefei, Guangzhou, Jinan, Nanning, Hangzhou and many other cities also recognize first homes by district. At a time when the purchase restriction policy has been basically lifted, what direct impact will the recognition of first homes by district have on buyers' down payment ratios and mortgage interest rates? With the current down payment ratios and interest rate differences between first and second homes, to what extent can it stimulate consumer demand?

Chengdu recognizes first-time home buyers by district, saving RMB 60,000 on total interest on a million-dollar mortgage

According to the official WeChat account of Chengdu Housing and Construction, the Chengdu Housing and Construction Bureau issued a notice to further optimize the relevant policies on housing transactions. Among them, for new housing purchases within the city, only the housing situation of the buyer in the district (city) or county where the proposed housing is located will be checked. If the buyer has no housing, it will be recognized as the first house.

The first home is recognized by district, which means that as long as there is no house in this area, the down payment ratio and loan interest rate can implement the first home policy.

A local real estate agent in Chengdu told reporters that currently, the down payment ratio for the first home in Chengdu is 15%, and the interest rate is 3.25%; the down payment ratio for the second home is 25%, and the interest rate is 3.55%.