To further improve housing financial services and support reasonable housing consumption, with the consent of the State Council, you are hereby notified of the following issues concerning individual housing loan policies:

1. In cities where no purchase limitations are imposed, for a commercial individual housing loan provided for the household of a resident to purchase his or her first ordinary housing unit, the minimum down payment ratio shall be adjusted to not less than 25%.

2. All local offices of the People's Bank of China (“PBC”) and the China Banking Regulatory Commission (“CBRC”) shall, under the principle of “providing guidance by category and implementing localized policies,” enhance their communication with local governments and, in light of the different circumstances of cities in their respective jurisdictions and on the basis of the unified national credit policy, guide provincial self-regulatory pricing mechanisms for market interest rates in independently setting the minimum down payment ratios for commercial individual housing loans within their respective jurisdictions based on the actual local circumstances.

All branches, business management departments, central sub-branches in capital cities of provinces (autonomous regions), and central sub-branches in sub-provincial cities of the PBC and the offices of the CBRC in all provinces (autonomous regions and municipalities directly under the Central Government) shall forward this Notice to the urban commercial banks, rural commercial banks, rural cooperative banks, urban and rural credit cooperatives, foreign-funded banks, and village banks within their respective jurisdictions.

The People's Bank of China

 China Banking Regulatory Commission

September 24, 2015