In response to the adjustment of the policies on personal housing loans by the People’s Bank of China and China Banking Regulatory Commission, an ICBC official said that the Bank would earnestly implement the latest personal housing loan policies, develope personal housing loan business, and constantly improve the capacity of financial services to further encourage reasonable housing consumption, and promote healthy, steady growth of real estate market.

He also said that ICBC would strengthen communication with local governments and regulatory authorities on these policies, and roll out differentiated personal housing loan policies based on the principle of “classified guidance and targeted policies” and by considering local risk profile, market environment as well as credit standing and repayment capability of borrowers. In cities with no home purchase restrictions, the minimum down payment for first-time home buyers applying for personal housing loans is 25% in principle and branches are allowed to further lower the down payment by five percentage points; for home buyers who already have their first residential property with outstanding loans and buy a second home with commercial loans to improve their living conditions, the minimum down payment is adjusted to no less than 30%. In cities with home purchase restrictions, the original personal housing loan policies shall prevail.

ICBC has continued to provide strong support to personal housing loan business to help residents achieve their housing dreams. As at the end of 2015, ICBC’s personal housing loan balance stood at RMB 2,486.1 billion. The Bank extended personal housing loans of RMB 722.4 billion to 8.82 million customers in 2015 and 13.15 million households have obtained housing loan support from ICBC.