First-home buyers get 1 percentage point mortgage subsidy

The scheme offers an annualized subsidy of 1 percentage point on up to RMB1 million of mortgage borrowing for up to five years.

Eligibility requires a newly issued commercial personal housing loan for a first home, floor area no greater than 120 square meters and a purchase price no higher than RMB1.5 million.

Newly built and second-hand homes qualify under existing first-home definitions; refinancing, affordable-housing purchases and housing provident fund loans do not.

The initial enrollment period is tentatively one year from October 1, 2026.

All eligible households qualify, with no aggregate funding cap and budget allocations covering actual needs.

Officials target lower-income households, including migrant workers, newly employed college graduates and urban wage-earning families.

All commercial banks offering personal home mortgages will provide subsidy services.

Buyers undergo regular credit approval and authorize their lender to handle subsidies when signing the loan contract.

Banks verify eligibility using existing mortgage information, deduct subsidies automatically from monthly interest payments and notify borrowers.

Authorities may conduct joint random inspections.

Fiscal authorities lead implementation and coordinate funding; the PBOC and NFRA oversee property credit and guide banks on lending and subsidy delivery.