Conditions and purchase restriction policies for buying a house in Shanghai Things to note when buying a house in another place

Shanghai is the economic center of our country, and many foreigners want to settle down and start a business in Shanghai. For many foreigners who have worked hard in Shanghai all year round and want to settle in Shanghai, the only way is to buy a house. So, what conditions do foreigners need to meet to buy a house in Shanghai, and what issues should they pay attention to when selling a house to avoid mistakes?

Conditions for buying a house in Shanghai

1. Those with foreign residence must meet the requirements of paying social security for more than one year, or provide tax payment certificate (personal tax certificate) for more than one year and must

Take the family as a unit, in other words: single and unmarried people are not eligible to buy a house;

2. Social security must be paid while buying a house. If your social security is suspended when you buy a house, Even if you fail to pass the review,

So, before you buy a house, you have to keep making regular payments until you obtain the real estate certificate;

3. The provident fund is managed by the unit on behalf of the employees on behalf of the housing provident fund. The center regularly contributes to a special fund used to improve the living conditions of employees, half of which is borne by individuals and half by the unit. Shanghai Housing Provident Fund Management Regulations stipulate that you must have paid continuously for more than six months and the balance is greater than 7,500 yuan before you can apply for a housing provident fund loan. Homebuyers who originally paid provident fund will not be accepted even if they pay back;

Shanghai purchase restriction policy

Shanghai purchase restriction order stipulates: Tentatively, those who already have one house in Shanghai Households registered in this city and non-resident households who can provide proof of individual income tax payment or social insurance (urban social insurance) payment certificate in the city for more than 1 year in the past 2 years starting from the date of house purchase are limited to one house. Housing (including newly built commercial housing and second-hand housing).

Families with registered residence in this city who already own 2 or more houses in Shanghai, and families with registered residence in this city who own 1 or more houses in Shanghai, cannot provide a cumulative payment of more than 1 year in this city within 2 years. House sales in this city will be suspended to non-local residents who have proof of personal income tax payment or social insurance (urban social insurance) payment. Those who purchase a house in violation of regulations will not be allowed to apply for real estate registration.

Things to note when buying a house in a different place

1. Properly estimate your financial strength

Buying a house in a different place is mostly in the form of a second or even multiple purchases for the purpose of investment Also for self-occupation. But after all, a house can easily cost hundreds of thousands, so you must properly estimate your financial strength before taking action, and ultimately choose a house at a corresponding price based on your affordability.

2. Be familiar with local home buying policies

When buying a house in another place, buyers must be aware of the local loan policies. At present, the state has unified regulations that suspend the issuance of home purchase loans to non-local residents who cannot provide proof of local tax payment or social insurance payment for more than one year. This provision also determines that most home purchases in other places require a one-time payment. It should also be noted that commercial housing loans and housing loans are separate and are not subject to restrictions on the number of units. For example, if you purchase a 40-year commercial hotel-style apartment in a different place, you can enjoy a loan with a down payment of 50%.

Different places have introduced different policies for home purchase, such as household registration transfer, government subsidies, etc. At the same time, if you are buying a house with a loan, you also need to understand the local loan interest rate policy. There may be differences in the interest rates of different banks. Different places have different regulations for second home purchases and multiple home purchases, so you must understand them clearly before purchasing a home. If you buy a house with provident funds, you also need to know whether the provident funds can be used in other places. You can learn about these on the Internet before buying a house, or you can ask the salesperson of the intended property for details.

3. Fully understand the background of the investment project

Under normal circumstances, the environment and price advantages of the real estate are often likely to attract your attention. However, before placing an order, you must understand the legality of the house itself, future regional development, etc. Do not blindly follow the trend, and do not buy a house with small property rights because of greed for cheap. Generally speaking, a house for legal sale must have "five certificates": "State-owned Land Use Certificate", "Construction Land Planning Permit", "Construction Project Planning Permit", "Construction Project Construction Permit" and "Commercial House Sales" ( Pre-sale) license".

4. Understand the integrity of development companies

Not only foreigners, but also locals buying houses are generally at a relative disadvantage when dealing with development companies. Therefore, at the beginning of buying a house, you should have a basic understanding of the integrity of the company that develops the house you want. If you don’t know or don’t have time to understand the foreign market, you should try to choose a large brand enterprise with capabilities and good reputation.

5. Ensure the safety of fund transfer

Buying a house in another place requires transferring a large amount of funds to the city where the house is purchased. Therefore, it is also very important to ensure the safety of funds during circulation. It is generally not recommended to carry cash, but to transfer money through a bank. You can choose from various methods such as wire transfer, transfer, check, and off-site deposit and withdrawal. At the same time, generally speaking, funds should be transferred to the account of the development company to which the house belongs, rather than the account of a person such as the salesperson.

Tip: Buying a house in another place has now become the choice of many home buyers. During the process of buying a house, buyers need to pay attention to the above issues. Whether local or remote, buying a house requires careful consideration.

(The above answer was published on 2015-12-20, please refer to the actual relevant current home purchase policies)

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