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The Bank of Communications (BoCom), China's fifth-largest lender, is drawing a sharp line between genuine homebuyers and speculators in processing mortgage loans.

The move is widely seen as a significant measure that banks can take in supporting government efforts to rein in speculation that has helped fuel skyrocketing housing prices. Industry sources said they expected other banks would follow BoCom's move.

They said that a more cautious approach to mortgage lending is also desirable at a time when the government is strengthening its efforts in cooling down the overheated market. A possible downturn in property prices could force many highly leveraged speculators to default on all or part of their mortgage borrowings.

According to Ni Erkang, head of the bank's department in charge of promulgating policies for individual loans, customers purchasing apartments for the first time will be viewed as genuine homebuyers.

For those genuine customers who buy a house with an area of no more than 90 square meters, BoCom will grant an 80 percent loan for up to 30 years, lower the lending rate by 10 percent and reduce or exempt handling fees.

"It is estimated that first-time homebuyers could save 30,000 to 40,000 yuan (US$3,750 to 5,000) if they bought a house worth about 1 million yuan (US$125,000)."

"It complies with government measures to clamp down on excessive housing prices and echoes the call made by the central bank of enhancing individual credibility," Ni said.

In addition, the lender is encouraging the provision of loans to genuine homebuyers because "the bank makes higher profit by expanding its housing loans business," Ni said.

It is estimated that more than 10 percent of a commercial bank's profit comes from providing housing loans to individuals.

BoCom has introduced other measures to make it easier and cheaper for reliable homebuyers to obtain loans, shifting its focus to customers with relatively low income.

It rolled out a new product recently that allows medium- and low-income residents to get housing loans with preferable lending rates, prolonged lending terms, multiple choices for returning loans, and with reduced or exempted handling fees.

With premium credibility, and an ability and willingness to return loans, homebuyers could borrow up to 500,000 yuan (US$62,500) for three years without having to use their apartment as a mortgage.

The lender will, however, be more stringent in providing loans to potential speculators as many property investors, reeling after Beijing took a series of measures to control soaring housing prices, have found it difficult to pay back loans and after banks reported a higher percentage of bad accounts on housing loans.

"A 40 percent down payment is required for those who are not first-time homebuyers," Ni said.

"The commercial lenders are very cautious to provide new loans to buyers who aim to use houses as investments," said Li Hong, dean of the banking studies department at Shanghai University of Finance and Economics.

(China Daily July 11, 2006)