How to pay down payment in installments for house prices in Zhengzhou: analysis of the latest policies and market trends in 2023
Recently, the Zhengzhou real estate market has become a hot topic due to the adjustment of down payment installment policy. This article will combine the hot content on the Internet in the past 10 days to conduct a structured analysis of the current situation, policy requirements and market response of down payment installments in Zhengzhou housing prices to provide reference for home buyers.
1. The latest developments in Zhengzhou’s down payment installment policy
Since September 2023, some real estate projects in Zhengzhou have launched "down payment installment" promotions, and the minimum down payment ratio can be installmentd to 5%-10%. The following is a comparison of policies of mainstream banks and developers:
| Institution/Real Estate | down payment ratio | Installment cycle | Applicable conditions |
|---|---|---|---|
| Industrial and Commercial Bank of China Zhengzhou Branch | Minimum 20% | Up to 3 years | First home, good credit report |
| Vanke·Ideal Starlight | 5% for the first installment | 12-24 months | Limited to some properties |
| Country Garden Times City | 10% for the first installment | 6-18 months | Developer guarantee required |
2. Calculation of house prices and down payment costs in various districts of Zhengzhou
According to data from the Housing Authority, the current average price of new houses in the main urban area of Zhengzhou and the typical down payment installment plan are as follows:
| area | Average price (yuan/㎡) | Total price of 90㎡ house | Down payment in installments (5%) | Monthly payment example |
|---|---|---|---|---|
| Zhengdong New District | 18,500 | 1.665 million | 83,000 | About 6,200 yuan |
| Jinshui District | 15,200 | 1.368 million | 68,000 | About 5,100 yuan |
| Zhongyuan District | 12,800 | 1.152 million | 58,000 | About 4,300 yuan |
3. Three major risk tips for down payment installment
1.Hidden costs: Some developers charge a handling fee (usually 3%-5% of the installment amount);
2.Repayment pressure: You need to bear the balance of down payment + monthly mortgage payment at the same time. For example, in the case of Zhengdong New District mentioned above, monthly expenses in the first two years may exceed 15,000 yuan;
3.legal risks: Installment agreements through non-bank official channels may have clause disputes.
4. Expert advice and market forecasts
The Real Estate Research Center of Henan University of Finance and Economics pointed out that the current inventory depletion cycle in Zhengzhou is about 14 months, and down payment installments will still exist in the short term, but please note:
• Give priority to formal installment plans that work with banks;
• To ensure the stability of income during the installment period, it is recommended that the monthly income is ≥ 2 times the monthly payment;
• It is expected that more real estate companies will join the promotion in Q4 2023, and home buyers can compare multiple policies.
5. Process Guide
1. Submit information: ID card, income certificate, credit report;
2. The developer signs an installment agreement after passing the review;
3. Pay the down payment and apply for a bank loan according to the agreement;
4. Repay the down payment balance on schedule (usually paid monthly/quarterly).
Note: The data in this article are as of September 20, 2023. Specific policies are subject to the latest notices from various banks and real estate developers.
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