A reduction in transfer and mortgage fees to 0.01% for a period of six months to a year and GH Bank's relaxed housing loan criteria for low-income earners will form the backbone of stimulus measures seeking cabinet approval early this month
The potential fee cuts are aimed at alleviating homebuyers' burden, a Finance Ministry source said without providing further details on which home prices would qualify. The fee reduction would lower local administrations' revenue, with the government then subsidising them to maintain a revenue ratio of 27% of government revenue as required by law, the source said.