To qualify, buyers must meet three criteria simultaneously: the mortgage must be a newly issued commercial loan for a first home (refinancing existing debt is excluded), the home's gross floor area must not exceed 120 square meters, and the purchase price must be capped at 1.5 million yuan.
Under the policy, the government will subsidize loan interest at an annualized rate of 1 percentage point on the principal for up to 5 years. The subsidized loan cap is set at 1 million yuan per household, translating to maximum interest savings of roughly 10,000 yuan per year.
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