A new policy to discourage mortgages on a second home has left discretion over granting loans to the banks, the Reference News reported. On September 27, China’s central bank and the banking regulator announced that a second-home mortgagee will be required to post a 40% down payment and meet a 10% interest rate in the future. Down payments and interest rates should be even higher for a third or fourth mortgage, with specific figures determined by commercial banks. The current requirement is 20% for 90 square meter or smaller properties and 30% for larger properties. However, the regulator ...