Taiwan's 'Qing An 3.0' housing loan program details released

Taiwan's Ministry of Finance is launching "Qing An 3.0," an updated housing loan program set to accept applications starting August 1. The initiative aims to assist first-time homebuyers with favorable loan terms, including interest subsidies. The program details, including loan principles and frequently asked questions, are available on the National Treasury Agency's website.

A key feature of Qing An 3.0 is the introduction of property value caps, which vary by region. For Taipei City, the limit is NT$35 million, while New Taipei City and Hsinchu City/County have a NT$25 million cap. Other areas have a NT$20 million limit. The valuation method considers the higher of the bank's appraisal or the actual purchase price. For instance, a property in Taipei with a purchase price of NT$34 million and an appraisal of NT$36 million would exceed the limit due to the higher appraisal value.

The loan amount can reach up to NT$10 million, with increased limits for specific groups: newlywed couples can borrow up to NT$12 million, and families with minor children can access up to NT$15 million. The program also clarifies eligibility for single individuals, divorced persons, and those with foreign spouses or children, outlining specific documentation requirements. Borrowers must ensure the property is used for self-residence to maintain eligibility for interest subsidies; non-compliance may result in the recovery of subsidies.