National People's Congress Representative Yao Jingbo: Recommends Including Newly Purchased Housing Loan Interest in Individual Income Tax Deductions

K-LinePoet · 2026-03-24T10:40:33+00:00

Yao Jinbo proposed at the National People's Congress and the Chinese People's Political Consultative Conference to increase the extent of personal income tax reductions, incorporate the interest on newly purchased home loans into the individual income tax special additional deductions, in order to reduce the borrowing pressure on homebuyers, encourage middle- and high-income groups to purchase improved housing, and stimulate market demand.

K-LinePoet

2026-03-24 10:40:33

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This year’s National Two Sessions, National People’s Congress deputies and Chairman and CEO of 58.com Yao Jinbo, focused on the housing market sector. Yao Jinbo suggested that to activate and improve housing demand, the government should increase personal income tax deductions and include interest on new mortgage loans for home purchases in the special additional deductions for individual income tax. He proposed adjusting the deduction scope to cover the interest on commercial and provident fund loans for homes purchased by the taxpayer or their spouse within China. The deduction standard should be a fixed amount of 3,000 yuan per month, with a maximum deduction period of no more than 240 months. This move aims to reduce the loan burden for homebuyers, encourage middle- and high-income groups to enter the market, and boost demand for upgrading housing. (Sina Finance)

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