It raised the minimumdownpayment for people buying second homes and capped mortgage payments for people buying government-built housing at 30% of monthly income.
Bank Indonesia Deputy Director Yunita Resmi Sari said the central bank imposed a minimumdownpayment for car and motorcycle loans last year to limit banks' credit risk and to ease consumers' debt burden.
On October 22nd the government announced that the minimum down-payment on first homes would be reduced to 20% from 30%, stamp tax would be eliminated and mortgage rates cut.
Only paying the minimum is the same as running in place, which is exactly how the banks like it, so do what you can to either pay more or get your minimumpaymentdown.
Since October the government has encouraged people to buy houses by cutting the minimum mortgage down-payment on their main home from 30% to 20% and by reducing stamp duty and other taxes on property transactions.