BEIJING : Three Chinese ministries issued detailed rules on Friday regarding the criteria for first-home mortgages, the state news agency, Xinhua, said.

Such mortgages could be based on the number of homes buyers own, rather than their prior mortgage loan records, the agency said, citing a joint statement from the housing regulator, the central bank and the national financial regulator.

The step will allow more homebuyers to access preferential down payments and interest rates for first-home loans, so helping to cut purchase costs, it added.