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The government-sponsored preferential housing loan program for the youth will start on June 1st, allowing applicants to borrow an amount up to 7.2 million NT dollars over a maximum period of 30 years. Premier Wu Den-yih said that he hopes the new policy will help to lessen the financial pressure for first time home buyers.

The Luxury Tax, which is aimed at suppressing short-term real estate speculation, will go into effect on June 1st.

In response to soaring property prices that render young people unable to purchase their own homes, Premier Wu Den-yih reiterated the government's commitment to preserving residential justice and implementing feasible measures to help young people buy homes.

Wu has called on various government departments to propose comprehensive and diverse preferential home-buying measures within the next week, and the Ministry of the Interior and Ministry of Finance have already issued their respective proposals.

Under the MOI's plan, maximum loans of 2.2 million NT will be extended from 20 years to 30 years and be interest-free for the first two years.

The MOF's plan, meanwhile, provides per-household loans of up to 5 million NT that can be combined with preferential MOI loans for a total of 7.2 million NT.

Wu also says that new measures to stabilize the housing market will be launched on June 1st, and that further details on concrete residential measures will be released next week at the earliest.