The People's Bank of China may not use one-glove-fits-all measures to curb second home loans in response to recently unveiled local guidelines on property curbs, according to analysts.

Major cities, including Shanghai and Beijing, issued their local guidelines over the weekend as they attempt to further strengthen property curbs by levying a 20-percent capital gains tax on property sellers and enforcing differentiated credit policies.

A bank source in Shanghai said that the guidelines on property curbs are customized by local governments to reflect circumstances in different cities.

"It's not practical for the central bank to use unified instruments. I think there will be more detailed guidelines to be announced about home loans at the city level," he said.

Other bank sources told Shanghai Daily yesterday that they "have not received from the central bank regarding the change of current home loan policies. Currently the down payment for second home loans remains at 60 percent of the property value, and the 10 percent interest rate mark-up also remains unchanged."

Market watchers had expected the government to unveil stricter moves to curb property speculation.

"Last month before the National People's Congress annual session, people in the banking industry expected Beijing to raise the down payment for second-home buyers to 70 percent of the price, and to mark up the interest rate by 30 percent above the benchmark," said another bank source in Xiamen, Fujian Province. "Now it seems the commercial banks are allowed to adjust the initial payment and interest rates from case to case."

Buyers of third and more homes in Shanghai are not allowed to get housing loans.