Most banks in Shanghai have yet to implement the new requirement of a 60 percent down payment on a second-home purchase.

The State Council, China's Cabinet, on Wednesday said banks should increase the down payment ratio from the previous 50 percent to curb speculation in the housing market.

"We'll for sure implement the new requirement," the Bank of Communications said yesterday. "We're finalizing the implementation details now. Branches will follow the new order soon."

The Industrial and Commercial Bank of China, Shanghai Pudong Development Bank and the Bank of China also echoed BoCom's view.

Cao Jiayi, an ICBC credit officer, said mortgage applicants should move quickly if they still want to take advantage of the 50 percent down payment rule.

"The 60 percent down payment is looming," she said.

Banks in Shanghai, including BOC, China Everbright Bank and the Industrial Bank, have stopped offering discount on interest rate to first home buyers.