HOME loans in Shanghai rose in April, the central bank's Shanghai headquarters said yesterday.

Banks in Shanghai extended 8.3 billion yuan (US$1.22 billion) of individual mortgage loans in April, up 3.2 billion yuan from March. It also marked a 5 billion yuan rise from a year ago, according to the central bank data.

The rise in home loans moved in line with rising new home sales.

Sales of new homes rose 28 percent from a month earlier to 1.02 million square meters in Shanghai, while supply surged 76 percent to 1.23 million square meters in the same period, surpassing sales for the first time since January 2009.

Some home buyers are trying to make last-minute mortgage applications to avoid a stricter loan policy.

China said in mid-April that banks can stop offering loans to buyers of a third home. Banks are also required to charge a higher down payment and interest rates on second or third homes to drive out credit-driven housing speculation.