Mortgage loans in second and third tier cities are now showing signs of tightening. Some banks directly pressed the "pause button"
Our reporter Peng Yan
Since the beginning of this year, news of tightening and even upward adjustments in mortgages has been reported in many cities.
Recently, a reporter from "Securities Daily" visited a number of bank outlets and found that first-tier cities such as Beijing, Shanghai, Guangzhou, Shenzhen and other first-tier cities are currently in a temporarily stable state, and the tightening trend of mortgages is currently mainly in second- and third-tier cities. Not only is the mortgage interest rate higher, but also increased Down payment ratio of second home loan.
At the same time, many banks said that the current bank quota is tight and the lending speed is slow, and some banks have even directly suspended their mortgage business.
Tier 1 cities
Mortgage interest rates remained stable overall
Recently, Rong360 Big Data Research Institute released a report on China's housing loan market for September 2020.
The report mainly selected the sample data of 674 branches of 66 banks located in 41 key cities across the country for statistical monitoring and analysis.
The data shows that in September 2020 (the data collection period is from August 20, 2020 to September 18, 2020), the average interest rate of first home loans nationwide was 5.24%, and the average interest rate of second home loans was 5.55%, a decrease of 1BP from the previous month.
It is worth noting that this is the 9th consecutive month of downward adjustment in the average interest rate on loans for the first and second homes nationwide.
Monitoring data from Rong360 Big Data Research Institute shows that in September, the average first home loan interest rate in 18 cities fell from a month-on-month basis, and the decline in Changchun and Suzhou was more than 10BP; loan interest rates in 7 cities rose from a month-on-month basis.
Among the first-tier cities, Beijing, Shanghai, and Shenzhen continued to maintain the mortgage interest rates of the previous period. The overall level of the first home loan interest rate in Guangzhou decreased by 1BP from the previous month, and the second home interest rate remained unchanged.
A reporter from the Securities Daily found out that the current mortgage interest rates of various banks in Beijing are basically implemented based on the first set of 55 basis points on the LPR basis, and the second set of 105 basis points on the basis of the current LPR over 5 years (4.65%). To calculate, the actual mortgage interest rates are 5.2% and 5.7% respectively.
The above statement was confirmed by the credit department staff of many commercial banks in Beijing.
"There is no problem with credit investigation, and it is basically implemented in accordance with this interest rate standard; individual customers with poor credit investigation records will have a little more interest rate rise, which varies from person to person." said a credit account manager of a major state-owned bank in Haidian District.
In terms of lending time, the personal loan managers of most banks said that the current bank quota is sufficient and the lending can be completed within about a month.
Some banks also indicated that the loan can be completed within 3 working days at the earliest.
"Although the overall housing loan interest rate level dropped slightly in September, the downward trend of housing mortgage interest rates in more and more cities has seen an inflection point, and the interest rate inflection point of the second home is more significant than that of the first home." said Li Wanfu, a researcher at Rong360 Big Data Research Institute.
In terms of second homes, monitoring data showed that the average level of loan interest rates in 15 cities fell month-on-month, less than the first set of declines; 11 cities' interest rates rose month-on-month, more than the first set of increases.
Among the 41 cities monitored by Rong360, the highest average interest rate for first home loans in September was 5.91% in Wuxi, and the number of points added by LPR was 126.
In addition, the average interest rates for first home loans in Hefei, Chengdu, and Nanning are 5.88%, 5.86%, and 5.84%, respectively.
Some cities
Increase the down payment ratio for the second suite
Not only the interest rate, but the down payment ratio of the second set of housing has also changed more than the first set. The down payment ratios of the second set of housing in Shenyang and Wuxi have collectively increased, and some cities have previously implemented the mainstream low second set of down payment levels. Most of the month was adjusted to the mainstream level.
Recently, a reporter from the "Securities Daily" as a house buyer consulted with a number of bank branches in Wuxi on the phone. Among them, most banks generally implemented a benchmark interest rate increase of 20% for first home loans; for second home loans, most banks generally implemented a benchmark interest rate increase of 30%. %.
The "Securities Daily" reporter also learned that although many banks have not raised their mortgage interest rates recently, they have begun to tighten their mortgages.
During the telephone consultation, the loan manager of a joint-stock bank in Wuxi told the "Securities Daily" reporter: "The down payment has risen from 40% to 60% if the loan for the second home is not paid off. At the same time, the loan rate is relatively slow, due to the limit of at least 2 loans. For more than a month, some of the customers who have previously approved loans have not yet released loans and are all queuing."
It is reported that due to the limit policy of the People's Bank of China, some bank branches in Wuxi have begun to stop lending.
The person in charge of another joint-stock bank told reporters: "Since July, our bank has stopped making loans, mainly because there is no loan line and there are a lot of backlogs."
On September 6, 9 departments including the Shenyang Real Estate Bureau, Natural Resources Bureau, and Provident Fund Management Center jointly issued the "Notice on Further Promoting the Stable and Healthy Development of the City's Real Estate Market" (hereinafter referred to as the "Notice").
According to the "Notice", it is strictly enforced that the down payment ratio for the first set of commercial housing purchased by individuals shall not be less than 30%, and the down payment ratio for the second set of commercial housing shall be increased from 40% to 50%; the down payment must be paid in one lump sum, and installment payments and down payment loans are prohibited ; Adjust the exemption period of VAT exemption for individual housing transfer from 2 years to 5 years.
After consulting some banks in Shenyang, a reporter from "Securities Daily" found that some banks had raised the down payment ratio for the second home to 50%.
Since the second half of the year, the regulatory authorities have held several real estate work seminars, emphasizing that they must unswervingly adhere to the positioning of "a house is for living, not for speculation" to ensure the realization of stable land prices, house prices, and expectations.
According to statistics from the Shell Research Institute, 44 provinces and cities across the country have introduced real estate-related policies 61 times since July.
Among them, 10 cities including Changzhou, Shenyang, Hangzhou, Dongguan, Wuxi, Shenzhen, Nanjing, Ningbo, Dalian, and Chengdu have issued sales and purchase restrictions on regulating the development of the real estate market, and raised the threshold for loans and real estate resale to prevent overheating of the market. Further crack down on investment demand.
According to the August 70 newly-built commercial housing price index released by the National Bureau of Statistics, 59 newly-built commercial housing cities increased, the same as last month; 9 cities fell, 3 more than last month.
The number of cities with rising second-hand housing prices was 47, an increase of 2 from the previous month; 18 cities with a decline, a decrease of 2 from the previous month.
Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, said in an interview with a reporter from the Securities Daily that interest rate tightening is possible. It was relatively loose before, especially since LPR has not been adjusted for several months. This is an obvious sign. The current period for the most easing of market interest rates has come, especially if housing prices in some hot cities have risen too fast, they will inevitably be tightened.
Li Wanfu, a researcher at Rong360 Big Data Research Institute, pointed out that on September 15, the central bank renewed the MLF at a parity of 600 billion yuan, and invested 230 billion yuan in the market; the LPR quotation on September 21 also maintained its previous value.
Under this circumstance, my country's housing loan market may tighten slightly in the current relatively stable trend, and its performance in second home mortgages will be more prominent.
(Securities Daily)