The LPR (loan market quoted interest rate) of more than 5 years, which is related to many mortgage users, has been lowered for the first time in 21 months.

The latest official quotation released on January 20 showed that the LPR with a maturity of more than 5 years was 4.6%, a decrease of 5 basis points from the previous month.

  Bank mortgage interest rates are also closely adjusted.

The Beijing News Shell Finance reporter consulted a total of 8 banks in Beijing, Shanghai, Guangzhou, and Shenzhen on January 21. The interest rate of new housing loans was generally lowered. Among them, a joint-stock bank in Shenzhen had a first commercial housing loan interest rate of 4.9%. The lowest among surveyed regions and banks.

  How do interest rate changes affect monthly payments?

Industry insiders said that taking a mortgage loan with a loan amount of 1 million and a 30-year equal principal and interest repayment as an example, the interest rate was cut by 5 basis points, and the monthly payment was reduced by about 30 yuan.

  Another thing worth paying attention to is the speed of lending. Last year, the amount of mortgage loans in many places was tightened, and many new mortgage loans required waiting for four to five months or even half a year.

At present, the speed of lending in Beijing, Shanghai, Guangzhou and Shenzhen has generally accelerated. The credit manager of a joint-stock bank in Beijing said that the loan can be released within 7 working days after the transfer of accounts; there are also credit managers of large state-owned banks. in 2-3 months.

In addition, the acceleration of lending in Shenzhen is also related to the low transaction volume of second-hand housing.

 The interest rate of new mortgages has fallen, and the monthly payment of millions of mortgages may save tens of yuan. The existing users also need to look at the "re-pricing date"

  How will the mortgage interest rate change after the LPR for more than 5 years falls?

On January 21, the reporter consulted a total of 8 banks in Beijing, Shanghai, Guangzhou and Shenzhen, including ICBC, China Construction Bank, Agricultural Bank, Bank of China, Everbright, China Merchants Bank, Guangfa and CITIC.

  The interest rates of new housing loans of the four surveyed banks were generally lowered.

Among them, the interest rate of the first commercial housing loan in Beijing is 5.15%, and the interest rate of the second commercial loan is 5.65%, both of which have been reduced by 5 basis points with the LPR of more than 5 years, and the increase rate has not changed. Since the LPR reform in 2019 The first set of standards is to add 55 basis points to LPR, and the second set to add 105 basis points.

  "The rate of increase is uniform across the city, and it will not be moved easily. It depends on whether the benchmark interest rate (referring to LPR) will be lowered." The personal credit managers of the two interviewed banks said.

  The rate of additional points in Shanghai has not been adjusted, and the mortgage interest rate has only been reduced by 5 basis points with the LPR. Currently, the first commercial loan interest rate is 4.95%, and the second one is 5.65%.

  Some banks in Shenzhen and Guangzhou saw their mortgage interest rates fall more than LPR, and the differentiated pricing features were more obvious.

The interest rate of the first home loan in Shenzhen fell below 5%. The first home loan interest rate of a joint-stock bank consulted by the reporter was 4.9% and the second home loan interest rate was 5.2%. Down 10 basis points.

  How do interest rate changes affect monthly payments?

Industry insiders said that taking a mortgage loan with a loan amount of 1 million and a 30-year equal principal and interest repayment as an example, the interest rate was cut by 5 basis points, and the monthly payment was reduced by about 30 yuan.

  It is worth noting that the above interest rate adjustments are all for new mortgages.

A Beijing citizen said, "My mortgage interest rate is still 5.2%, and it has not changed to 5.15%." According to the rules, existing mortgage users also need to see when the "re-pricing date" of their loans is.

Since the "re-pricing date" of most mortgages is January 1 each year, that is to say, the LPR decline for more than 5 years in January this year will not be reflected in the monthly payment until the re-quote is made on January 1 next year.

The loan is generally accelerated, and the loan can be released within 7 working days after the closing of the account. In the future, the overall mortgage loan will remain stable.

  Last year, affected by the explosion of leading companies, the “three red lines” financing constraints of real estate companies, and the implementation of the real estate loan concentration management system, there was a round of rapid credit tightening in the real estate market. The most obvious personal feeling is the tightening of mortgage quotas.

A number of banks in Beijing consulted by Shell Finance reporters in November last year said that they began to tighten their quotas in June and July last year, and some outlets suspended orders, but they resumed around November, but loans were generally slow.

  In an interview on January 21, a number of banks said that lending has accelerated significantly.

A credit manager of a state-owned bank in Beijing said that due to the large number of housing loan applications in the bank and the fact that some people have queued up (from last year), it will take 2-3 months for the loan to be released, but it is faster than before; a joint-stock bank The credit manager said that the loan can be released as soon as 7 working days after closing the account.

  The credit manager of a large state-owned bank in Shanghai said that the current loan cycle is 3-4 months, "it has been shortened compared with the loan cycle of 6 months last year." If the credit manager starts to carry out valuation and online signing materials preparation from the user's house inspection and so on, which can shorten the loan period to a certain extent.

The credit manager of a joint-stock bank in Guangzhou also said that "the loan has been accelerated." Currently, it takes 1-2 months from acceptance to loan.

  "It can be done within a month." A credit manager of a joint-stock bank in Shenzhen said, but the acceleration of lending is also related to the transaction volume. "The transaction volume of second-hand housing in Shenzhen is currently very small, so our loan amount is very sufficient."

  At the press conference on financial statistics for 2021 held by the State Council Information Office on January 18, Zou Lan, director of the Financial Market Department of the Central Bank, revealed that recently real estate sales, land purchases, financing and other behaviors have gradually returned to normal, and market expectations have steadily improved. In the next step, the overall mortgage loan should remain stable.

  Data show that at the end of 2021, the national real estate loan balance was 52.2 trillion yuan, a year-on-year increase of 7.9%, and the growth rate was 0.3 percentage points higher than that at the end of September.

Among them, real estate loans increased by 773.4 billion yuan in the fourth quarter, a year-on-year increase of 202 billion yuan, and an increase of 157.8 billion yuan compared with the third quarter of the previous year.

  Zou Lan said that the next step will be to adhere to the positioning of "housing and not speculating", maintain the continuity, consistency and stability of real estate financial policies, prudently implement the prudent management system for real estate finance, increase financial support for housing leasing, and implement city-specific policies. Promote a virtuous circle and healthy development of the real estate industry.

  Cheng Weimiao, Shell Finance reporter of the Beijing News

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