Zhongxin Finance, February 22 (Zuo Yukun) As the spring of 2022 has just started, the property market has launched a "head shot".
The down payment policy for house purchases in many places has begun to be substantially loosened, and the down payment ratio for the first home has dropped to 20%.
Compared with lowering the reserve requirement ratio, interest rate, and provident fund loan amount, reducing the down payment ratio can obviously promote the increase in the willingness to buy a house.
How will this affect the property market in the Year of the Tiger?
Data map: There are many buildings in the city.
Photo by China News Agency reporter Wang Dongming
As low as two percent! Down payment ratio welcomes the downtrend
On February 17, the news that some banks in Heze City, Shandong Province lowered the down payment ratio of personal housing loans attracted attention.
Specifically, some banks in Heze City stated that they would adjust different down payment ratios according to the buyer's situation, among which the down payment ratio for
"no house and no loan" buyers was reduced to 20%
.
On February 18, the relevant departments of Heze responded to the media that they did not make a unified adjustment to the down payment ratio, and still implemented the minimum 20% down payment ratio requirement for the first home in 2016.
This adjustment is the independent operation behavior of some banks according to their own situation and mortgage demand.
The down payment ratio requirement mentioned by Heze is based on the notice issued by the People's Bank of China and the former China Banking Regulatory Commission in 2016. The minimum down payment ratio for the first home mortgage of residents in cities that are not restricted to purchase is 25%, but it can be adjusted downward by 5 percentage points. , which means that the minimum down payment ratio in non-restricted cities can be reduced to 20%.
"The adjustment of the down payment ratio of personal housing loans in Heze this time conforms to the floating range of the down payment ratio stipulated by the government. It is a local reasonable adjustment under the city-specific policy, and it is judged as a response measure of 'stabilizing housing prices and stabilizing expectations' in the context of declining sales." CITIC Securities Research Report said.
Heze's practice of relaxing loan restrictions is also traceable.
According to the monitoring data of E-House Research Institute, in the second half of 2021, the real estate market in Heze City will cool down rapidly.
For example, after the sales of new houses in Mudan District of Heze City reached a staged high in October 2021, both the transaction volume and the average transaction price fell rapidly.
"The adjustment of the down payment ratio, especially the adjustment for the first home, will help release the rigid demand for house purchases, which is of positive significance for accelerating market stability." Pan Hao, a senior analyst at Shell Research Institute, believes that the introduction of policies at this time to encourage rigid needs to enter the market is to stabilize the market. needs.
In addition to Heze, some other cities across the country have also taken steps to reduce the first home loan interest rate and down payment ratio.
For example, in Ganzhou, Jiangxi, the down payment ratio was lowered before the Spring Festival, and the first suite can enjoy a "20% down payment"; while in Chongqing, people who have no houses and no loans under their names have recently begun to implement a 20% down payment ratio; other media from Foshan, Guangdong, more The agency was informed that the down payment for some real estate in non-restricted areas has been reduced to 20% recently.
"In the past few years, only some real estate supported a 20% down payment, and only for people with better credit qualifications. Recently, the scope of support has been expanded, and sometimes the qualification review of lenders is also more relaxed." A local real estate distributor in Chongqing told the media. .
Data map: Chongqing Yuzhong Peninsula is brightly lit.
Photo by China News Agency reporter Chen Chao
The spring of the first suite, the signal of the bottom of the property market?
Looking at the above-mentioned cities, the industry concluded that all cities in this round of adjustment are not "restricted" cities, and the adjustment is jointly decided by the local local housing and financial functional departments according to the principle of city-specific policies.
Under the 2021 mortgage concentration policy, the practice of 20% down payment is very rare.
Why has this big move been re-introduced in various places recently?
Chen Wenjing, deputy research director of the Index Division of the China Index Research Institute, explained that since the fourth quarter of 2021, many cities across the country have optimized and adjusted real estate-related policies, such as increasing the amount of provident fund loans, reducing the down payment ratio of provident fund loans, reducing mortgage interest rates, and issuing Housing subsidies, etc.
"However, the overall effect is not obvious, the sentiment of home buyers has not improved significantly, and the market activity is still insufficient."
"Only commercial bank loans to reduce the down payment is the core, and from the actual process, reducing the down payment is the best measure." Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, also believes.
Signals to support the adjustment of first home loans have long been released.
In October 2021, the relevant person in charge of the China Banking and Insurance Regulatory Commission stated at a press conference that at present, more than 90% of bank personal housing loans are first-time home loans, and first-time home buyers will be supported in terms of loan down payment ratio and interest rate.
Pan Hao pointed out that in the past ten years, there have been two market bottom-building processes in my country, namely "2014-2015" and "2020-2021". In the process of market bottoming and correction, a series of control policies were accompanied, which drove the growth rate to stabilize.
"Such policies have the same transmission path in terms of credit, starting with credit interest rates, followed by the adjustment of provident fund-related policies, and finally transmitted to commercial loans. The adjustment of commercial loan policies sends a signal that the market is bottoming out." Pan Hao said.
"It is expected to give a good boost to the market sentiment. The wait-and-see sentiment of home buyers may change, and the confidence in home buying will be boosted to a certain extent." Chen Wenjing also said that more cities may follow suit in the future, especially the weak fundamentals of cities. , Third- and fourth-tier cities with greater market adjustment pressure.
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