China News Agency, Beijing, May 15 (Reporter Xia Bin) The People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice on the 15th on issues related to adjusting differentiated housing credit policies. Relevant experts said that in order to insist that houses are used for living, not for use The positioning of speculation, fully implement the long-term mechanism for real estate, support local governments to improve real estate policies based on local realities, support rigid and improved housing needs, and promote the stable and healthy development of the real estate market. related matters.
The notice includes two specific contents: First, for households who take loans to purchase ordinary self-owned houses, the lower limit of the interest rate of commercial personal housing loans for the first set of housing is adjusted to be no lower than the market quotation interest rate of loans of the corresponding period minus 20 basis points, and the commercial housing loan rate for the second set of housing is adjusted. The lower limit of the interest rate policy for individual housing loans shall be implemented in accordance with the current regulations.
Second, on the basis of the unified lower limit of loan interest rates across the country, the central bank and the local offices of the China Banking and Insurance Regulatory Commission will guide the provincial market interest rate pricing self-discipline mechanism in accordance with the principle of "policies tailored to the city". According to the government's regulation requirements, it can independently determine the lower limit of the interest rate of commercial personal housing loans for the first set and second set of housing in each city within the jurisdiction.
Experts said that this adjustment is mainly aimed at the lower limit of the interest rate policy for commercial personal housing loans for the first set of housing at the national level.
On the basis of the national unified loan interest rate lower limit, at the local level, the central bank and the dispatched agencies of the China Banking and Insurance Regulatory Commission will guide the provincial market interest rate pricing self-discipline mechanism in accordance with the principle of "city-specific policies". The government's regulation requires that it independently determine the adjustment direction of the first and second housing commercial personal housing loan interest rates in each city within the jurisdiction with a lower limit. It can choose to follow the national lower limit, or it can remain unchanged or moderately increase, so as to maintain the stability of the regional real estate market.
Experts further stated that on the basis of the lower limit of the urban loan interest rate, banking financial institutions shall reasonably determine the specific value of each loan based on factors such as their own business conditions, customer risk status and credit conditions.
How does the introduction of the new policy affect the cost of buying a house?
Experts pointed out that the notice is mainly aimed at newly issued commercial personal housing loans, and the interest rate of existing commercial personal housing loans is still implemented according to the original contract.
For example, experts said that after the policy adjustment, the lower limit of the interest rate of commercial personal housing loans for the first home at the national level was adjusted from not lower than the loan market quoted rate (LPR) of the corresponding term to not lower than the LPR of the corresponding term minus 20 basis points (according to April 20. The published LPR of more than 5 years is calculated as 4.4%). If the lower limit of the city’s policy and the bank’s specific interest rate are lowered synchronously with the national policy, when a household applies for a loan to buy the first ordinary home, the interest expense will be reduced.
Based on the loan amount of 500,000 yuan (RMB, the same below), the term of 30 years, and the repayment of equal principal and interest, the interest rate is reduced by 20 basis points, and the monthly payment expenditure can be reduced by about 60 yuan per month on average. In the next 30 years, the total interest expense will be reduced by about 2 million.