Zhongxin Finance, May 15 (Zuo Yukun) Rare!
The central bank and the China Banking and Insurance Regulatory Commission took action together over the weekend, bringing major benefits to the property market.
On the 15th, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued the "Notice on Issues Concerning Adjustment of Differential Housing Credit Policies".
According to the notice, the lower limit of the interest rate of commercial personal housing loans for the first set of housing is adjusted to not be lower than the market quoted interest rate of loans of the corresponding period minus 20 basis points.
Data map: There are many buildings in the city.
Photo by China News Agency reporter Wang Dongming
Great interest rate cut!
First home loan
30-year term of 1 million
saves more than 40,000 yuan in interest
"Currently, the mortgage interest rate is generated by the addition (subtraction) of the LPR for a period of more than 5 years. According to the announcement of the National Interbank Funding Center authorized by the People's Bank of China, the current LPR for a period of more than 5 years is 4.6%.
This means that the lower limit of the interest rate for the first home loan It has been reduced to 4.4%
." Zou Linhua, head of the housing big data project team of the Chinese Academy of Social Sciences Institute of Finance and Economics, explained.
Zhang Dawei, chief analyst of Centaline Real Estate, introduced to Zhongxin Finance that the previous policy was that the interest rate of the first set of commercial personal housing loans should not be lower than the market quotation rate of the loan of the corresponding period, and the interest rate of the second set of commercial personal housing loans should not be lower than the market quotation of the loan of the corresponding period. Interest rate plus 60 basis points.
In layman's terms, the first home loan will likely cut interest rates by 20 basis points
.
"The policy focuses on adjusting the loan interest rate for the first home," said Yang Chang, head of the policy group and chief analyst of the China-Thailand Securities Research Institute. , which has widened the loan interest rate difference between the first home and second home,
while stimulating the release of the first home demand, it is conducive to avoid increasing investment speculative demand
.
"This downgrade is mainly to emphasize the first home. In fact, it is also hoped that the cost of purchasing a house for just-needed housing will be further reduced. It is a very good policy to support the purchase of a house." Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, also told Zhongxin Finance that this will Guide banks to better formulate loan policies in the follow-up, especially to recommend the interest rates of some low-cost loans.
Based on this, if a resident family applies for a loan to buy the first ordinary home, it will be calculated according to the lower limit of the mortgage interest rate before and after the adjustment (that is, from 4.6% to 4.4%). It is estimated that the monthly payment can be reduced by about 120 yuan on average, and the interest will be reduced by more than 40,000 yuan in the next 30 years.
If the interest rate of newly issued personal housing loans in March announced by the central bank on May 6 is 5.42%, and it is reduced by 20 basis points to 5.22%, it is estimated that the loan amount is 5 million, the term is 30 years, and the principal and interest are repaid in equal amounts. You can pay back 600 yuan less each month, and reduce the interest by 220,000 yuan in 30 years.
Data map: A house under construction.
Photo by Gao Ruifeng
Not all urban first home interest rates implement the 4.4% standard
At the same time, the notice requires that on the basis of the unified lower limit of loan interest rates across the country, the local offices of the People's Bank of China and the China Banking and Insurance Regulatory Commission shall, in accordance with the principle of "implementing policies according to the city", guide the self-discipline mechanism of each provincial market interest rate pricing, according to the real estate market situation of each city within their jurisdiction. Changes and the regulatory requirements of the city government, independently determine the lower limit of the interest rate of commercial personal housing loans for the first and second housing in each city within the jurisdiction.
"Policy by city" was once again the focus.
Zhang Dawei said that this means that the new policy is not simply to cut interest rates directly, but to give local implementation space, and it is necessary to wait for the implementation of detailed rules in various places.
"From the previous minimum interest rate of 4.6%, very few cities can implement this standard."
Yang Chang believes that for some cities with a large inflow of population and rigid housing demand,
"policy based on the city" can make it possible to adopt different ways of adding points according to its own situation
, which is conducive to the precise regulation of demand release and prevents the rapid rise in housing prices. pressure.
"Some cities with weak market transactions will actively carry out looser mortgage policies based on differentiated credit policy tools." Yan Yuejin pointed out.
Data map: A residential area under construction.
(Photo by drone) Photo by China News Agency reporter Lv Ming
There is still room for further reduction in mortgage rates
But there is no doubt that in the context of the impact of the epidemic, the increasing pressure on economic growth, and the inversion of mortgage interest rates and credit loan interest rates, it is the general trend to reduce mortgage interest rates, support rigid demand and improve.
"Reducing the interest rate of housing loans at this stage is conducive to changing the scissors difference between the interest rates of different quality assets." Yang Chang said that the current personal housing loan interest rate is still significantly higher than the weighted average interest rate of general loans, and personal housing loans are compared with general corporate loans. Better asset quality and lower repayment risk, but with a higher risk premium.
"Before, some banks in Suzhou, Guangzhou and other cities have lowered the mortgage interest rate for high-quality customers to the lowest benchmark line of 4.6%, which has positively stimulated market sentiment," said Chen Wenjing, market research director of the Index Division of the China Index Research Institute
. Lowering the mortgage interest rate to the minimum requirement will promote the release of housing demand
, and the market in hot cities is expected to gradually stabilize and recover.
"Considering that the interest rate of unsecured credit loans is generally below 4%, it is expected that there is still room for further reduction in the interest rate of mortgage loans. The interest rate of second-home mortgage loans based on the purpose of improvement is also expected to be lowered." Zou Linhua said that since the interest rate of mortgage loans in my country has not been lowered in recent years , even if there is an international financial environment with interest rate hikes, there is still room for lowering mortgage interest rates.
(Finish)