China News Agency, Beijing, May 19 (Reporter Pang Wuji) A report released by the Think Tank Center of the E-House Research Institute on the 19th pointed out that according to public information and feedback from some bank outlets, there are already existing projects including Guangzhou, Shenzhen, Tianjin, Jinan, In 20 cities including Qingdao, Zhengzhou, Suzhou, and Kunming, the minimum interest rate for the first home fell to 4.4%.
Recently, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice that for households who take out loans to purchase ordinary self-owned houses, the lower limit of the interest rate of commercial personal housing loans for the first house will be adjusted to not lower than the market quoted interest rate of loans of the corresponding period minus 20 basis points.
The mortgage interest rate refers to the LPR (loan market quotation rate) for a period of more than 5 years. The LPR for a period of more than 5 years released on April 20 this year is 4.6%. After the adjustment, the minimum interest rate for the first home is reduced to 4.4%.
This is the lower limit of interest rates on mortgages nationwide.
The policy was implemented quickly, and some local banks lowered the first-home loan interest rate to 4.4% for eligible homebuyers.
The report pointed out that among these 20 cities, there are 2 first-tier cities, 8 second-tier cities, and 10 third-tier cities.
These places can quickly respond to the central bank's policies, and most of them have a high degree of urgency to stabilize the real estate transaction market.
The report pointed out that from the perspective of existing cities, cities with an interest rate of 4.4% generally belong to the cities where the current mainstream interest rate of commercial loans for the first home is 4.6%-5.0%.
In cities with a mainstream interest rate of 5.0% and above, the probability of a one-off drop to 4.4% is relatively small.
Moreover, the interest rate reduction this time is more of an informal form of oral speech by the bank. It is expected that relevant cities will issue official documents or window guidance in the future.
In addition, in most cities, there are certain thresholds to apply for the 4.4% interest rate, including customer qualifications, intermediary qualifications, and cooperative real estate conditions.
Based on the case of "1 million yuan (RMB, the same below) loan principal, 30-year equal principal and interest method", the report said that compared with the current mainstream mortgage interest rates in 20 cities, the monthly payment was significantly reduced.
Among them, Guangzhou and Chongqing decreased the most, with a monthly decrease of 484 yuan, and Shenzhen, Tianjin, Qingdao, Yibin, Xichang, etc. decreased by 300 yuan.