Author: Qi Ning
Recently, a new model of second-hand housing transactions - "transfer with mortgage" has been launched in many cities, which is regarded as an important adjustment to the active property market.
Judging from several cities that have been officially announced, Nanjing, Suzhou, Jinan, Kunming, etc. have all had successful cases.
Compared with the previous mortgage release and transfer, "transfer with mortgage" can greatly save time and money costs (mainly the original homeowner), and at the same time improve the security of second-hand housing transactions, people in the industry have applauded.
However, according to what the reporter learned from the bank staff in the above-mentioned cities, except for the cases where real estate registration centers in various places cooperated with some banks, the implementation of a wide range of policies has not been fully implemented, especially most small and medium-sized banks have not received relevant notices.
Some local real estate practitioners in Suzhou said that according to their understanding, the system connection work between some banks and relevant departments will be officially implemented after the preparation is complete.
In fact, since the implementation of the "Civil Code", "transfer with mortgage" has gradually become legal, and many people in the industry predict that more cities will follow up.
In the context of the continued downturn in mortgage loans, banks, as mortgagee, are also willing to cooperate with the implementation, and the effect of boosting the real estate demand market is worth looking forward to.
What does "transfer with mortgage" mean
On the evening of September 16, the official WeChat account “Nanjing Real Estate” of the Nanjing Real Estate Registration Center announced that Nanjing has fully implemented the “transfer with mortgage” model of second-hand housing.
Nanjing is not the first city to introduce "transfer with escrow".
According to the reporter's incomplete understanding, since August at least Kunming, Suzhou, Jinan, Fuzhou and other cities have supported or limited support for this model, and there have been corresponding successful cases.
The so-called "transfer with mortgage" means that if the mortgaged real estate is to be listed and traded, the mortgage change, transfer registration and new mortgage establishment (hereinafter referred to as the "three businesses") can be realized without repayment or advance payment.
Prior to this, domestic second-hand housing transactions generally required the seller (original owner) to release the mortgage before going through the transfer procedures, and the release of the mortgage means that the mortgage loan needs to be paid off.
In the process of paying off the existing mortgage, the seller often needs to spend a lot of time raising funds, going to the bank for early repayment, etc. The transaction process is complicated, and if the seller seeks social "bridge funds", it will increase the risk.
With the implementation of the "Civil Code" last year, "transfer of property with custody" has already met the legal conditions for liberalization.
According to the relevant provisions of the original "Property Law", the transfer of property rights after the mortgage of the property (house) requires the mortgagor and the mortgagee to negotiate, and the latter agrees to pay off the debt first. The “Civil Code” makes it clear that the mortgagor can transfer the mortgaged property during the mortgage period and the mortgage right will not be affected, but the mortgagee should be notified in time.
Taking Nanjing as an example, the city's real estate registration center said that after the implementation of the "Civil Code", the city has deepened the implementation of the requirements of "transfer of property with custody", and optimized and refined business processes, technical support, work guidance, etc.; Fuzhou City The Real Estate Registration and Trading Center also stated that the city will carry out the "transfer with mortgage" business as early as April 2021.
Judging from several cities that have been officially announced to be liberalized, the process of "transferring with mortgage" has been greatly simplified. Generally, the three businesses can be "applied at one time and completed", and people only need to "enter a window and submit a set of materials". .
The seller's transaction costs are greatly reduced, while the buyer can complete the house transfer, re-mortgage and obtain a new home mortgage loan in one go.
This model truly realizes the "seamless connection" between the original mortgage cancellation registration and the new mortgage registration, effectively preventing transaction risks, not only "locking" the real buyer, but also preventing "one room for multiple sales", and also ensuring the bank's mortgage rights. implement.
Dong Ximiao, chief researcher of the Zhongguancun Internet Finance Research Institute, said that in the past, even if the seller successfully raised funds to pay off the mortgage, there was still a possibility that the transfer would not be possible. Now this risk is greatly reduced.
Hot second-tier cities gradually landed
Judging from the landing situation, there have been successful cases of "transfer with mortgage" in many places.
Taking Nanjing as an example, the city's real estate registration agency has cooperated with more than 50 banks such as China Construction Bank and Bank of Nanjing to complete the registration of 158 houses "with mortgage transfer", with a transaction value of more than 500 million yuan.
Just on September 17, the Fuzhou Real Estate Registration Center also announced that through the cooperation between the Real Estate Registration and Trading Center, China Construction Bank and Industrial and Commercial Bank of China, the city completed the first batch of government-bank cooperation "transfer with mortgage" on the morning of September 15. "Project; Suzhou Zhangjiagang successfully handled the city's first stock house "transfer with mortgage" registration and mortgage loan business at CCB Suzhou Branch in early September.
Earlier in August, the Jinan Real Estate Registration Center stated that the city's "transfer with mortgage" has been successfully piloted in CCB, ICBC, Bank of Beijing and other banks, and will be fully implemented in the city's second-hand housing market.
However, according to the reporter's understanding, at present, "transfer with mortgage" in Suzhou, Qingdao, Nanjing and other places has not been fully implemented. In particular, many small and medium-sized bank staff said that they have not yet received a new policy notice, and the transfer of second-hand housing still needs to pay off the loan first.
A local real estate practitioner in Suzhou told reporters that, as far as they know, because of the system connection and other issues, most banks and relevant departments are still preparing for this, and it may take some time for the full implementation.
The reporter noticed that the cities that have introduced the policy of "transfer with deposit" generally support account supervision requirements to ensure the safety of funds.
Taking Jinan as an example, the new process of "transfer with deposit" introduced by the city has introduced a notarized "withdrawal account" link, that is, before the transaction is completed, all funds are supervised by this account to ensure the safety of funds. In the event of an unexpected situation on both sides of the transaction, the transaction fails, and the funds are returned in the same way to avoid financial disputes.
"The advance loan after 'announcement registration' brings 'living water' to both parties of the transaction, but whether this 'living water' can flow into the account of the seller's loan bank, especially for inter-bank transactions, in addition to the approval and registration of the functional departments, the funds Delivery must also be closed throughout the whole process." Jinan Real Estate Registration Center said.
How it works and what are the pros and cons for banks
Increasing transaction convenience, reducing costs and risks, in the final analysis, is to promote the purchase demand of rigid groups and stimulate the vitality of the real estate market.
Dong Ximiao said: "Transfer with mortgage" has a great effect on enhancing the willingness of buyers and sellers to trade and increasing market activity.
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He believes that "transfer with mortgage" is similar to "re-mortgage" in the past, but the difference is that "re-mortgage" still needs to be released after the pledge, and "transfer with mortgage" is more convenient and regulated. Safety.
The so-called re-mortgage mainly refers to the borrower selling the house as collateral. With the approval of the lending bank, the purchaser of the house will continue to repay the seller's unexpired loan, but it still needs to be released after the mortgage, including peer-to-peer re-mortgage and inter-bank mortgage. There are two cases of remortgage.
At present, most "transfers with mortgages" are mainly based on renewing loans at the same bank.
Some market views point out that although "transferring with mortgage" has a positive effect on boosting the property market, it may reduce the credit expansion space achieved by second-hand housing transactions for other banks.
Dong Ximiao disagreed.
He analyzed that because the bank as the mortgagee needs to cooperate with the housing management department to complete the "transfer with mortgage", and the current bank has sufficient liquidity and there is no shortage of loan quotas, so the most direct impact of this model is to increase the demand for loans, which has obvious benefits.
"It turned out to be nothing more than repayment and then loaning another one. This has no major impact." Dong Ximiao said for example that the current "transfer with mortgage" is somewhat similar to the loan renewal without principal repayment in corporate loans, that is, the efficiency of loan renewal is more efficient. Higher and lower cost.
Judging from the data on real estate transactions and residents' medium and long-term loans in the first eight months of this year, the current demand for the property market is still sluggish.
Many market participants believe that, as a high-yield, low-risk high-quality asset, the current mortgage loan business of banks is under great pressure, so there is a strong willingness to participate and cooperate.
In the future, it is expected that more cities will follow up the "transfer with mortgage" model, and some cities will fully implement the model, and the corresponding effect is worth looking forward to.
In fact, in addition to hot second-tier cities, Shenzhen also completed the first second-hand housing transaction of "notarized deposit + foreclosure property transfer with mortgage" in early September, but this case belongs to seized properties, becoming the first to implement this model. Tier 1 cities.
Some analysts pointed out that the removal of the redemption link can reduce the redemption costs such as the interest of the redemption funds and the guarantee fee. According to the current market general redemption costs, the transaction cost can be directly reduced by one-third. The cost of the building is higher), the proportion of reduction is undoubtedly greater.