China News Service, September 22 (Zhongxin Finance and Economics reporter Zuo Yukun) The adjustment of the second-hand housing market in various places is still in-depth.
Following the adjustment and optimization of the restrictions on the sale of second-hand houses and the policy of "recognizing and subscribing for loans", many places have introduced the policy of "transfer with mortgage" for second-hand houses, starting from the simplification of the transaction process and the improvement of transaction security, in order to promote market transactions.
Data map: The streets of Guangzhou.
Photo by Wang Jian
What is "transfer with mortgage"?
On September 21, according to local media reports, the Guangzhou Branch of the People's Bank of China recently issued a notice to all central sub-branches and banking institutions within its jurisdiction on matters related to encouraging the promotion of the "transfer with mortgage" model of second-hand housing.
"This is the first policy of the local financial sector to publicly support mortgage transfers," said Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute.
Prior to this, many cities including Jinan, Shenzhen, Nanjing, Fuzhou, Wuxi, Qingdao, Zhuhai and other cities have announced to try this policy.
The so-called "transfer with mortgage", in layman's terms, refers to the mortgaged real estate, which can complete the transaction, transfer, and issue new loans without repaying the loan in advance.
This is considered to be an important innovative policy to further reduce the risks and costs of transactions, revitalize the resources of second-hand housing, speed up the circulation and transactions of second-hand housing, and thus drive the activity of the property market.
With the implementation of the Civil Code last year, "transferring with mortgage" has a legal basis.
According to Article 406 of the Civil Code, "Transfer of mortgaged property", the mortgagor can transfer the mortgaged property during the mortgage period, according to Wang Yuchen, director of Beijing Golden Law Firm.
If the mortgaged property is transferred, the mortgage right will not be affected.
Wang Yuchen also emphasized that even in cities that can "transfer the property with mortgage", not all real estate can be realized.
If the mortgage was previously set, it was clearly agreed that it could not be transferred, the agreement would take precedence.
Data map: There are many high-rise buildings in the city.
Photo by China News Agency reporter Wang Dongming
Fast and safe as the biggest advantage
"In the past, there have always been cases where the original owner's mortgage has not been paid off and will be sold. In this case, the 'xiajia' must first pay the 'upper' the money before the loan can be transferred. This requires more funds for the next family, and the upper family. The risk of running away with money." Mr. Li, a real estate agent, told a reporter from Zhongxin Finance and Economics.
"We usually do 'crossing the bridge' for our clients, that is, 'redemption', and we spend money to find a guarantee company to pay it back, but the procedures are complicated, and it takes a long time to trade after the release of the mortgage." Mr. Li said, Generally, it takes at least a week to release the mortgage, and it may not be completed in more than half a month. "Transferring with mortgage" will definitely save the original owner's redemption costs and time to raise funds.
How much can the efficiency be improved?
Taking Hefei as an example, the staff of the Hefei Real Estate Registration Center said that as long as the bank providing the loan agrees to cooperate, buyers can come to handle the "transfer with mortgage" business of second-hand housing.
"Normally, a new birth certificate will be issued within 3 working days, and the transfer process will be completed."
In addition to speed, safety is also an important part of a home transaction to consider.
Mr. Li recalled that when "crossing the bridge" in the past, for safety reasons, it was often necessary to find an intermediary and a third party to supervise together, holding the owner's house book, bank card, loan contract and even ID card, etc., until the mortgage was successfully released. , during which there are naturally a lot of risks.
However, after the "transfer with mortgage" model, the pressure on "bridge funds" is relieved, and the seamless connection between the original mortgage cancellation registration and the new mortgage registration can be effectively prevented, which can effectively prevent transaction risks.
Many places also mentioned the blessing of third-party notary institutions.
Jinan introduced a notarized "withdrawal account" in the "transfer with mortgage". The buyer can get the house by depositing the house payment into the withdrawal account. If there is a problem with the transfer, the house payment can be returned in the same way; Shenzhen also introduced a notary office, to The capital flow of all parties has a certain protection mechanism, which reduces the risk caused by the default of one party.
Wuxi has created a precedent for government supervision and free travel.
Likewise, the buyer deposits the loan funds in full into the custody account, then handles the transfer of real estate, the change of the seller's original mortgage and the merger of the buyer's new mortgage establishment, and finally the seller's loan is repaid, the seller receives the balance, and the mortgage registration is cancelled.
The latest policy released by Guangzhou also makes it clear that for the “transfer of mortgages” of second-hand houses between banks, there may be risks that the bank’s mortgage rights will fail and the transaction will not be finalized after the transfer of property rights. Prevent and control business risks.
"Relevant departments have been aware of the possible risks associated with such transactions, and have also proposed notarization or guarantee operations for the risks. This has a positive effect on advancing the 'transfer with mortgage' model in a better and steady manner," said Yan Yuejin.
Data map: Many real estate.
Photo by Zhang Yichen
or more cities to follow
"More importantly, this policy can accelerate the rhythm of 'serial single' transactions." Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, said that a second-hand housing transaction may be linked to the transaction of 3-4 suites.
In the past, due to the cumbersome block in the above process, one house could not be traded, which affected the transactions of other houses, resulting in the inability to realize the buying and selling demand.
Li Yujia believes that "transfer with mortgage" has injected a strong credit endorsement, smoothed the transaction process, and promoted the circulation of houses and a virtuous circle.
The links are opened up, which reduces the cost of credit information investigation, shortens the transaction cycle, and is conducive to the circulation of second-hand housing transactions.
"The operation of the 'transfer with mortgage' business itself is not complicated. In the past, banks were reluctant to operate mainly because the loan amount was tight." Zhang Dawei, chief analyst of Centaline Real Estate, pointed out that now, banks have the possibility to operate when the loan amount is sufficient. .
Data released by the Shell Research Institute showed that the housing credit environment was further relaxed in September, and the overall mortgage interest rate hit a new low.
Over 80% of the 103 key cities have mainstream mortgage rates as low as 4.1% for the first set and 4.9% for the second set.
The market generally believes that in the future, more cities are expected to follow up and implement the "transfer with mortgage" policy.
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