Many places have launched the policy of "transferring with mortgage" for second-hand houses
Author: Wang Xiaoxia
Published in the 1062nd issue of "China News Weekly" magazine on September 26, 2022
In order to promote the recovery of the real estate market and activate the transaction of second-hand houses, many places have recently launched the policy of "transferring with mortgage" for second-hand houses.
On September 17, the official website of the Hainan Provincial Government released the "Hainan Province Coordinated Epidemic Prevention and Control and Economic Recovery and Boosting Action Plan", which mentioned "exploring the pilot project of 'transferring with mortgage' registration for second-hand houses that have not been mortgaged by housing provident fund loans" .
Previously, Jinan, Nanjing, Suzhou, Shenzhen, Zhuhai, Fuzhou, Kunming, Xi'an, Jinhua and other places have also launched second-hand housing "transfer with mortgage".
According to media reports, Wuxi also joined the ranks on the 19th.
Since the beginning of this year, the real estate market has been sluggish, which has brought tremendous pressure to the steady growth of China's economy. Consumers' willingness to buy houses and market expectations for real estate are both weak.
According to data recently released by the National Bureau of Statistics, in August, among the 70 large and medium-sized cities, 56 cities saw a month-on-month decrease in the sales price of second-hand housing, an increase of 5 from the previous month.
According to the data released by the Shell Research Institute on September 6, the second-hand housing transaction volume index of Shell 50 cities in August dropped from the previous month, and the second-hand housing transaction volume of 70% of the 50 cities dropped month-on-month. Hangzhou, Nanjing, Ningbo, Wuhu In cities such as the Yangtze River Delta, Chengdu, Chongqing, Xi'an and other key cities in the central and western regions have declined in transaction volume indices.
It is foreseeable that in the future, more cities may implement the policy of "transferring with mortgage" for second-hand housing.
The so-called "transfer with mortgage" refers to the process of transferring, mortgaging, issuing new loans and other procedures without first repaying the original mortgage for the mortgaged real estate to be listed for trading.
This saves the second-hand house seller's redemption costs and the time cost of raising loan repayment funds, which greatly saves the transaction time of both parties and reduces the difficulty of the transaction.
Zou Linhua, head of the housing big data project team of the Institute of Financial and Economic Strategy of the Chinese Academy of Social Sciences, told China News Weekly that "transferring with mortgage" can save transaction costs and reduce transaction risks.
Previously, in the second-hand housing transaction, the seller may need bridge funds in order to release the mortgage, and the cost is very high; or the seller asks the buyer to pay part of the house price to release the mortgage first, and the buyer is at risk of being deceived and the money and the house are empty; in addition, It is also common for the seller to transfer the account before receiving the payment, which also poses a greater risk to the seller.
In a word, the “transfer with mortgage” of second-hand houses makes the buyer not need to bear the risk of advance capital advance, and the seller does not need to bear the risk of overdue bridge tolls. For banks, as the transaction volume of second-hand houses increases, their loan volume will also increase. winning reform policy.
At present, the specific practice of "transferring with mortgage" varies from place to place.
After nearly half a year of exploration, Jinan innovatively launched a new registration model of "transfer with mortgage" for second-hand housing for the first time in mid-August - real estate transfer and mortgage "double notice registration".
The specific method is that, in the process of the stock house transaction, if the buyer needs to use the provident fund loan (including provident fund and commercial portfolio loan) to buy a house, the buyer's loan bank may jointly apply for the registration of real estate transfer advance notice and mortgage advance notice, "double advance notice registration" "After the processing is completed, the bank can issue loans according to the results of the mortgage advance registration, and realize the simultaneous processing of the arrival of the loan funds and the transfer registration procedures.
The main process of Wuxi's "transfer with mortgage" business is divided into four steps: First, the buyer, the seller and the bank sign the "Funds Supervision Agreement" and "Funds Entrusted Transfer Agreement" to ensure that the amount of supervision can cover the principal and interest of the seller's loan; second, The down payment and the mortgage loan of the buyer's bank are fully deposited into the special account for capital supervision; thirdly, after the bank issues the Mortgage Change Agreement, the buyer and the seller go to the real estate registration department to go through the transfer and mortgage procedures; fourthly, the bank first uses the supervision funds to settle the settlement The seller borrows the principal and interest, and then transfers the remaining funds to the seller's account.
At present, cities that have introduced "transfer with mortgage" generally support the supervision requirements of capital accounts.
In the new process of "transfer with deposit" launched by Jinan City, the introduction of notarized "withdrawal account" is an important part.
Before the transaction is completed, all funds are supervised by this account to ensure the safety of funds. Once the transaction is risky or there is an unexpected situation between the two parties, the transaction will fail, and the funds will be returned in the same way to avoid financial disputes.
The process of "transfer with mortgage" in Shenzhen is also based on "notarized withdrawal".
However, judging from the information released by various parties, "transferring with mortgage" has not yet been fully implemented in these cities where the policy was introduced.
For example, in the specific implementation, most "transfer with mortgage" needs to be operated in the same banking system, that is, the buyer of the second-hand house needs to apply for a loan at the mortgage loan bank of the previous seller of the house, which may lead to the buyer choosing a lower loan interest rate The bank's rights are lost, and the previously saved transaction costs such as bridge tolls, bridge toll interest and guarantee fees are filled.
Another example is that in some places, only large banks can handle second-hand housing "transfer with mortgage", and small banks have not yet launched this business.
However, there are also local governments that are breaking down various barriers and comprehensively promoting the "transfer with mortgage" of second-hand housing.
Jinan City's "transfer with mortgage" involves various types of provident fund loans, inter-bank loans, peer loans, etc., and it is in the forefront of the country.
"China News Weekly" 2022 Issue 36
Statement: The publication of "China News Weekly" manuscripts is authorized in writing