Data map: There are many buildings in the urban area.

Photo by China News Agency reporter Wang Dongming

  China News Service, September 30 (Zhongxin Finance reporter Zuo Yukun) Big news in the real estate market!

  On the evening of September 29, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice deciding to adjust the differentiated housing credit policy in stages.

Eligible city governments can decide on their own to maintain, lower or cancel the lower limit of the local new first-home loan interest rate by the end of 2022.

Which cities can relax


  According to the notice, for

cities where the sales prices of newly built commercial residential buildings from June to August 2022 have continuously dropped month-on-month and year-on-year

, before the end of 2022, the lower limit of the interest rate for commercial personal housing loans for the first set of housing will be relaxed in stages.

The lower limit of the interest rate policy for commercial personal housing loans for two sets of housing shall be implemented in accordance with the current regulations.

  The notice shows that in accordance with the principle of "policy based on the city", the city government that meets the above conditions can independently decide to maintain, reduce or cancel the lower limit of the local first-home commercial personal housing loan interest rate in stages according to changes in the local real estate market situation and regulatory requirements. Banks and agencies dispatched by the China Banking and Insurance Regulatory Commission shall guide the implementation of the provincial-level market interest rate pricing self-discipline mechanism.

  According to the data provided by the Think Tank Center of the E-House Research Institute, according to the housing price index data of 70 large and medium-sized cities published by the National Bureau of Statistics, at least 23 cities are eligible, which generally belong to the current weak real estate transactions, excessive decline in housing prices or long duration. city ​​of.

  Among them, there are 8 second-tier cities, namely Harbin, Lanzhou, Wuhan, Dalian, Tianjin, Shijiazhuang, Kunming and Guiyang.

There are 15 third-tier cities, namely Quanzhou, Wenzhou, Luzhou, Yueyang, Yichang, Beihai, Dali, Qinhuangdao, Zhanjiang, Baotou, Anqing, Jining, Changde, Xiangyang and Guilin.

Data map: Many real estate.

Photo by Zhang Yichen

Why relax?

  The People's Bank of China and the China Banking and Insurance Regulatory Commission stated that the introduction of this policy measure is conducive to supporting the city government's "city-specific policies" to make full use of the policy toolbox and promote the stable and healthy development of the real estate market.

Within the scope of local policies,

banks and customers can negotiate and determine the specific interest rate level for newly issued housing loans for the first time

, which will help reduce residents' interest expenses and better support rigid housing demand.

  After the LPR with a term of more than 5 years was cut three times during the year, why is this favorable policy still aimed at the mortgage interest rate?

Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, believes that this shows that the mortgage interest rate is still an important tool to boost the property market.

  Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, said that from the perspective of recent hot cities' "one city, one policy" credit and purchase restrictions and other policies, the relief efforts are not small, but the market expectations on the demand side have not been significantly eased.

Therefore, stronger policies are needed.

By further reducing mortgage interest rates and lowering the cost of purchasing a house, especially the first home, to reverse market expectations and increase the rigid demand for entering the market.

How will it affect the property market?

  "The real estate market in some cities has been in a stage of deep adjustment since June this year, and the price of new houses has fluctuated and declined. For cities under pressure, there may be some room for the implementation of policies. It is expected that more cities may adjust according to their actual conditions. The lower limit of the first home loan interest rate." said Chen Wenjing, director of market research at the Index Division of the China Index Research Institute.

  According to data from the Shell Research Institute, in September, over 80% of the 103 key cities in the mainstream urban housing loan interest rates were as low as 4.1% for the first set and 4.9% for the second set.

Among them, the first home loan interest rate in Xiamen was cut the most by 45 basis points; the first home loan interest rates in Dongguan and Changsha were both cut by 35 basis points.

  Yan Yuejin pointed out that the introduction of the policy will inevitably increase the autonomy of banks, and it is expected that a new round of mortgage interest rate cuts will usher in the fourth quarter, which will help reduce the cost of mortgages and boost market transactions.

  "The policy time limit is before the end of 2022, which is conducive to promoting wait-and-see demand to enter the market in a timely manner and promoting the increase in market activity in the fourth quarter." Chen Wenjing also believes that in the fourth quarter, more efforts, a wider scope, and a faster pace are still needed to optimize policies. Especially for core second-tier cities, moderately allow cities with better fundamentals to pick up the market heat, which will produce a demonstration effect and help drive the recovery of overall market expectations.

  Chen Wenjing also mentioned that this policy is aimed at the first home loan interest rate, and the lower limit of the second home loan interest rate remains unchanged.

However, considering that most cities have recently adjusted the standards for the identification of second homes, whether you can enjoy the preferential interest rate after paying off the first home, you need to pay attention to the implementation rules of the following localities.