China News Service, October 1st (Zuo Yukun, China-Singapore Finance and Economics reporter) September is coming to an end, and there are constant news of the property market.

　　On the 29th and 30th, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the Ministry of Finance, and the State Administration of Taxation successively shot, releasing major benefits for the property market.

Data map: There are many high-rise buildings in the city.

Photo by China News Agency reporter Wang Dongming

The first personal housing provident fund loan interest rate cut

　　On the evening of the 30th, the People's Bank of China decided to reduce the loan interest rate of the first personal housing provident fund by 0.15 percentage points from October 1, 2022, and the interest rates for less than 5 years (including 5 years) and more than 5 years were adjusted to 2.6% and 3.1% respectively. %.

The interest rate policy of the second set of personal housing provident fund loans remains unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years are not lower than 3.025% and 3.575% respectively.

　　This is another important financial policy after the central bank and the China Banking and Insurance Regulatory Commission announced on the evening of the 29th that they will gradually relax the lower limit of the interest rate for commercial personal housing loans for the first home by the end of 2022.

　　Chen Wenjing, market research director of the Index Division of the China Index Research Institute, pointed out that this is the first time in seven years that the central bank has lowered the provident fund loan interest rate.

　　Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, said that since the beginning of this year, with the decline of commercial housing sales, the water level of provident fund pools in many places has risen, because more people have deposited provident funds, but fewer people have bought houses, supporting rigid needs. The demand for changing houses urgently requires interest rates to come down.

　　"Commercial bank loans continue to cut interest rates, and objectively, the interest rate of provident fund loans needs to be further reduced. Otherwise, the interest rate difference between provident fund loans and commercial loans will be relatively small, which will make provident fund loans less attractive." Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, believes that , the interest rate of provident fund loans is further lowered, which makes the advantages of follow-up provident fund loans more obvious, and has a positive effect on further reducing loan interest rates for buyers who just need houses.

Data map: Many real estate.

Photo by Zhang Yichen

Residents who buy houses before the end of next year can enjoy tax rebates

　　Also on the 30th, the Ministry of Finance and the State Administration of Taxation issued the "Announcement on Individual Income Tax Policies Supporting Residents to Buy Houses". Taxpayers who repurchase houses in the market within the next 1 year will receive tax refunds for the personal income tax they have paid for selling their existing houses.

　　Among them, if the amount of the newly purchased house is greater than or equal to the transfer amount of the existing house, all the paid individual income tax will be refunded; if the amount of the newly purchased house is less than the transfer amount of the current house, the amount of the newly purchased house will be refunded according to the ratio of the amount of the newly purchased house to the transfer amount of the current house. Personal income tax paid.

　　Yan Yuejin pointed out that this is also the first "financial and taxation big move" of the Ministry of Finance in the current round of real estate cooling cycle, under the background that the adjustment method is mainly financial policy.

　　Li Yujia believes that in the current housing demand, the demand for house replacement is a very important part.

The transaction cost of existing houses is high and there are many links in the chain. The lengthy situation must be changed, especially when the outlook for housing prices is not expected to be good.

　　"The tax rebate policy will reduce the tax burden of the house-changing group. At the same time, the tax rebate has limited conditions. It needs to meet the need to repurchase the house within 1 year after the sale of the house during the period from October 1, 2022 to December 31, 2023, which will promote the improvement of The demand to speed up the process of changing houses has a positive effect on promoting market transactions." Xu Xiaole, chief market analyst of Shell Research Institute, explained.

　　How much can you save?

According to Wang Xiaoqiang, chief analyst of Zhuge Housing Data Research Center, according to Beijing’s regulations, the personal income tax amount to be paid for selling a house that is not “full five and only” is equal to 20% of the difference between the online signature value and the original value.

　　If the online signature is worth 2 million yuan at the time of sale, and the original value is 1 million yuan at the time of purchase, the personal income tax that needs to be paid is 200,000 yuan.

According to the new policy, if the seller buys a new house one year after the sale, and the amount of the newly purchased house is greater than or equal to 2 million yuan, the personal income tax of 200,000 yuan will be fully refunded.

　　At present, the implementation of personal income tax on housing in most first- and second-tier key cities is "the only exemption after five years", and in other cases, it is levied at 20% of the housing difference or 1% of the full amount. Or change rooms for families with multiple dwellings.

Data map: A view of the city.

Photo by Wang Xiaobin

The first home loan interest rate in over 20 cities may fall below 4.1%

　　On the evening of the 29th, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice to decide to adjust the differentiated housing credit policy in stages: for cities where the sales prices of newly built commercial residential buildings from June to August 2022 have continuously decreased month-on-month and year-on-year, before the end of 2022, the The lower limit of the interest rate for commercial personal housing loans for the first set of housing will be relaxed in stages.

　　Following the three reductions in the LPR with a maturity of more than 5 years, the new policy will make the real interest rate of the first home in more than 20 eligible cities fall below 4.1%.

Xu Xiaole predicts that eligible cities will be in place in one step, reducing mortgage interest rates to the lowest level.

Only a one-step, rather than a "toothpaste-squeeze" decline will have the greatest impact on the market.

　　"According to the survey, the current eligible cities basically implement the lower limit of 4.1% (LPR-20 basis points), and it will be lowered before the end of the year. It is conservatively estimated that it will drop to a level of about 3.6%-3.7, which is similar to operating loans. To a level similar to that of business loans, it will help reduce the cost of home buyers and help prevent policy arbitrage." Xu Xiaole said.

　　Combined with the "three major moves in two days", the industry generally believes that the decline in commercial loan and provident fund loan interest rates, combined with the all-round promotion of the latest tax reduction policy, will significantly boost the real estate market in the fourth quarter, and it is expected to effectively drive Rigid housing demand is released.

　　"A substantial cost reduction is a major trend. Only in this way can the willingness to buy a house be improved." Li Yujia believes that a single policy may not have much effect, but the effect of the superposition of multiple policies will be very large.

(Finish)