【People's Livelihood Investigation Bureau】

  Editor's note:

  This is the People's Livelihood Investigation Bureau, which investigates changes in people's livelihood by seeing what no one else has seen.

Pay attention to what you want to pay attention to and what you don't pay attention to, investigate what you want to see and what you haven't seen.

  Chinanews.com, February 3rd (Chinanews Finance and Economics reporter Zuo Yukun) People who borrow money are ready to pay back the money, but they still have to wait in line for news. What's going on?

  With the frequent adjustment of first-home loan interest rates in many places, mortgages have entered a low interest rate range, and many home buyers have begun to consider early repayment.

Why can "repaying mortgages in advance" repeatedly climax?

Is it really suitable?

Queuing until April, early repayment of mortgages is hot

  "I made an appointment for early repayment at the end of last year. At that time, I could only choose one month later. Now that the approval has not been passed after one month, I called the bank and said that the application in October last year had not been processed yet. , I estimate it will be scheduled until April."

  "I paid off a mortgage in advance in October 2022. At that time, I had three opportunities to apply for it a year. I just needed to operate it on my mobile phone at the beginning of the month. Now I not only have to leave a message for the bank manager to make an appointment, but also wait until March at least. "

  "I applied for an early loan repayment in March 2022, and the payment was deducted the next day after the application. I feel that it is getting more and more difficult to apply from the second half of the year, and now it is said to wait until April, June or even August , there has been a lot of interest in the past few months."

  Just as the above-mentioned house buyers introduced to the reporter of China New Finance and Economics, recently many house buyers who want to repay their mortgages in advance have fallen into the dead end of "can't make an appointment online, let them wait for news offline", and are anxious.

Data map: Bank cash counters are at work.

Photo by Ai Qinglong

  In fact, this wave of "early loan repayment" in early 2023 is not new, and the popularity has gradually increased since 2022.

  "Before 2022, there have not been so many people repaying their loans in advance, and the bank's loan quota in the second half of 2021 is not even enough." A person from the loan department of a commercial bank told reporters that the attribute of "housing and not speculation" in the past two years It is becoming more and more obvious that the appreciation of the house is slow and less, and repaying the loan in advance has become a financial management method to reduce interest.

  According to him, especially those who applied for housing loans during the period of high interest rates before 2022, and are not in a tight spot now, and customers who do not have large capital needs in the short term or in the visible medium and long term, are basically repaying their loans in advance.

  The recent adjustment of mortgage interest rates is also an important trigger.

Since the establishment of the dynamic adjustment mechanism for the first-home loan interest rate at the beginning of the year, as of January 31, among the 103 cities monitored by the Shell Research Institute, a total of 30 cities had the first-home loan interest rate lower than 4.1%, and the home loan interest rate in some cities has entered "3". era".

  "On the one hand, due to the high interest rate of previous loans, home buyers hope to reduce costs by repaying the loan in advance; Some home buyers have a desire to repay their loans in advance." Yan Yuejin, research director of Shanghai E-House Real Estate Research Institute, believes.

What are the advantages and disadvantages of repaying the loan in advance?

  The enthusiasm for repaying loans in advance has not diminished, but whether this behavior is cost-effective has been controversial.

  Xiaoxia, a post-95 girl, bought her own house with a loan at the end of 2021.

"I chose a high down payment, so I only borrowed more than 400,000 yuan. However, when it was still difficult to lend money, the bank quickly applied for it. The interest rate was increased by 80 basis points to reach 5.45%, which was relatively high."

  It is precisely because of the relatively high down payment that Xiaoxia currently has no extra funds in hand to repay the loan in advance.

"Recently, it has been said that repaying the loan in advance is very affordable. My parents want to save money and borrow some money to repay the mortgage in advance. But I don't like the feeling of having no money and no ability to resist risks, so there is no such thing as yet. Decide."

  Although it can be said that "loaning without a loan" is the ultimate dream of most house buyers, but just as Xiao Xia worried, industry insiders also reminded that in the face of the upsurge of repaying loans in advance, you still have to choose according to your own situation.

  "For individuals, the most direct way to judge whether they need to repay a personal loan in advance is to see whether the investment income can cover the loan interest. If the investment return rate is higher than the loan interest rate, then consider investing more funds; otherwise, you can Consider repaying the loan in part or in full. Of course, you also need to reserve enough funds for daily expenses, future pensions, and medical care.” said Dong Ximiao, chief researcher of China Merchants Union Finance.

  Centaline Real Estate also pointed out that

situations that are not suitable for early repayment include low mortgage interest rates, equal principal and interest repayment has reached the middle of repayment, and equal principal repayment period has passed 1/3


Data map: Homebuyers are checking and understanding real estate.

Photo by China News Agency reporter Liu Zhongjun

  But for banks, a large number of early repayments will cause a lot of business pressure.

  Wang Pengbo, a senior financial industry analyst at Broadcom Analysis, said: Personal mortgage loans are the core high-quality assets of banks, and a large number of early repayment of mortgage loans will directly affect the bank's revenue and profits, so many banks choose to increase the repayment threshold.

  "But banks should also understand the financial needs of customers and take the initiative to improve services instead of setting obstacles to early repayment. After all, compared with short-term profits, long-term credit is more valuable.

If home buyers repay loans in advance, there will be violations and malicious obstacles.

Consumers can appeal to the China Banking and Insurance Regulatory Commission to protect their legitimate rights and interests

," Wang Pengbo said.

How to resolve the conflict?

  However, compared to the "entanglements" between house buyers and banks, many analysts pointed out that the ultimate contradiction of the "early repayment wave" is still the repayment pressure of stock mortgage customers.

  "As long as the mortgage interest rate is higher than the wealth management interest rate, and residents expect housing prices to fall, the motivation to repay the loan in advance will always exist." Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, believes that the current pressure on existing mortgages is still relatively high. Hope It can reduce the interest rate of stock mortgages, which can not only reduce the monthly payment pressure, but also release domestic demand and consumption.

  Dong Ximiao also pointed out that attention should be paid to the excessive interest rate difference between some existing mortgages and new mortgages.

It is recommended that relevant departments accelerate the introduction of relevant measures to guide banks to moderately reduce the interest rate of stock mortgages, further reduce the burden on housing consumers, and effectively solve the problems of residents getting together to repay early and illegal "on-lending".

  "Considering the stabilization and recovery of the macro economy and the recovery of the real estate market in 2023, the boom in prepayment of loans may be flattened in the next stage. Of course, there are more important and far-reaching meanings to stabilize residents' confidence and expectations and slow down prepayment of loans." Dong Ximiao It is believed that the decline of LPR (quoted loan market interest rate) with a period of more than 5 years can be accelerated, and the interest rate of new and stock housing loans can continue to be reduced.