Beijing, March 3 (Zhongxin.com) -- In order to optimize the business environment, simplify the transaction process and reduce the financial pressure of home buyers, the Beijing Banking Regulatory Bureau, the Central Bank Management Department, the Beijing Municipal Planning Commission and the Beijing Municipal Commission of Housing and Construction jointly issued the Notice on Promoting the Work Related to the "Transfer with Charge" in Individual Stock Housing Transactions (hereinafter referred to as the "Notice").
From now on, in the transaction of personal second-hand housing in Beijing, buyers and sellers can voluntarily choose to use the "transfer with mortgage" service, with the consent of the original lending bank, there is no need to settle the previous loan first, through the "transfer with charge" mode, the house transfer and mortgage registration can be handled, and the new lending bank will pay the funds directly to the seller and the original lending bank.
Meet four types of conditions to apply for "transfer with escort"
Previously, for housing transactions with loan collateral, the seller was first required to borrow money or the buyer advance capital, pay off the bank loan, and release the mortgage before the transaction could be transferred. Then the buyer will reapply for the loan and go through the process of setting up a mortgage, approving a loan, and lending money. This makes the second-hand housing transaction cycle longer, and also brings a lot of financial pressure to buyers and sellers.
In the "transfer with mortgage" business, if the property with mortgage needs to be traded, the seller can complete the transfer registration without first returning the original mortgage, and the loan applied by the buyer with mortgage is given priority to repay the seller's remaining mortgage. This simplifies the transaction process for second-hand homes and reduces the pressure on buyers and sellers to raise funds.
According to the Circular, the use of the second-hand housing transaction "transfer with charge" business implemented by Beijing in the city needs to meet four conditions at the same time: first, the city's personal second-hand housing transaction; Second, the buyer must be in full or handle a personal housing loan to purchase a house; Third, the seller's outstanding loan must be a commercial loan, or a combination loan that has paid off part of the provident fund loan; Fourth, the housing traded has only one valid mortgage in the commercial bank within the jurisdiction.
Innovative models reduce transaction costs
In terms of specific handling procedures, unlike some other cities such as unlocking mortgages after notarization and setting up special low-interest "bridge loan" institutions, in order to fundamentally reduce the transaction costs of buyers and sellers, Beijing has innovatively adopted a new model of direct payment of funds by the new lending bank to the seller and the original lending bank.
First of all, the buyer and seller reach the intention to buy and sell the house by themselves or under the intermediary service of the intermediary agency, sign the house transfer contract, and agree to "transfer with mortgage"; The second step is for buyers and sellers to sign online housing on the Beijing Stock Housing Transaction Service Platform; The third step is to apply to the bank for "transfer with charge"; The fourth step is for the buyer and seller and related parties to go through the registration procedures of "transfer with charge" at the real estate registration center; Finally, the buyer's mortgage is issued, and the seller's original loan and the seller's actual payment are settled respectively.
According to the Circular, when applying for "transfer with charge", the loan of the buyer and seller can be the same bank or different banks, or the buyer can also use the "transfer with charge" business when buying a house in full.
If both the buyer and the seller are loaned, if the sum of the buyer's down payment and the loan amount is insufficient to settle the seller's loan, the seller needs to make up the difference to the lending bank. The down payment will be credited to the escrow account, and after confirming the "transfer with charge", the bank will transfer the down payment and loan to the loan bank account where the house was purchased, release the mortgage of the original seller's loan, and transfer the remaining funds to the seller's own collection account. If the buyer buys the house in full, the seller's lending bank will use the purchase money to settle the loan, release the mortgage, and transfer the remaining funds to the seller's own collection account.
Intermediaries must not force the use of "bridge loans"
The four departments require that when providing brokerage services, real estate intermediaries should take the initiative to introduce the "transfer with charge" transaction model to buyers and sellers, and must not force the use of "bridge loans" to increase customer transaction costs.
At the same time, all commercial banks should actively respond to the needs of eligible customers for "transfer with charge", and must not charge customers additional guarantee fees or service fees for handling "transfer with charge".
When handling registration services such as real estate transfer registration, mortgage change registration and mortgage establishment, the real estate registration hall in each district should ensure that common materials are not submitted repeatedly, so as to realize one-stop handling of "transfer with mortgage".
When providing second-hand housing online signing services, housing transaction windows and real estate brokerage institutions in each district can continue to handle online signing business if they have set mortgage rights for the traded houses and the buyer knows about it.
Many homebuyers will benefit
Zhao Xiuchi, professor of Capital University of Economics and Business, vice president and secretary general of Beijing Real Estate Law Society, believes that from the implementation of the "serial order" of second-hand housing transactions in September last year to the launch of the "transfer with charge" business, it can be seen that Beijing focuses on process optimization and reengineering of the blocking points and pain points of second-hand housing transactions under the premise of maintaining the stability of real estate regulation and control policies. Optimize the business environment, simplify the transaction process, and facilitate housing transactions for the masses. This is the level of support for just-needed and improved housing needs.
Experts said that at present, more than seventy percent of the house-buying families in Beijing buy houses through loans, and many house-buying families will benefit from the "mortgage transfer" business launched this time:
First, the new measures can reduce financial pressure on buyers and sellers. In the past, in order to repay the loan, the seller had to borrow money or advance the seller to pay the down payment in order to pay off the loan, and even some families even handled short-term loans with higher interest rates through "bridge loans". After the implementation of the new measures, the seller does not need to pay off the loan first, and the buyer's down payment and loan will be transferred directly from the bank to repay the seller's loan. Buyers and sellers no longer have to bear the financial pressure to pay off the previous loan, reducing the transaction cost of buying and selling a home.
Second, the new measures can also reduce the financial risk of housing transactions. In the past, in order to pay off the loan in advance, the buyer in the second-hand housing transaction often paid the down payment first, and some even advanced funds to settle the seller's mortgage, but at this time the housing transaction has not yet been completed, which brings a certain financial risk, and the buyer will also worry about the problem of not being able to recover the funds if there is a dispute. After the implementation of the new measures, such risks can be greatly reduced and the safety of trading funds can be protected.
Finally, the new initiative will also shorten the housing transaction cycle. In the past, the seller's financing to pay off the loan and the negotiation between the two parties were no longer needed, which will reduce the time for housing transactions and make housing transactions more convenient for people. (End)