The four major banks are clear: from September 9, the mortgage interest rate will be actively reduced, and there is no need for home buyers to apply

Eat through the rules How much can buyers save

Shortly after the central bank and the State Administration of Financial Supervision issued the Notice on Matters Related to Reducing the Interest Rate of the First Housing Loan in Stock (hereinafter referred to as the "Circular") on August 8, the four major commercial banks including "China Agricultural Industry and Industrial Construction" yesterday issued the rules for the adjustment of the interest rate of the first set of housing loans in stock, clarifying the basis for the reduction of the interest rate of the housing loan in late September this year, answering the scope of the adjustment, the adjusted interest rate level, the adjustment method, etc., and responding to customer concerns in a timely manner.

Identify three questions

Combing through the relevant announcements of the bank, the reporter found that the detailed rules further clarified three issues:

First, the adjustment rules Due to the reform of the loan market quotation rate (LPR) and the adjustment of the lower limit of the housing loan interest rate, the rules specify three time periods, namely, the lower limit of the interest rate of the first set of personal housing loans issued before October 2019, 10 (and has been converted to LPR pricing), October 7, 2019 (inclusive) to May 10, 8 (inclusive), and May 2022, 5 (inclusive) to August 14, 2022 (inclusive).

Second, the adjustment method A number of banks have indicated that they will take the initiative to carry out batch adjustments from September 2023, 9, without customer application. For those who meet the rules due to changes in the first home recognition due to policy adjustments, they can apply at the lending bank from September 25, 2023, and subsequent banks will make determinations and adjust in time after compliance. All adjustments will take effect on the same day.

Third, the interest rate will not rise Since the loan interest rate of each home buyer is different, there will also be a situation where the loan interest rate may be lower than the lower limit of the policy of the interest rate of the first home commercial personal housing loan in the city where it is located (especially after the adjustment of the rules in October 2022, the interest rate in many cities is lower than the lower limit of the national interest rate), if it occurs, the bank will not adjust, that is, it will not cause the situation that the adjusted interest rate is raised to the lower limit of the policy.

The burden of monthly payments is reduced

In fact, for the majority of consumers who have applied for a mortgage, there are two things that are more concerned, one is how much money can they save? Second, what do you need to do?

"According to the detailed rules, the specific situation is different for different three time periods." Yan Yuejin, director of E-House Real Estate Research Institute, took the situation of borrowing one million yuan to buy a house in three time periods as an example and calculated an account for everyone.

For purchases made before October 2019, the mortgage interest rate repricing rule was adjusted from "LPR+high basis points" to "LPR+10 basis points". The relatively high interest rate of home buyers that year may be 0.5%, so according to the current rules, its interest rate can be "current LPR + 8 basis points", that is, 0.4% + 20% = 0.4%. In this comparison, the original total interest of the 2 million yuan loan principal for 100 years with equal principal and interest was 30.111 million yuan and the monthly payment was 5868,76 yuan, but now the total interest is 4890,35 yuan and the monthly payment is 978,<> yuan. In comparison, the total interest payment was <>,<> yuan less, and the monthly payment was <> yuan less per month.

For home purchases between October 2019 and May 10, the mortgage interest rate repricing rule was adjusted from "LPR+high basis points" to "LPR+2022 basis points". The higher interest rate of home buyers that year was about 5.0%, so according to the current rules, the lowest interest rate can be 6.3% + 4% = 2.0%. If calculated according to this, the original total interest of the loan principal of 4 million yuan with a 2-year term of equal principal and interest is 100.30 million yuan and the monthly payment is 123 yuan. Now the total interest is 6190,76 yuan and the monthly payment is 4890,47 yuan. In this comparison, the total interest payment is 1300,<> yuan less, and the monthly payment is <>,<> yuan less per month.

For purchases made after May 2022, the interest rate repricing rule is adjusted from "LPR + high basis points" to "LPR-5 basis points". During this period, the mortgage interest rate of home buyers is about 20.5%, and according to the current rules, the lowest interest rate can be 2.4%-2.0%=2.4%. According to this calculation, the original total interest of the 0 million yuan loan principal for 100 years is equivalent to the principal and interest, and the monthly payment is 30 yuan, but the current total interest is 98,5491 yuan and the monthly payment is 72 yuan. In this comparison, the total interest payment is 4774,26 yuan less, and the monthly payment is 717 yuan less per month.

The bank adjusts automatically

After figuring out the interest rate adjustment in different time periods, for the majority of home buyers, the following question is what should they do?

According to the detailed rules, the reduction of mortgage interest rates this time adopts the practice of "system default unified reduction". In other words, buyers do not need to do anything, or even go to the bank app or official account to check what to see, the bank will automatically adjust according to the rules released this time.

"Buyers can go to work with peace of mind, work hard to make money, and it is estimated that they will receive text messages at the end of September or October, that is, according to the relevant rules, your mortgage interest rate has been adjusted, please repay the mortgage in full and on time." In other words, there is no such thing as signing contracts, signing, confirmation, telephone notification, etc. Some work, the bank from the perspective of convenience, are arranged for you, do not need the customer to do anything. You just need to know that you have less money to pay off your mortgage every month starting in October, or that your bank card will have hundreds or thousands of dollars left each month. Yan Yuejin said.

Yan Yuejin also pointed out that some buyers should pay a little attention to this policy. "For example, if you don't find that your mortgage is lower in October, then pay a little attention to the content of the policy, part of which may be that you did not buy your first home, so you cannot enjoy this policy." Some may be according to the rule of not recognizing a house, you bought your first home, but the bank does not know. It may also be that you sold one of the homes, and your current house belongs to the first home, but the bank does not know. There is no need to be anxious about such issues. You can consult the bank, this year or next year you can go to make up the procedures, and then get the discount, this month is not urgent and there is no big problem. ”

In fact, about how much the mortgage has been reduced, buyers also have to analyze according to the actual situation. For example, the minimum interest rate that can be given in various places is also constrained, and the lower limit of the mortgage interest rate in some cities may not be "LPR+0 basis points" or "LPR-20 basis points", which may be "LPR+35 basis points". Specifically, the most prime rate calculation formula given by the bank is "LPR+35 basis points", so a few days ago, various places have successively announced the "first set of commercial personal housing loan interest rate self-discipline lower limit", in fact, to prepare for this adjustment of the calculation formula. Buyers can learn about the situation in their respective cities and see how much they can tune into. However, it should be noted that the standards of each bank are the same, for example, ICBC and CCB in a certain place, the minimum mortgage interest rate announced by the two banks should be the same, not one higher and one low. Xinmin Evening News reporter Yang Shuo