China News Network, September 9 (Zhongxin Financial Reporter Zuo Yukun) "First thing I get up in the morning, open the APP of my mortgage bank. "For many buyers, it is a very important thing to check whether the interest rate of their existing mortgage has been lowered on the 26th.
From September 9, banks began to reduce the interest rate of commercial personal housing loans for the first home in stock. According to the previous warm-up announcements of major banks, for the floating rate first home loan that implements LPR pricing, there is no need to actively apply, and the bank will uniformly adjust the interest rate in batches for loans that meet the conditions.
Infographic: Bank tellers at work. Photo by Ai Qinglong
The interest rate for the first home loan is automatically reduced
Before the 25th, many local first-home loan customers have received information about bank interest rate adjustments in recent days.
Miss Qin, who is in Suzhou, Jiangsu Province, is one of them. She borrowed more than 2021 million yuan to buy her first home at the end of 200, when the mortgage policy was tightened, and Miss Qin's mortgage interest rate reached 6.4%, which belongs to the standard "high-standing guard" group. Opening the bank APP early on the morning of the 25th, she saw that her monthly repayment amount dropped from more than 12600,10300 yuan to more than 2000,<> yuan, and her monthly repayment amount decreased by more than <>,<> yuan.
"I started with 6.4 percent, went through a series of LPR adjustments to 6.05 percent, and now it's straight down to 4.3 percent. There was no specific calculation before, and I thought it would be good to save five or six hundred yuan per month. Unexpectedly, not only did it drop so much, but it was indeed a surprise to repay the loan according to the new interest rate from October 10. Miss Qin said.
According to Miss Qin, there are many friends who buy houses in larger cities like themselves, and the interest rate is particularly high when buying a house, and the total amount of mortgage is more than 200 million yuan, and after the interest rate is reduced, the monthly payment saved can reach more than 2000,<> yuan or more.
"From the interest rate of 5.88% at the beginning, to 5.28% to 4.2% today, compared with the beginning, it is less than 500 yuan a month, I am really happy!" On social platforms, many people are sharing their joy at the reduction of mortgage interest rates, "eat well tonight" and "must spend a wave during the National Day holiday" are many of them to express their happiness.
According to CCTV Financial reports, it is estimated that the average adjustment of the interest rate of the existing housing loan is about 80 basis points, that is, <>/<>. However, due to reasons such as urban policies, the adjusted interest rate level of different cities is also different. Specifically, the adjustment of the interest rate of the bank's existing first home loan is also divided into several different situations.
The report released by the E-House Research Institute shows that there are three different monthly interest rates in the market: the first is lower than 4.3%, which is generally discounted when lending in the past, so this time the interest rate is lower than 4.3%, and does not participate in the adjustment; The interest rate equal to 4.3% is the most common, and banks everywhere have basically achieved an interest rate of 4.3% for the sake of convenience and unified operation; Interest rates above 4.3% are mainly for buyers in Beijing and Shanghai after 2020, and this time they can also be lowered, but the bottom line is LPR+55 basis points, or 4.85%.
In addition, taking Beijing as an example, for the first home loan issued before October 2019, 10, the adjusted interest rate is the LPR of the corresponding maturity without a point, that is, 8.4% or 2.4%. Many buyers wonder about the difference between these two figures, which is actually due to the different loan interest rate repricing dates.
"4.2% are banks that have implemented directly with the latest LPR standards, most of which are after the loan repricing date on June 6; 20.4% is in accordance with the LPR standard at the beginning of the year, and the repricing date of their loans is mostly before June 3 (inclusive). Of course, the rules vary from bank to bank. A state-owned bank employee told reporters.
In general, the adjustment range of the mortgage interest rate is mainly determined according to the time of loan issuance, the lower limit of the first home loan interest rate policy in the city where it is issued, and the lower limit of the national first home loan interest rate policy at the time of issuance. On September 9, Zou Lan, director of the Department of Monetary Policy of People's Bank of China, said at a press conference that it is expected that more than ninety percent of eligible borrowers can fully enjoy the policy dividend in the first time, and the interest rates of other borrowers' existing housing loans will also be adjusted by the end of October.
Infographic: Buyers are looking at the property. Photo by China News Agency reporter Liu Zhongjun
Customers with special circumstances need to apply
According to the notice of the People's Bank of China and the State Financial Regulatory Administration, the interest rate adjustment of existing housing loans involves commercial housing loans for the first home, commercial housing loans issued according to the second home loan but now meet the conditions of the first home, and the commercial housing loan part of the portfolio loan.
At present, the interest rate of the existing first home loan is basically adjusted by the bank in batches, and there is no need for customers to do any operation. However, there are also some special circumstances, and buyers who want to enjoy the new policy preferential treatment need to have an additional procedure.
- The second suite turned into the first suite
Recently, many cities such as Beijing, Shanghai, Guangzhou and Shenzhen have successively implemented the policy of "recognizing houses but not recognizing loans", which has produced many buyers who are not the first home at the time of the loan, but now meet the first set of policies in their cities; In addition, there are buyers who sell other properties in their name, leaving one house as the family's sole home. For this group of people, major banks generally say that buyers need to submit their own mortgage interest rate applications for "two sets to the first set".
"I am a housing loan from the Bank of China, and I made an appointment with the bank on September 9, brought my ID card, household registration book, marriage certificate and other documents with my husband, went to the bank to fill in the information application, and did not check the credit and so on, and it was done in ten minutes, and it was good to wait for the follow-up notice." Ms. Yue, a home buyer, said.
"I am a mortgage from the Bank of Communications, I first submitted an appointment application through the entrance on the APP, and I have not yet submitted specific documents, saying that I will be contacted later." Mr. Qu, a home buyer, said.
However, it is worth noting that a number of banks have made it clear that after this additional application step, the new interest rate will be officially implemented a month later. Taking ICBC as an example, it said that for the interest rate adjustment of the "second set to the first set" mortgage, the borrower needs to take the initiative to initiate an application to the bank, of which the interest rate adjustment application completed before October 10 will be adjusted by the bank in batches on October 22 for the approved business.
Successful notification of fixed rate to variable rate application. Photo courtesy of interviewee
- Fixed interest rate to floating interest rate
At the same time, for customers who meet the conditions for the adjustment of the interest rate of the first home loan, but the pricing method is fixed interest rate or the benchmark interest rate of the People's Bank of China, the customer also needs to actively apply to the bank for interest rate adjustment, first convert to a floating rate loan priced by LPR in accordance with the relevant requirements of the central bank, and then adjust the loan interest rate according to the rules.
Mr. Meng, who was in the construction bank, originally planned to go to the bank to apply, but when he boarded the APP early on the morning of the 25th, he saw the one-click operation window of "fixed to floating". Just confirm your loan information, click "Apply to Variable Rate", and you will see the prompt page for successful application.
CCB said that borrowers who implement fixed or benchmark interest rates can complete the floating interest rate conversion with one click through the "existing housing loan interest rate adjustment" function through the mobile banking app, the "CCB Smart Personal Loan" mini program and other channels. In addition to online channels, borrowers can also bring their identity documents and proof of their first home loan to bank branches.
However, some netizens reported that their loan bank requires that they must go to offline outlets to handle it, but they do not necessarily go to the bank that originally handled the loan, and they can handle it in any branch in the province where the house is located, and it is recommended to consult with their own loan bank. In addition, many banks have reminded that customers who have multiple months of arrears in their monthly mortgage payments need to pay off their arrears before applying for a reduction in the interest rate of their first home loan.
Has your mortgage interest rate come down? (End)