Starting today (September 9), banks will start to cut the interest rate of commercial personal housing loans for the first home in stock.
According to previous announcements by major banks, there is no need to actively apply for floating rate first home loans that implement LPR pricing, and banks will uniformly adjust interest rates for loans that meet the conditions on September 2023, 9.
Taking Jianbao as an example, on September 2023, 9, the bank will make unified batch adjustments to existing housing loans that meet the adjustment conditions in accordance with the rules announced in the previous period, and the adjusted interest rate will take effect immediately on the same day, and will be notified by SMS after the adjustment is successful. The conditions for unified batch adjustment are: (25) The loan is the first housing loan when it is issued. (1) Variable rate loans based on LPR. (2) The current number of consecutive days in arrears is less than or equal to 3 days. (90) The current loan execution LPR plus and minus point level meets the adjustment requirements announced by the bank. From 4:9 on September 25, lenders can check the interest rate adjustment results through the "existing housing loan interest rate adjustment" function through the mobile banking APP, "CCB Smart Personal Loan" mini program and other channels.
BOC said that if the loan is the first home loan, it can log on to mobile banking to check the interest rate adjustment results from September 2023, 9.
As of the end of June, the balance of personal housing loans in China was 6.38 trillion yuan. Some industry insiders estimate that there are nearly 6 million first-home existing loan contracts in the country, of which about 1 million borrowers face negotiated adjustments due to high interest rates. After the interest rate adjustment, the financial burden of these borrowers will be significantly reduced, with an average reduction of about 4000.0 percentage points.
It is estimated that taking a stock mortgage of 100 million yuan, 25 years and an original interest rate of 5.1% as an example, assuming that the borrower and the bank negotiate to reduce the mortgage interest rate to 4.3%, the borrower's interest expense can be saved by more than 5000,<> yuan per year.
How does the "second set turn to the first set" operate
For the "second set to the first set", the process is slightly different from bank to bank.
ICBC gives the strategy, lenders log in to mobile banking to enter the interest rate adjustment application page, select the mortgage contract that needs to be adjusted, click "+" to upload the "first set of housing loan certification materials" image, lenders can click "View Guidelines" to check the specific content and provision methods of the local "first set of housing loan certification materials", read and agree to the "ICBC Personal Housing Loan Interest Rate Adjustment Confirmation Letter", and submit the application after verifying the mobile phone number, mobile banking will display the "Submission Successful" page. After the application is successful, the interest rate adjustment application is in the "pending" status, and after the existing mortgage interest rate is adjusted, ICBC will notify you by SMS, and you can also check the progress and results of the interest rate adjustment in the "Stock Mortgage Interest Rate Adjustment" section of Mobile Banking.
From September 9, CCB will launch the "second set of application review function" on the mobile banking APP, "CCB Smart Personal Loan" mini program and other channels, lenders can click "Existing Housing Loan Interest Rate Adjustment" - "Application for Review", select the review type "First Set and Non-First Set Recognition Results", upload the proof materials for the application for recognition as the first home loan, fill in the contact information and other information. Lenders can also bring their identity documents and proof of the first home loan to the business outlet. The first home loan certification materials are generally the results of the inquiry or identification certificate of the number of housing units provided by the relevant departments, and the specific materials required by the loan handling institution shall prevail.
In terms of BOC, if the loan is a second set of housing loans, relevant prompts will appear, follow the steps in turn, check the "existing housing loan interest rate adjustment range", and copy and paste the relevant statement, enter the next step of the material upload page, click "Add Picture", upload your own certification materials image one by one, click Submit, after uploading all the supporting materials, submit the confirmation and enter the mobile phone verification code as prompted, and the accepted interface will appear after success. BOC said that due to the needs of the review, the account manager of the follow-up loan handling institution will contact the customer and invite the customer to the loan handling institution to submit relevant paper certification materials.
If the actual housing situation has met the first housing standards in the city where the house is located, please prepare relevant supporting materials (such as identity certificate, housing number inquiry results or identification certificates, etc., you can consult the loan handling institution for details), and go to the loan handling institution to apply for conversion to the first home loan from September 9, or make an appointment online through mobile banking and then go to the loan handling institution for processing.
Fixed Rate: How to apply for an interest rate adjustment
If the mortgage is currently a fixed interest rate and wants to adjust, you need to convert to LPR floating first.
In terms of CCB, if the loan meets the adjustment conditions, from September 9, the lender will enter the "My Home Loan" interface, select the loan that needs to be adjusted, click "Apply for Conversion to Floating Interest Rate" and sign the "Confirmation of Change of Interest Rate Terms", click "Confirm" to complete the interest rate conversion with one click, and the interest rate adjustment status column is displayed as "Accepted, waiting for the adjustment to take effect". Lenders can also bring their identity documents to their business outlets.
In terms of the Bank of Communications, if the status of "non-LPR floating" is displayed, it means that the mortgage meets the conditions for interest rate adjustment, but the current loan pricing method is priced at the loan benchmark interest rate or using a fixed interest rate method, you need to apply for conversion to a floating interest rate based on LPR first, and you can log in to Mobile Banking to apply online from September 9.
For fixed-rate or PBOC benchmark-priced loans, it is necessary to go to the loan handling institution to change to LPR-priced loans before applying for an adjustment of the interest rate of existing housing loans. (Surging News Reporter Chen Yueshi)