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周末重磅!首套房贷降息,央行等官宣,50万贷款可省2万利息!二套房贷款政策也有提及

The weekend was a big deal! Interest rates on the first home loan were cut. The central bank and other officials announced that 500,000 loans could save 20,000 interest! The two-home loan policy was also mentioned

證券時報 ·  May 15, 2022 15:31

Source: Securities Times

On May 15, the central bank and the Bancassurance Regulatory Commission announced a reduction in commercial mortgage interest rates, with the first home loan interest rate not lower than the corresponding term loan market quoted rate (LPR) minus 20 basis points. The notice is mainly aimed at the newly issued commercial personal housing loans, and the interest rate of the stock commercial personal housing loans is still carried out in accordance with the original contract.

After the policy adjustment, the lower limit of the interest rate of the first housing commercial individual housing loan at the national level has been adjusted from not less than the corresponding term LPR to no less than the corresponding term LPR minus 20 basis points (calculated as 4.4% according to the 5-year LPR released on April 20). For example, the lower limit of the city policy and the specific implementation interest rate of the bank have been lowered synchronously with the national policy, and when households apply for loans to buy the first ordinary self-owned housing. Interest payments will be reduced.

According to estimates, according to the loan amount of 500000 yuan, maturity of 30 years, and the same amount of principal and interest repayment, the interest rate will be reduced by 20 basis points, the average monthly payment will be reduced by about 60 yuan, and the interest expenditure will be reduced by about 20, 000 yuan in the next 30 years.

Industry insiders believe that the reduction of housing loan interest rates reflects the intention to stimulate demand in the real estate market, which is conducive to reducing housing purchase costs and stimulating marginal improvement in demand. Combined with the recent policy relaxation in various places, including reducing down payment, lowering mortgage interest rates, loosening sales restrictions, relaxing purchase restrictions, and so on, it will create better conditions for active market transactions in mid-late May and the follow-up. It is expected that some cities with weak market transactions will actively carry out looser mortgage policies based on differentiated credit policy tools.

The central bank and the Bancassurance Regulatory Commission cut the interest rate of the country's first home loan.

On May 15, the Central Bank and the Bancassurance Regulatory Commission jointly issued the Circular on issues related to the Adjustment of differentiated Housing Credit Policy.

Notification requirements:

I. for households who buy ordinary self-housing with loans, the lower limit of the interest rate of the commercial individual housing loan for the first set of housing shall be adjusted to no less than the quoted interest rate of the loan market for the corresponding period minus 20 basis points, and the lower limit of the interest rate policy for the commercial individual housing loan of the second set of housing shall be implemented in accordance with the current regulations (according to the arrangement on the interest rate of personal housing loans issued by the Central Bank in 2019. The interest rate of the second set of personal housing loans shall not be lower than the corresponding term LPR plus 60 basis points).

Second, on the basis of the unified lower limit of loan interest rates throughout the country, the dispatched offices of the people's Bank of China and the CBIC shall, in accordance with the principle of "implementing policies according to cities", guide the self-regulatory mechanism of interest rate pricing in provincial markets, according to the changes in the real estate market situation of the cities within their jurisdiction and the requirements of the city government regulation and control, independently determine the lower limit of the interest rate of commercial individual housing loans for the first and second houses in the cities under their jurisdiction.

As for the reasons for lowering the interest rate on the first home loan, the central bank said that the interest rate policy on personal housing loans is an important part of the long-term mechanism of real estate and differential housing credit policy. In order to adhere to the positioning that houses are used for living and not for speculation, fully implement the long-term mechanism of real estate, support all localities to improve real estate policies in the light of local conditions, and support the demand for rigid and improved housing, to promote the stable and healthy development of the real estate market, in accordance with the relevant arrangements of the State Council, the people's Bank of China and the Bancassurance Regulatory Commission jointly issued a circular to clarify the relevant matters relating to the adjustment of the interest rate policy for commercial individual housing loans.

What is the impact of notification on families?Some experts told reporters that the notice is mainly aimed at the new issuance of commercial personal housing loans, the stock of commercial personal housing loans interest rates are still in accordance with the original contract. After the policy adjustment, the lower limit of the interest rate of the first housing commercial individual housing loan at the national level has been adjusted from not less than the corresponding term LPR to no less than the corresponding term LPR minus 20 basis points (calculated as 4.4% according to the 5-year LPR released on April 20). For example, the lower limit of the city policy and the specific implementation interest rate of the bank have been lowered synchronously with the national policy, and when households apply for loans to buy the first ordinary self-owned housing. Interest payments will be reduced.

Based on the loan amount of 500000 yuan, with a maturity of 30 years and equal principal and interest repayment, it is estimated that a reduction of 20 basis points in interest rates will reduce monthly payments by an average of about 60 yuan per month, and a total reduction of interest payments by about 20, 000 yuan in the next 30 years. "The above experts said.

Reduce the cost of house purchase and better meet the demand for the first home purchase

Yang Chang, head of the policy group and chief analyst of Zhongtai Securities Research Institute, saidLower interest rates on home loans reflect the intention to stimulate demand in the real estate market.On April 29, the meeting of the political Bureau of the CPC Central Committee put forward that "the epidemic should be prevented, the economy should be stable, and the development should be safe." in particular, it is proposed to "promote the stable and healthy development of the real estate market." the demand of the real estate market is relatively weak at the present stage. by reducing the interest rate of housing loans, it is helpful to reduce the cost of housing purchase and stimulate the marginal improvement of demand.

In addition, Yang Chang believes that reducing the interest rate of housing loans will help to eliminate the interest rate scissors gap. Average interest rates in the first and second home loan markets have continued to rise since January 2021, and although they have fallen recently, they are still higher than in 2021. It should be noted that the interest rate of personal housing loans is still significantly higher than the weighted average interest rate of general loans, while personal housing loans have better asset quality and lower repayment risk than general corporate loans, but bear a higher risk premium. Therefore, reducing the interest rate of housing loan at this stage is beneficial to change the scissors difference of the interest rate of different quality assets.

At the same time, Yang Chang pointed out that while stimulating demand, he insisted on "housing without speculation". The policy focuses on adjusting the first suite loan interest rate. at the same time, the policy emphasizes that "the lower limit of the second housing commercial personal housing loan interest rate policy shall be implemented in accordance with the current regulations", widening the loan spread between the first suite and the second home. while stimulating the release of demand for the first suite, it is helpful to avoid increasing speculative demand for investment.

Yang Chang believes that the implementation of policies due to the city is conducive to precise regulation and control. The policy emphasizes that "each city independently determines the lower limit of the interest rate of commercial individual housing loans for the first and second houses in each city". For some cities with large population inflows and rigid housing demand, different ways of adding points can be adopted according to their own conditions, which is conducive to the precise regulation and control of the release of demand and prevent the rapid upward pressure on housing prices.

Yan Yuejin, research director of the think tank center of the Yiju Research Institute, also believes that the central bank issued a special document on differentiated mortgage policy for the first time, which fully reflects the determination of the current housing loan to continue to develop and reverse the decadent trend of the recent real estate transaction market. The cut in mortgage rates will have four important effects.

First, it will help to guide local governments and banking institutions to further adjust their lending policies, especially in terms of mortgage interest rates, and fully implement preferential policies for low-cost housing purchases.

Second, it will help to guide housing enterprises to actively push the market and sales, especially combined with the recent advantages of low mortgage interest rate costs, encourage housing enterprises to actively sell, and fully promote the activity of real estate transactions.

Third, it will help to further reduce the cost of property buyers, and at the same time, combined with the recent continuous relaxation of local policies, it can objectively further promote the reduction of housing pressure on home buyers. Policies such as reducing down payment, lowering mortgage interest rates, loosening restrictions on the sale of second-hand homes and loosening restrictions on purchases will create better conditions for active market transactions in mid-late May and the follow-up.

Fourth, it will help all localities to carry out real estate loan work based on the actual situation, and some cities with weak market transactions will actively carry out looser housing loan policies based on differentiated credit policy tools.

Zou Lan, director of the Financial Market Department of the Central Bank of China, said recently that the regional characteristics of China's real estate market are obvious. The determination of the interest rate and down payment ratio of individual housing loans follows the principle of city-based policy, and adopts a three-tier pricing mechanism of the country, the city and the bank. Take the lower limit of interest rate as an example, the interest rate of the first home loan at the national level shall not be lower than the LPR of the corresponding term, and the interest rate of the second home mortgage shall not be lower than the corresponding term LPR plus 60 basis points. This is the lower limit policy that the whole country should abide by. In accordance with the principle of implementing policies based on cities, the provincial branches of the people's Bank of China guide the self-discipline mechanism of interest rate pricing in the provincial market, and on the basis of the lower limit of the national policy, determine the lower limit of the loan interest rate of each city under their jurisdiction, which is the lower limit that should be observed within the scope of the city. in practice, most cities have directly adopted the national lower limit without additional requirements. Banks combined with their own business situation, customer risk conditions, Xiaobai Maimai Inc conditions, clear interest rate pricing rules, on the basis of the lower limit of interest rate policy in each city, reasonably determine the specific plus point value of each loan, which is a completely market-oriented management decision.

"recently, the reduction in mortgage interest rates has mainly occurred at the bank level. Since March, due to the weakening market demand, banks in more than 100 cities across the country have independently cut mortgage interest rates by an average of 20 to 60 basis points according to market changes and their own operating conditions. Zou Lan said that in addition, the self-regulatory mechanism of interest rate pricing in some provincial markets is also in line with the regulation and control requirements of local governments. According to the actual situation of the city and within the scope of national policy, the lower limit of down payment ratio and interest rate in the city has been lowered. This is the differential and market-oriented adjustment made by the city government and banks according to the market situation and their own business strategies, which adapts to the characteristics of regional differences in the real estate market.

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