① The down payment ratio for the first and second homes in Changsha was 15% and 25%, and interest rates for first and second home loans were reduced to 3.65% and 3.95%. Implementation began today. ② Experts pointed out that the current mortgage interest rate adjustment in Changsha is relatively conservative. At the same time, it is also a reflection of the “city-specific policy” principle in various regions. In the future, down payment ratios and mortgage interest rates in various regions will be lowered one after another.
Finance Association, May 21 (Reporter Shi Sitong) Since the central bank's “517 New Deal” was released, many places have followed up and implemented adjustments in down payment ratios, mortgage interest rates, etc.
On May 21, the Financial Services Association reporter learned from several real estate agents and bank personal loan managers in Changsha that the current down payment ratio for the first home and second home is 15% and 25% respectively; at the same time, interest rates for the first home loan have been reduced from 3.75% to 3.65%, and the second home loan interest rate has been reduced from 4.1% to 3.95%. Implementation began today.
According to industry insiders, the current mortgage interest rate adjustments in Changsha are relatively conservative, but at the same time, it is also a reflection of the “city-specific policy” principle in various regions. In the future, the down payment ratio and mortgage interest rate will be lowered one after another. It is expected that the down payment ratio in all second-tier cities may be lowered to 15%.
Changsha New Mortgage Deal: 15% down payment ratio for the first package, 3.65% mortgage interest rate
“It's down. The interest rate on the first home mortgage has dropped to 3.65%.” Today, a real estate agent in Changsha told the Financial Federation reporter that it received the latest mortgage policy adjustment notice. The down payment ratio for the first home was 15% and 25% for the second; the lower interest rate limit for the first home loan (commercial loan) was reduced to “LPR-30,” or 3.65%, and the interest rate for the second home was reduced to “LPR+0,” or 3.95%.
“The above interest rate is the 'lower limit'. Each region may be higher than the above interest rate according to market and industry conditions.” Judging from the relevant notice, the new interest rate policy mentioned above will be implemented starting today. Among them, interest rates on mortgages that have not yet been loaned will be implemented according to the new interest rate, while all mortgages that have already been loaned will be adjusted uniformly on January 1 next year.
Afterwards, the Financial Services Association reporter consulted several real estate agents and bank personal loan managers in Changsha to learn more about the situation. According to information, previously, the down payment ratios for the first and second homes in the Changsha region were 20% and 30% respectively. At the same time, interest rates for the first and second home loans were reduced by 5 percentage points; at the same time, interest rates for the first and second home loans were 3.75% and 4.1% respectively.
“We just adjusted today. First set down payment is 15%, interest rate 3.65%; second set down payment is 25%, interest rate 3.95%.” The loan manager of a stock bank confirmed this adjustment with the Financial Services Association reporter. According to its introduction, every real estate partner bank is different, but there is no difference between each bank's down payment ratio and mortgage interest rate.
According to Ming Ming, chief economist at CITIC Securities, according to the central bank's new policy, local governments and financial institutions independently adjust mortgage interest rates according to market conditions and policy guidelines. Lowering mortgage interest rates in cities such as Wuhan and Changsha is a positive response to the central bank's policy, helping to reduce restrictions on buyers, stimulate demand for home buyers, and promote the steady and healthy development of the real estate market.
Mortgage interest rates are still at a high level after adjustment, as the city's policy principles are highlighted
A Financial Services Association reporter noticed that before and after the “517 New Deal” was released, many places have successively adjusted policies such as mortgage interest rates and down payment ratios. In contrast, the mortgage interest rate in Changsha is still at a high level after this adjustment.
According to information, the interest rate for the first home loan was already reduced to 3.25% on the eve of the Changzhou New Deal; after the policy was announced, interest rates for the first home loan in Wuhan were also lowered to 3.25%, and the interest rate for the second home loan in Hefei was reduced to 3.45%, etc., all lower than the current mortgage interest rate level in Changsha.
In response, Yan Yuejin, research director of the Yiju Research Institute, believes that the current reduction in mortgage interest rates in Changsha is too conservative. He pointed out that judging from local adjustments, mortgage interest rates can be as low as 3.25%. At the same time, the difference in interest rates between the first home and the second home is small or almost flat, indicating that the mortgage interest rate policy is very relaxed, and there is still room for reduction in Changsha.
“Although the mortgage interest rate in Changsha is higher than in some cities (such as 3.25% in Wuhan), this adjustment still reflects the direction of policy easing.” Clearly, interest rate adjustments themselves will be affected by various factors such as supply and demand in the local real estate market, the level of economic development, banks' capital costs and risk control, and residents' purchasing power. There are differences between Changsha and other cities, which just reflect the principle of “city-specific policies.”
Therefore, he predicts that the future trend in various regions will basically be to lower down payment ratios and mortgage interest rates, lower the threshold for home purchases, and stimulate demand for home purchases; however, at the same time, differentiated regulatory policies will also be implemented to meet the market needs of different cities.
In terms of down payment ratios, Yan Yuejin believes that judging from operations in places such as Wuhan and Changsha, there will be room for continued decline in down payment ratios in various regions, and it is expected that at least all second-tier cities may reduce the down payment ratio to 15%. “This is a key direction that needs to be grasped in judging local real estate policies, especially mortgage policies. It has a positive effect on the further relaxation of local policies and the further revitalization of the mortgage market and home purchase market. It is also significant for promoting the national real estate market in May-June.”