Using credit cards to buy houses is facing another wave of strict controls. Recently, many bank credit card centers have issued announcements to restrict credit card transactions with domestic real estate merchants. According to multiple announcements, there are five main categories of merchants that are restricted. Among them, various card centers have explicitly stopped buying houses with overdraft credit cards, and stipulated that credit cards should be used to pay property fees and time-share housing (rental housing) and other transactions with limit limits.

In fact, as early as two years ago, there was a wave of banks’ control over credit card housing-related transactions. However, at that time, it was more about controlling the transaction amount, but now it has clearly stopped it. For home purchase and other related purposes, the upgrade of control is obvious.

Some people believe that this round of strict control is based on the policy of real estate regulation. After strengthening the management of personal business loans, consumer loans, etc., banks also maintain a high degree of attention to other links where there may be risks of fund misappropriation; At the same time, this is also a manifestation of banks adjusting their structures to control credit card risks.

Many banks have tightened credit card housing-related transactions

Since Ping An Bank issued the "Announcement on Strengthening the Control of Real Estate Merchant Transactions" in August, in the past two months, Agricultural Bank of China , Industrial Bank, China Construction Bank, China Merchants Bank, Everbright Bank and other bank credit card centers have issued relevant announcements, forming a wave of control over the inflow of credit card funds into the housing market.

On August 20, Ping An Bank issued an announcement stating that in order to implement policies related to real estate regulation, Ping An Bank has set restrictions on real estate merchants. When users overdraw their purchases at such merchants, transactions may fail. . It is reported that the transaction scale of Ping An Bank's credit cards for domestic real estate merchants was previously limited to no more than 10,000 yuan (inclusive) in a single month (natural month), and no more than 100,000 yuan (inclusive) in total for the whole year (natural year).

On August 30, the Agricultural Bank of China issued an announcement stating that the amount of a single transaction with the bank’s credit cards at domestic real estate merchants (merchant category codes are 6513, 1771, and 7012) shall not exceed 15,000 yuan. The cumulative transaction amount shall not exceed 15,000 yuan, and the cumulative transaction amount per month, quarter, half a year, or a year shall not exceed 50,000 yuan. At the same time, Agricultural Bank of China credit cards are not allowed to be used for transactions at domestic real estate merchants (merchant category codes are 1520 and 7013). Previously, the cumulative daily transaction volume of the above types of merchants of the Agricultural Bank of China was 30,000 yuan, and the maximum annual cumulative transaction volume was 200,000 yuan.

On September 12, Industrial Bank announced that the bank’s credit cards have set limits on overdraft transactions at property merchants (merchant category code 6513). At the same time, they cannot use credit cards at real estate merchants (merchant category code 1520, 7013, 7012, 1771) for overdraft transactions.

On September 26, China Construction Bank announced that its credit card transactions with domestic real estate merchants (merchant category codes are 6513 and 7012) will be controlled on a customer basis, that is, the amount of a single transaction shall not exceed 30,000. In RMB, the daily, monthly and half-year cumulative transaction amount shall not exceed 50,000 yuan, and the annual cumulative transaction amount shall not exceed 100,000 yuan. In addition, the bank's credit cards are not allowed to be used for transactions at domestic real estate merchants (merchant category codes are 1520, 1771, and 7013).

On September 27, China Merchants Bank announced that the bank’s credit cards have set transaction restrictions for property and time-sharing merchants (such as merchant category codes 6513, 7012, etc.), and cannot be used for real estate transactions. Class merchants (merchant category codes are 1520, 1771, 7013) for transactions.

On September 30, China Everbright Bank announced that it would control the inflow of credit card funds into real estate-related transactions from October 8, 2019.

Judging from the announcements of the above-mentioned six bank credit card centers, different banks have different specific requirements for real estate transaction restrictions. Compared with the general statements of Ping An Bank and Industrial Bank, the other four banks have listed details of restrictions, especially the two major state-owned banks.

“In fact, banks have always controlled the illegal inflow of credit card funds into the real estate market,” a person from the East China Bank Credit Card Center told reporters. “This is also a major monitoring direction this year. This year, real estate control policies have continued. Increase the pressure and cooperate with the implementation of the policy. In the past, most banks limited the amount and frequency of transactions, but now they have shut down the relevant authority. It can be said that the control has been upgraded." He also said that as the control becomes more and more strict, there may be more in the future. Bank credit cards place restrictions on real estate transactions.

"Overdraft to buy a house" is clearly closed

As far as the types of merchants that restrict transactions mentioned in the announcement are concerned, there are mainly five types, namely residential and commercial real estate development (merchant categories Code 1520), Real Estate Agency - Real Estate Brokerage (Business Category Code 7013), Construction (Business Category Code 1771), Timeshare or Vacation Rental (Business Category Code 7012), and Real Estate Management - Property Management (Business Code 7012) Category code 6513).

Among them, residential and commercial real estate development and real estate agency - real estate brokerage are prohibited from trading, real estate management - property management is restricted from trading, while the other two categories are prohibited by some banks and allowed by some banks. However, transaction limits are required.

“In the past, home buyers used credit cards to collect down payments or agency fees. For the first home, the agency fee was determined based on the price of the house. It was stipulated that it should not exceed 3% of the transaction price, which was usually 100,000. Around 100 yuan,” a mortgage manager in Shanghai told reporters. She also said frankly: "It has been banned for a long time to use credit cards to buy houses, and it is relatively rare to use credit cards to pay intermediary fees, because large credit card payments may affect the approval of mortgage loans."

However, some home buyers believe that the restrictions It may be a little prudent to cancel the intermediary fee paid by credit card for home buyers. After all, the amount is not large. For banks, the risk is low, but it can play an "emergency" role for home buyers who are temporarily short of money. In this regard, Yan Yuejin, Research Director of the Think Tank Center of the E-House Research Institute, analyzed that it is reasonable for banks to impose credit card limits on intermediary fees. Intermediary fees involve the sale of houses and are also linked to the total transaction price of the house. Limiting intermediary fees can, to a certain extent, control the situation. "House speculation" caused a blow.

In addition, most opinions believe that this round of strict control will have limited impact on the use of credit cards to pay property fees, because most property owners’ property fees are within the limit and are basically unaffected.

Consumer loan fund control continues to escalate

As for banks’ multiple channels to restrict credit card-related housing transactions, the industry’s consensus is that this is based on “housing is for living, not for speculation” control. Under the policy, banks further prevent funds from entering the property market in violation of regulations. According to relevant requirements, the down payment funds for home purchases should be self-owned funds, and various "down payment loan" products such as consumer loans and bridge loans that are not self-owned funds are prohibited.

In fact, since this year, supervision has been strictly supervising the use of loans for personal consumption, and has launched a series of measures to strictly investigate the illegal flow of funds into the housing market. For example, in September, some media reported that supervision was inspecting real estate merchants and property-related deeds, including residential and commercial real estate development, real estate agents and brokers, real estate construction and installation projects, real estate management, rental and other vacation real estate.

Earlier, in August, the China Banking and Insurance Regulatory Commission decided to launch a special inspection of the real estate business of banking institutions. The scope of the inspection includes personal comprehensive consumption loans, operating loans, "down payment loans", credit card overdrafts and other funds misappropriated for home purchases, and Other bank credit funds were illegally diverted to the real estate sector. In May, the "Notice on Carrying out the Work of "Consolidating the Achievements in Combating Chaos and Promoting Compliance Construction" issued by the China Banking and Insurance Regulatory Commission also mentioned that the misappropriation of personal comprehensive consumption loans and other funds for home purchases is a key area for rectification.

Yan Yuejin told reporters that the bank's tightening of credit cards for real estate merchants can, to a certain extent, reduce the urge to use funds illegally, prevent credit card financial risks, and control financial risks related to real estate. . Fundamentally speaking, in terms of subsequent card issuance, banks must also prevent one person from applying for multiple cards. At the same time, they can record illegal funds and reduce their credit scores.