The People's Bank of China and China Banking Regulatory Commission issued a notice on May 15 to adjust the differentiated housing credit policy. For households who purchase ordinary self-occupied housing by loans, the lower limit of the interest rate of the first set of commercial personal housing loans is adjusted to not less than the quoted interest rate of the loan market minus 20 basis points in the same period, and the lower limit of the interest rate policy of the second set of commercial personal housing loans is implemented according to the current regulations. That is to say, according to the latest four-year LPR quotation of 4.6% announced on April 20th, the mortgage interest rate of the first home can be as low as 4.4%, and the lowest mortgage interest rate of the second home is still 5.2%.
According to the calculation, if the loan amount is 500,000 yuan, the term is 30 years, and the principal and interest are repaid in equal amount, the interest rate will be lowered by 20 basis points, the monthly repayment will be reduced by about 60 yuan, and the interest payment will be reduced by about 20,000 yuan in the next 30 years.
However, not all buyers can benefit from it.
It is understood that the adjustment of the lower interest rate limit is mainly aimed at the newly issued commercial personal housing loans, and the existing commercial personal housing loan interest rate is still implemented according to the original contract. In other words, the "house slaves" who have applied for housing loans will not be able to enjoy this preferential policy. First-time home buyers who are "holding money for purchase" are the target group of this policy, and not all first-time home buyers can enjoy the same interest rate concessions.
The regional characteristics of China's real estate market are obvious, and the interest rate of individual housing loans follows the three-level determination mechanism of "national local banks". At the local level, the People's Bank of China and the dispatched offices of the China Banking Regulatory Commission guide the self-discipline mechanism of interest rate pricing in provincial markets in accordance with the principle of "making policies according to the city", and independently determine the adjustment direction of interest rates for the first and second sets of commercial personal housing loans in cities under their jurisdiction according to the changes in the real estate market situation and the regulatory requirements of the city government. They can choose to follow the national lower limit, or keep it unchanged or raise it moderately to maintain the stability of the regional real estate market.
In addition, on the basis of the lower limit of urban loan interest rate, banking financial institutions can also reasonably determine the specific value of each loan in combination with their own operating conditions, customer risk conditions and credit conditions.
Local governments make great efforts to support the real estate market.
According to the data of RealData, in April, 2022, the interest rate of the mainstream first home loan in 103 key cities was 5. 17%, and the interest rate of the second home loan was 5.45%, which decreased by 17 and 15 basis points respectively compared with the previous month, and the interest rate level was 20 19. The first mainstream interest rates in Suzhou and Nantong have dropped to 4.6%, which is the same as the LPR of more than five years. The first mainstream interest rates in other cities are also lower than 6%. The average loan period in April was 29 days, 5 days shorter than last month. The lending rate is also the fastest month since 20 19.
In addition to lowering mortgage interest rates, local governments have taken measures to support the property market this year.
A few days ago, a loosening policy in Changsha was regarded as "renting even if there is no room", which aroused close public concern.
On may 1 1, Changsha issued the "pilot implementation plan for promoting multi-agent supply and multi-channel guarantee of rental housing in Changsha", stipulating that houses that have been delivered for online registration or real estate registration before the implementation of the "plan" will not be included in the calculation of family housing units after they are revitalized for rental housing.
According to the statistics of RealData, since the beginning of this year, more than 70 cities have relaxed the regulation policies of the property market, including the support of provident fund loans, such as reducing the down payment ratio, raising the upper limit of provident fund loans, extending the loan period, and allowing parents to use the provident fund for their children to buy houses. Restrictive policies, including restrictions on purchases, loans and sales, have been relaxed to varying degrees. Cities with loose policies are transmitted from third-tier cities to second-tier capital cities, such as Nanjing, Suzhou, Wuhu and other strong second-and third-tier cities in the Yangtze River Delta region, as well as northern cities such as Tianjin, Lanzhou, Yantai and Yinchuan. Many central ministries and commissions have also released positive policy signals. The central bank, the China Securities Regulatory Commission and other relevant ministries and commissions have introduced financial support measures, including requiring support for financing of listed private enterprises, reducing RRR by 0.25 percentage points, encouraging local governments to implement differentiated credit policies according to the city, and financial institutions to increase loan support for high-quality projects.
Despite the frequent favorable policies, under the disturbance of various uncertain factors such as the epidemic situation, the overall environment is depressed, the development of enterprises is under pressure, the employment pressure is increasing, the expected income of residents is reduced, and the willingness to buy a house with loans is not strong.
13 In May, the financial statistics report for April 2022 released by the central bank showed that RMB loans increased by 645.4 billion yuan in April, a year-on-year decrease of 823,654.38 billion yuan. The report shows that household loans decreased by 21700 million yuan, a year-on-year decrease of 745.3 billion yuan. Among them, housing loans decreased by 60.5 billion yuan, a year-on-year decrease of 402.2 billion yuan; Consumer loans excluding housing loans decreased by 654.38+00.44 billion yuan, a year-on-year decrease of 654.38+0866.5438+00 billion yuan; Operating loans decreased by 52 1 billion yuan, with a year-on-year decrease of156.9 million yuan.
The real estate market is still in a period of deep adjustment.
Zhang Ge, deputy general manager of the research department of CITIC Futures Co., Ltd. said that since the fourth quarter of last year, the national property market policy has been gradually relaxed. The central bank lowered the lower limit of the interest rate of the first commercial personal housing loan by 20BP, which released a strong signal to stabilize the property market and helped boost the confidence of the real estate market. However, there is still uncertainty about when real estate sales will improve significantly. Since the beginning of this year, many cities have begun to cut mortgage interest rates due to urban policies. With the relief of the epidemic and the boost of real estate confidence, the future commercial housing sales will be more or less repaired.
Xia Yifeng, a researcher in the real estate industry of Bank of China Securities, said that the central bank's unified reduction of the lower limit of the first home loan interest rate has more macro signal significance, which will help reduce the home ownership cost of buyers and guide the subsequent credit adjustment of local governments. The most intuitive impact lies in the reduction of the cost of buying a house, alleviating the pressure on buyers to buy a house, and supporting the just-released. Compared with the previous credit policy which mainly focused on local adjustment, the top-down adjustment signal is more obvious, which is helpful to guide the subsequent local governments to further adjust their credit policies. With the early relaxation of credit policies in various places, the national mortgage interest rate has been falling for seven months, and it is currently at the lowest level since 20 19. However, from the actual policy implementation effect, the adjustment of mortgage interest rate can play a relatively limited role. If more credit policies with stronger market effectiveness are subsequently introduced, such as the central bank issuing a document to lower the minimum down payment ratio of commercial loans, adjusting the standard of "recognizing both houses and loans", and expanding the scope in core cities with higher energy levels, it may play a more effective role in boosting market confidence.
Chen Wenjing, director of market research in the Index Division of the Central Reference Institute, said that since the beginning of this year, many cities across the country have made more than 200 optimization adjustments to real estate policies, and the pace and intensity of policy optimization have increased since April. However, due to repeated epidemics in some areas, the short-term policy effect is not obvious, and the real estate market is still in a period of deep adjustment. The nationwide unified reduction of the lower limit of the interest rate of the first home mortgage will play a positive role in the current market expectation and will also have a substantial positive role in the market.
(Author: Tang Jing)