Cancellation of the lower limit of the national commercial individual housing loan interest rate policy for the first and second housing, reduction of the minimum down payment ratio of housing loans and the interest rate of provident fund loans, and the proposed establishment of affordable housing refinancing... Recently, many departments have introduced a new round of "combination boxing" to stabilize the housing market, and many regions have also actively responded to the announcement of relevant policies. Industry insiders generally believe that multiple sectors continue to make efforts to optimize and adjust policies and measures, release the signal of stabilizing the property market, and it is expected that the real estate industry will continue to adapt to the changes from the incremental era to the stock era, so as to better meet the reasonable housing purchase needs of residents.
On May 17, the People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice on the policy of adjusting the minimum down payment ratio of individual housing loans. The minimum down payment ratio of the first and second housing loans was reduced to not less than 15% and not less than 25% respectively. At the same time, the People's Bank of China announced that the lower limit of the national commercial individual housing loan interest rate policy for the first and second housing units would be cancelled, and the individual housing provident fund loan interest rate would be lowered by 0.25 percentage points from May 18.
After the policy was released, many places actively followed the policies related to Taiwan entry and exit, and announced to reduce the interest rate of housing provident fund loans. According to the reporter's statistics, so far, 11 cities, including Hunan, Nanjing, Shanghai, Beijing and Shenzhen, have announced to reduce the interest rate of housing provident fund loans. For example, Beijing Housing Provident Fund Management Center released the Announcement of Beijing Housing Provident Fund Management Center on Reducing the Interest Rate of Individual Housing Provident Fund Loan on May 18, 2024, which mentioned that "for new loans issued after May 18, 2024, the interest rate of the first individual housing provident fund loan for less than five years (including five years) and more years is 2.35% and 2.85% respectively".
"The adjustment of down payment ratio and housing loan interest rate this time reflects the determination of the regulatory authorities to stabilize the real estate market. After the policy adjustment, the down payment ratio and housing loan interest rate will be at a historical low point, further reducing the down payment threshold and housing purchase costs of residents, which is expected to boost residents' willingness to buy houses." Chen Wenjing, director of market research of China Academy of Sciences, said.
It is understood that since the implementation of the dynamic adjustment mechanism of the first housing loan interest rate policy, many cities have implemented policies to reduce or cancel the lower limit of the first housing loan interest rate. According to the data released by the Central Bank, as of the end of March, 75 of the 343 cities (prefecture level and above) in China had lowered the lower limit of the first housing loan interest rate and 64 had canceled the lower limit. Industry insiders said that this time, the central bank cancelled the lower limit of the national housing loan interest rate, and the policy was favorable and extended to second homes. It is expected that more cities will reduce the housing loan interest rate, and the space for the first tier and core second tier cities to reduce the housing loan interest rate is also expected to open.
At the same time of lowering the threshold for residents to buy houses and boosting housing consumption, solid promotion of guaranteed housing and digestion of stock commercial housing is also one of the important driving forces of the next real estate work.
Dong Jianguo, Vice Minister of the Ministry of Housing and Urban Rural Development, said at the regular policy briefing held by the State Council on the afternoon of 17th that it is necessary to fight the battle of guaranteeing the delivery of commercial housing projects, prevent and handle the risk of uncompleted housing, further play the role of urban real estate financing coordination mechanism, and meet the reasonable financing needs of real estate projects.
"To promote the digestion of the stock of commercial housing, the city government insists on" ordering according to needs ", and can organize local state-owned enterprises to purchase a part of the stock of commercial housing at a reasonable price as affordable housing." Dong Jianguo said that at the same time, we should properly dispose of and revitalize the stock of land.
"This is also to digest the stock of new houses on sale, rescue the capital chain, reduce the debt pressure, so as to better implement the main responsibility of developers to ensure the delivery of houses." Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, said that the coordination mechanism of urban real estate financing, which was particularly emphasized at the meeting, is a new model and long-term mechanism of real estate management, It is also the most important way to promote guaranteed delivery. "Specifically, take the opportunity of establishing a 'white list' of projects, strengthen the cooperation between the housing construction sector and the financial sector, and promote the transformation of more projects into compliance projects as far as possible, so as to achieve the goal of 'making progress as much as possible' and 'making full use of loans as much as possible' of projects." (Next to the second version)
