Recently, the People's Bank of China issued the Notice on Lowering the Interest Rate of Individual Housing Provident Fund Loan, which proposed to cut the interest rate of individual housing provident fund loan by 0.25 percentage points from May 18, 2024. The Ministry of Housing and Urban Rural Development issued the Notice on the Relevant Work of Reducing the Individual Housing Loan Interest Rate of Housing Provident Fund, proposing to adjust the individual housing loan interest rate of housing provident fund in a timely manner, and well link up the individual housing loan policy of stock housing provident fund. How to implement the reduction of individual housing loan interest rate of housing provident fund this time? How much benefit can the depositors of housing provident fund loans get from it?
"The interest rate adjustment scope of this loan includes both the newly issued housing provident fund personal housing loans and the existing housing provident fund personal housing loans." The relevant person in charge of the Housing Provident Fund Supervision Department of the Ministry of Housing and Urban Rural Development introduced that the new interest rate will be implemented from January 1, 2025 for personal housing provident fund loans issued before May 18, 2024. The personal housing provident fund loans newly issued after May 18, 2024 (inclusive) will be directly executed according to the adjusted new interest rate.
Specifically, the housing provident fund loan interest rate was cut by 0.25 percentage points. After adjustment, the loan interest rate of the first set of personal housing provident fund for less than five years (including five years) and more than five years is 2.35% and 2.85% respectively, and the loan interest rate of the second set of personal housing provident fund for less than five years (including five years) and more than five years is 2.775% and 3.325% respectively, which gives greater support to depositors to solve housing problems.
"When the loan interest rate is lowered, the most direct beneficiary is the lender of housing provident fund. Take the first housing provident fund personal housing loan with an amount of 1 million yuan and a term of 30 years as an example, if the repayment method of equal principal and interest is selected, the monthly payment will be reduced from 4270.16 yuan to 4135.57 yuan, reducing by about 135 yuan, and the total interest expenditure will be reduced by 48500 yuan. The benefits to the house buyers are real." Said the above person in charge of the Ministry of Housing and Urban Rural Development.
In recent years, the Ministry of Housing and Urban Rural Development has insisted on both renting and purchasing, actively played the role of housing provident fund, strengthened coordination with the housing market and housing security policies, and supported depositors to solve housing problems. Since 2012, the accumulative amount of personal housing loans granted to housing provident fund has been 12.9 trillion yuan, and the loan balance has increased from 2.7 trillion yuan to 7.8 trillion yuan in 2023, supporting nearly 50 million depositors to achieve housing, of which more than 80% are purchasing the first house. At the same time, the housing provident fund personal housing loans continued to maintain a steady growth year after year. In 2023, the loan balance increased by nearly 7%, and the newly issued loans increased by more than 24% year on year, which strongly supported the housing consumption of depositors.
The service efficiency of housing provident fund is also improving. The person in charge introduced that the reduction of links, elements and time limit of housing provident fund loan business in various regions has realized "palm office" and "online office", and "full online office" in places where conditions permit. Focusing on the urgent needs of depositors in cross regional business handling, the Ministry of Housing and Urban Rural Development promoted the coordinated handling of housing provident fund in different places, realized the "bright code can be handled" of personal certification matters of housing provident fund, and the "trans provincial" of 13 high-frequency service matters, all of which will promote the construction of a unified national market.
(Editor in charge: Mu Shengyu, Zhu Hongxia)
Share to let more people see
