Our reporter Wang Lixin, trainee reporter Chen Xiao
On May 17, the People's Bank of China and the State Administration of Financial Supervision and Administration jointly issued a notice that the minimum down payment ratio of the first and second housing loans was reduced to no less than 15% and no less than 25% respectively. The People's Bank of China also announced that the lower limit of the loan interest rate policy for the first and second housing units at the national level would be abolished, and the loan interest rate for individual housing provident fund would be lowered.
Subsequently, many places responded positively and announced to reduce the interest rate of provident fund loans. Some regions also raised the amount of provident fund loans for some people.
Wang Xiaoqiang, chief analyst of Zhuge Data Research Center, told the Securities Daily that "lowering the interest rate of individual housing provident fund loans will enable more employees who are stable in employment to buy houses at lower costs and enhance their ability to buy houses."
Multiple underground adjustment of provident fund loan interest rate
On May 17, the People's Bank of China decided to cut the personal housing provident fund loan interest rate by 0.25 percentage points from May 18, 2024, and the first personal housing provident fund loan interest rate for less than five years (including five years) and more than five years (including five years) was adjusted to 2.35% and 2.85% respectively, and the first personal housing provident fund loan interest rate for less than five years (including five years) The loan interest rate of the second set of personal housing provident fund and the second set of personal housing provident fund for more than five years are adjusted to not less than 2.775% and 3.325% respectively.
Relevant departments in many places follow up the implementation. From May 17 to 18, housing provident fund centers in many places, including first tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, issued documents in response to the central bank's policies.
On May 17, Guangzhou Housing Provident Fund Management Center issued a notice saying that from May 18, 2024, the loan interest rate of individual housing provident fund will be lowered by 0.25 percentage points, and the loan interest rate of the first set of individual housing provident fund for less than five years (including five years) and more than five years will be adjusted to 2.35% and 2.85% respectively, and that for less than five years (including five years) The loan interest rate of the second set of personal housing provident fund and the second set of personal housing provident fund for more than five years are adjusted to not less than 2.775% and 3.325% respectively. The notice shows that the new interest rate will be implemented for individual housing provident fund loans issued from May 18, 2024; For individual housing provident fund loans issued before May 18, 2024, the new interest rate will be implemented from January 1, 2025 according to the loan contract.
In addition, on May 18, Shanghai, Beijing, Shenzhen and other places also announced the reduction of housing provident fund loan interest rates. The interest rate of individual housing provident fund loans in the three places was cut by 0.25 percentage points, consistent with the central bank's policy.
As for the time point of implementing the new interest rate for the issued personal housing provident fund loan, Shanghai, Beijing and Guangzhou remain the same; The notice issued by Shenzhen shows that the adjusted interest rate will be implemented from July 1, 2024 for the personal housing provident fund loans issued by Shenzhen before May 18, 2024.
In addition to the above first tier cities, Zhengzhou, Hefei, Chengdu, Chongqing, Dongguan, Jinan, Lanzhou, Yichang, Suzhou and other places also announced to reduce the interest rate of provident fund loans.
Yan Yuejin, research director of E-House Research Institute, said to the reporter of Securities Daily: "Against the background of the continuous decline in the loan interest rate of commercial banks, the interest rate of provident fund loans is an inevitable trend, which is conducive to reducing the cost of housing purchase by superposition of the decline in the down payment ratio of housing loans."
Continuous optimization of provident fund loan policy
In addition, recently, some people have increased the amount of provident fund loans.
On May 17, Shaanxi Provincial Housing Fund Management Center issued the Notice on Adjusting the Policies on Housing Provident Fund Loans, proposing that the maximum amount of loans for families with two or more children who use provident fund loans to purchase houses should be increased to 1.2 times on the basis of the current policies.
On the same day, Hefei proposed that the maximum credit limit of housing provident fund should be adjusted to 1 million yuan if the borrower's husband and wife paid and deposited normally; If the borrower makes normal payment unilaterally, the maximum credit limit of the housing provident fund will be adjusted to 700000 yuan. If a family with more children purchases the first house and the husband and wife normally pay for it, the maximum credit limit of the housing provident fund will be adjusted to 1.2 million yuan; If the borrower makes normal payment unilaterally, the maximum credit limit of the housing provident fund is adjusted to 840000 yuan.
Since this year, the optimization of provident fund policy has been a major focus of real estate policy regulation. In addition to supporting families with two or more children to increase their loan lines, some regions have also increased their provident fund loan lines for green and low-carbon buildings.
For example, in April this year, the Beijing Housing Provident Fund Management Center made it clear that for borrowers who apply for housing provident fund personal housing loans to purchase green buildings, prefabricated buildings or ultra-low energy consumption buildings of two stars or above, the maximum loan amount will be adjusted upward, ranging from 100000 yuan to 400000 yuan, and the cumulative maximum loan amount will not exceed 1.6 million yuan.
Yan Yuejin believes that the introduction of policies such as lowering the interest rate of provident fund loans will help to boost and fully recover the real estate market.
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