21st Century Economic Reporter Bian Wanli Intern Xu Yixuan reports from Hangzhou The policy of canceling the lower limit of housing loan interest rate is about to be "full moon". According to the reporter, the policy has been basically implemented. With the exception of Beijing, Shanghai and Shenzhen, the lower limit of housing loan interest rate has been abolished in other cities nationwide.
On May 17, the People's Bank of China issued the Notice on Adjusting the Interest Rate Policy for Commercial Individual Housing Loans, and cancelled the lower limit of the interest rate policy for commercial individual housing loans for the first and second homes nationwide. The market has responded to the policy. Some real estate sales offices around the country have started to publicize the New Deal and put up posters of "heavy profits". The number of people coming to consult and see the house is obviously more than usual.
Some financial institutions reported that the interest rate will decline after the lower limit of urban housing loan interest rate is lifted, and a new equilibrium level will be formed after full market competition, which is conducive to meeting the reasonable housing purchase demand of residents and driving the increase of new housing loans. The reporter found that most urban commercial banks have adjusted the interest rate of housing loans according to the changes in policy and market situation, and the actual interest rate of housing loans has dropped significantly compared with the previous period.
For example, the mainstream interest rate of Wuhan's second house loan decreased from 4.15% to 3.35%, a decrease of 80BP; The interest rate of the first house loan decreased from 3.55% to 3.25%, a decrease of 30BP. The mainstream interest rate of the second house loan in Xiamen dropped from 4.25% to 3.75%, a decrease of 50BP; The interest rate of the first house loan decreased from 3.45% to 3.3%, a decrease of 15BP.
Some market participants estimated that "after the implementation of the policy, the interest rate of the first house loan in most cities may decline by about 0.4 percentage points, and the interest rate of the second house loan may decline by about 0.6 percentage points". According to the calculation of 1 million loan, 30 year term, and equal principal and interest repayment, the total interest expense of the first house loan can be reduced by about 80000 yuan, and the interest expense of the second house loan can be reduced by about 130000 yuan, The interest burden on house purchase was significantly reduced.
The adjustment of individual housing loan interest rate policy reflects the overall arrangement of relevant departments to deepen the market-oriented reform of interest rates. In 2013, the People's Bank of China has cancelled the lower limit of loan interest rate. However, considering the overheated real estate market, the lower limit of individual housing loan interest rate has been retained and used as a control tool, which has played an important role in maintaining the steady and healthy development of the real estate market.
As the supply and demand situation of the real estate market changes, in September 2022, the People's Bank of China will allow a small number of cities to pilot the relaxation of the lower limit of housing loan interest rates and expand the space for market-oriented pricing of housing loans in some areas. In December 2022, the original phased policy will be upgraded to the first set of dynamic adjustment mechanism of housing loan interest rate policy, and cities that meet the conditions nationwide can explore the marketization of housing loan interest rate.
By the end of this policy adjustment, more than 60 cities across the country have cancelled the lower limit, and the conditions for realizing the marketization of housing loan interest rates are ripe. China Minsheng Bank Wen Bin, the chief economist, believes that the central bank has introduced real estate financial policies, opening up room for mortgage interest rate reduction, which will help stabilize real estate from both supply and demand, and boost confidence and demand.
"The adjustment of the housing loan interest rate policy is a powerful measure to promote the steady and healthy development of the real estate market, which has a positive impact on reducing the burden of buyers and boosting residents' confidence in buying houses, reflecting the increased financial support for residents' housing demand." The insiders said that it is expected that more cities will follow up, and most cities will cancel the floor of the housing loan interest rate, Housing loan interest rate is expected to fall to a historical low level. In the long run, all commercial loan interest rates are basically market-oriented, which is also conducive to guiding the optimal allocation of financial resources.
(Our reporter Tang Jing also contributed to this article.)
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