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Cancellation of the lower limit of housing loan interest rate and reduction of the minimum down payment ratio have boosted the property market
◎ Reporter Jones Zhang
Since the financial management department launched a package of real estate financial measures on May 17, many places have followed up quickly. According to incomplete statistics by the reporter of Shanghai Securities News, more than ten provinces (districts and cities) have cancelled the lower limit of local housing loan interest rate and lowered the minimum down payment ratio. Many places also lowered the interest rate of provident fund loans.
From the perspective of landing effect, the new policy has a certain role in boosting the recent property market. Analysts said that, considering that there is a process for housing transactions and there is a decision-making cycle for buyers, it still needs patience to wait for the further recovery of the market.
Many places quickly follow up the new housing loan policy of "keeping pace"
According to incomplete statistics, at present, 19 provinces (districts and cities) in Guangdong, Hubei, Yunnan, Shanxi, Gansu, Hebei, Shaanxi, Hainan, Jilin, Ningxia, Guangxi, Chongqing and other provinces (autonomous regions and cities) have announced the cancellation of the lower limit of the local first and second house loan interest rates and the reduction of the minimum down payment ratio. In addition, Changsha, Hefei, Fuzhou and other provincial capitals have also followed up.
The minimum down payment ratio in the above areas has been lowered to "keep pace" with the latest policy - the first and second suites are no less than 15% and 25% respectively. This is consistent with the minimum down payment ratio specified by the People's Bank of China and the State Administration of Financial Supervision not long ago. At that time, the two departments made it clear that each region could independently determine the minimum down payment ratio of each city under its jurisdiction.
For example, Hubei announced that it would cancel the lower limit of individual housing loan interest rate, reduce the minimum down payment ratio of individual housing loans, adjust the minimum down payment ratio of the first housing from 20% to no less than 15%, and adjust the minimum down payment ratio of the second housing from no less than 30% to no less than 25%.
The reporter learned that the commercial loan interest rate for the first set of housing in Wuhan has dropped from 3.55% to 3.25%, and the commercial loan interest rate for the second set of housing has dropped from 4.15% to 3.35%, with a decrease of 30 and 80 basis points respectively. According to the conditions of second set of housing, equal principal and interest, 30 years, and loan of 2 million yuan, the interest can be reduced by nearly 330000 yuan in total, and the monthly decrease is nearly 1000 yuan.
Commercial banks in many places also actively responded to the implementation of the new housing loan policy. Bank of Communications The person in charge of the relevant department of Guangxi Branch said that after receiving the local notice of canceling the lower limit of interest rate, he had actively communicated with customers for services at the first time and provided the most preferential personalized scheme according to market conditions and customer needs.
In addition, many places have also responded to the arrangement of the People's Bank of China on lowering the interest rate of personal housing provident fund loans, and announced to reduce the interest rate of personal housing provident fund loans by 0.25 percentage points.
Boost the recent property market
From the perspective of policy implementation effect, a package of real estate financial policies has a certain role in boosting the property market recently. In some first tier cities and provincial capital cities, there is a dense flow of house visitors, more people ask intermediaries for new policies, and some house buyers who have been waiting for years and are in the mood of "waiting again" also have the idea of "getting on the bus".
"Recently, the commercial housing market in hot cities has seen a significant boost." Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, said that there was a significant month on month rebound in the number of first-hand house visitors and the number of contracts, the number of second-hand houses and the volume of transactions. The new policy has greatly lowered the threshold for house purchase. This round of real estate financial policies is in line with previous policies such as easing purchase restrictions in hot cities, further releasing the demand for housing.
Li Yujia believes that the market in the first and second tier hot cities has recovered significantly. Because new residents and young people in these cities are concentrated, there is a strong demand for new houses. Recently, the policy has made efforts to improve the expectations and purchasing power of house buyers, and more house buyers have entered the market. From the perspective of housing purchase groups, there are more rigid demand groups, and the proportion of outsiders buying houses has increased; From the perspective of second-hand housing transactions, there are many transactions of low total price, low unit price and small and medium-sized houses; From the perspective of customer group transaction characteristics, it is still sensitive to price, indicating that the market is still in the process of repair.
Property market recovery still needs patience
Some market participants believe that the sustainability of the effect of the package of policies needs further observation.
An intermediary in Xicheng District of Beijing told the reporter that the trading volume increased significantly on the first weekend after the implementation of the new housing loan policy. The new policy has played a "catalyst" role for buyers in need, and quickly facilitated a wave of transactions. However, in the following working days, market transactions were relatively flat. This may be because Beijing only adjusts the interest rate of provident fund loans at present, and some buyers believe that the downward cost is limited.
A customer manager of a joint-stock bank in Shanghai told the reporter that there was no significant improvement in the customers who consulted about housing loans, and there was no change in the process and speed of housing loan approval and lending.
"In the short term and medium to long term, the new housing loan policy has a positive impact on the real estate market, and the market is expected to be generally good. But considering that there is a process of housing transactions, there is also a decision-making cycle for buyers, and waiting for the market to further recover also requires patience." said Yan Yuejin, research director of the think-tank center of E-House Research Institute.
Li Yujia believes that the focus of a series of recent policies in the field of real estate is still to encourage residents to buy houses. Considering that the fundamentals of the real estate market have not fundamentally changed, if the improvement in inventory reduction and other aspects in the later period is limited, the property market may still continue to have periodic repair features.
"Real estate related policies need combination effects, and some regions still need to introduce some supportive measures to ensure the better implementation of this round of real estate financial policies." Yan Yuejin suggested. He said that in view of the new changes in the supply and demand relationship in the real estate market, it is normal for the total number of houses purchased to be small.
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