Four official announcements have been made in Guangdong, followed by Wuhan, Huizhou, and Zhongshan! Within three days, the implementation of "house recognition but not loan recognition" will accelerate
Today, another city is following up on the implementation of the "house recognition but not loan recognition" policy.
On August 31st, the Office of the People's Government of Huizhou City issued a notice on optimizing the standards for determining the number of housing units in personal housing loans in Huizhou City, officially announcing that starting from September 1st, "housing loans will be recognized but not loans".
After the new policies were implemented in cities such as Guangzhou and Shenzhen, Huizhou, as an important node city in the Guangdong Hong Kong Macao Greater Bay Area, quickly followed up on the implementation of "recognizing houses but not loans".
It is reported that this is another official announcement in Guangdong, following Guangzhou, Shenzhen, and Zhongshan, to recognize houses but not loans.
The notice shows that in order to better meet the demand for rigid and improved housing, optimize regulatory policies, and implement the requirements of the Notice of the Ministry of Housing and Urban Rural Development and the State Administration of Financial Supervision of the People's Bank of China on Optimizing the Recognition Standards for Housing Units in Personal Housing Loans, with the consent of the Municipal People's Government, the recognition standards for housing units in personal housing loans in Huizhou have been optimized.
The new policy points out that when households apply for loans to purchase commercial housing, if their family members do not have a complete set of housing under the local name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement housing credit policies for the first set of housing. This also means that the measure of "recognizing a house but not a loan" has officially been implemented in Huizhou, effectively providing assistance to the group of people in urgent need of real estate.
As for the specific benefits, the reporter learned from the Huizhou Housing and Urban Rural Development Bureau that before the new policy, the loan policy implemented in Huizhou was "recognizing houses and loans". This also means that regardless of whether a citizen has a house under their name or whether the mortgage has been settled, as long as there is a loan record, they will be counted as two properties, with a down payment ratio of 30% or more. With the implementation of the new policy, as long as there is no house under the name, the mortgage policy for the first home will be implemented, and the down payment ratio can be as low as 20%.
"Only recognizing the number of properties under one's name, there will be no longer any restrictions on loan records. This will be a blessing for improving the housing needs of citizens, providing strong assistance to improve their housing needs, and injecting vitality into the market." Wang Yongzhu, a senior figure in the real estate industry and general manager of Fuchen Group in Huizhou, introduced that through the implementation of the new policy, the down payment cost of eligible homebuyers will be significantly reduced, and credit interest rates will also be significantly reduced. This will effectively release the demand for improved housing from citizens, promoting stable and healthy development of the market.
It is reported that the notice will be implemented from 0:00 on September 1st. For those who have completed the online signing of commercial housing sales contracts or real estate sales contracts before implementation, the personal housing credit policy shall be implemented in accordance with the original regulations.
On August 31st, the Housing and Urban Rural Development Bureau of Zhongshan City, Guangdong Province issued a notice to optimize the housing recognition standards, clarifying that when a household loans to purchase a house, if a family member does not have a complete set of housing under the local name, regardless of whether they have already taken out a loan to buy a house, banking and financial institutions will follow the first home loan policy.
In addition, Xiamen, Fujian also plans to implement a policy of "recognizing a house but not a loan" for the first home. Recently, Xiamen released several measures to further stabilize growth and promote high-quality economic development. Among them, it is proposed to implement the policy of "not having to subscribe for loans" for first-time home loans. When a resident family applies for a loan to purchase commercial housing, if their family members do not have a complete set of housing under the local name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement housing credit policies for the first set of housing.
The website of the Wuhan Housing Security and Housing Management Bureau also released a notice today on optimizing the criteria for determining the number of housing units in personal housing loans in our city. The notice proposes that if a resident family applies for a loan to purchase commercial housing in our city and their family members do not have a complete set of housing under our city's name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement the housing credit policy for the first set of housing. This notice shall come into effect on September 1, 2023. In case of any inconsistency between the original policies and this notice, this notice shall prevail.
Industry insiders believe that as Guangzhou and Shenzhen, two first tier cities, implement the "house recognition but not loan recognition" policy on the same day, sending positive signals to the market, it is expected that policies in various regions will accelerate.
Zhongshan follows up on the implementation of "recognizing houses but not loans"
On August 31st, the Housing and Urban Rural Development Bureau of Zhongshan City, Guangdong Province issued a notice on optimizing the standards for determining the number of housing units in personal housing loans in our city.
The notice states that in order to implement the spirit of the Notice of the Ministry of Housing and Urban Rural Development and the State Administration of Financial Supervision of the People's Bank of China on Optimizing the Standards for Determining the Number of Housing Units in Personal Housing Loans, better meet the rigid and improved housing needs of residents, and promote the stable and healthy development of the real estate market in Zhongshan City, with the consent of the municipal government, the following notice is hereby issued to optimize the standards for determining the number of housing units in personal housing loans in Zhongshan City:
1、 When a resident family applies for a loan to purchase commercial housing, if their family members do not have a complete set of housing under the local name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement housing credit policies for the first set of housing.
2、 The Natural Resources Bureau of Zhongshan City provides household housing number inquiry services and issues inquiry results based on the application or authorization of resident households, and banking and financial institutions execute accordingly.
The notice shall come into effect from the date of issuance. If the original policy is inconsistent with the notice, the notice shall prevail.
Xiamen plans to implement the policy of "recognizing the house but not the loan" for the first home
Recently, Xiamen released several measures to further stabilize growth and promote high-quality economic development.
Among them, in promoting the stable and healthy development of the real estate market, it is proposed to continue implementing personal income tax policies related to supporting residents in purchasing housing. From January 1, 2024 to December 31, 2025, taxpayers who sell their own homes and purchase new homes in the market within one year after the sale of their current homes will be eligible for a tax refund on the personal income tax already paid on the sale of their current homes.
At the same time, we will implement the policy of "not having to subscribe for loans" for first-time home loans. When a resident family applies for a loan to purchase commercial housing, if their family members do not have a complete set of housing under the local name, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement housing credit policies for the first set of housing.
In addition, optimize housing provident fund support policies. Implementing the "mortgage transfer" housing provident fund loan business for second-hand houses. When employees who meet the conditions for housing provident fund loans purchase second-hand houses during their detention period, they can apply for housing provident fund loans at the housing provident fund loan acceptance agency after reaching an agreement through negotiation between the buyer and seller and completing the pre notice transfer registration of second-hand houses through the Xiamen Real Estate Registration Full Process Online System. Implement the policy of mutual recognition for housing provident fund loans deposited in different locations. Spouses of employees in Xiamen who deposit housing provident fund in different locations can be included in the calculation of their family housing provident fund loan amount if they meet the conditions for housing provident fund loans in Xiamen for a continuous period of time.
Two first tier cities have implemented the policy of "recognizing houses but not loans"
On August 30th, Guangzhou, Guangdong Province, took the lead in issuing a notice on optimizing the criteria for determining the number of housing units in personal housing loans in our city. This notice clarifies that when a household applies for a loan to purchase commercial housing, regardless of whether they have used the loan to purchase housing, banking and financial institutions will implement housing credit policies for the first housing unit.
Guangzhou is the first first first tier city in China to implement the policy of "recognizing houses but not loans" promoted by the three departments of the Ministry of Housing and Urban Rural Development, and has fired the first shot of "recognizing houses but not loans" in first tier cities.
On the evening of the same day, Shenzhen, Guangdong Province, followed up and issued a notice on optimizing the criteria for determining the number of housing units in personal housing loans in Shenzhen, clarifying that when a resident family applies for a loan to purchase commercial housing, regardless of whether they have used the loan to purchase housing in Shenzhen or not, banking and financial institutions will implement housing credit policies for the first housing unit.
At this point, two first tier cities, Guangzhou and Shenzhen, have implemented the policy of "recognizing houses but not loans".
Regarding this, Yang Hongxia, the General Manager of the South China Branch of China Index Research Institute, believes that after Guangzhou, Shenzhen has become the second first tier city to implement the "house recognition but not loan recognition" policy. Recently, the real estate market in Shenzhen has maintained a low consolidation trend. According to data from the China Index Research Institute, from August 1st to 26th, the transaction volume of new residential properties in Shenzhen was 191300 square meters, a decrease of 24.5% month on month and nearly 20% year-on-year. The market continues to be sluggish, and homebuyers have a strong wait-and-see attitude.
Yang Hongxia believes that the introduction of the "house recognition but not loan recognition" policy in Shenzhen will significantly lower the threshold for purchasing a first home. For homebuyers who have a loan history but do not have a local property, the down payment ratio was previously 50% -60%. After the policy was introduced, the down payment ratio decreased to 30%, and the loan interest rate decreased from 4.8% to 4.2%. It is expected to significantly boost the activity of the Shenzhen real estate market in the short term, stimulating the entry of market demand for both hard and improvement.
In Yang Hongxia's view, the implementation of the "house recognition but not loan recognition" policy in the first tier cities of Guangzhou and Shenzhen on the same day sends a positive signal to the market, which helps to stabilize market expectations and consolidate the foundation of market recovery. At the same time, with the implementation of the Guangzhou and Shenzhen policies, it is expected that policies in various regions will accelerate, especially the regulatory policies in Beijing and Shanghai are also expected to be optimized. If the policy intensity is greater, the market will be significantly improved.
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