How much benefit do depositors get? The Ministry of Housing and Urban-Rural Development explains the provident fund personal housing loan interest rate adjustment policy

Release time:May 18, 2024 16:35 PM

Meet the housing needs of depositors and effectively reduce the burden of home purchase

——Relevant comrades from the Housing Provident Fund Supervision Department of the Ministry of Housing and Urban-Rural Development interpret the housing provident fund personal housing loan interest rate adjustment policy

Recently, the housing provident fund personal housing loan interest rate was reduced by 0.25 percentage points. In order to further understand the relevant situation of this interest rate cut, China Construction News, China Real Estate News, and Construction Magazine conducted a joint interview with relevant responsible comrades of the Housing Provident Fund Supervision Department of the Ministry of Housing and Urban-Rural Development on hot social topics.

1. After the introduction of this policy, it has attracted widespread attention from the society. Please introduce the relevant background of this reduction in housing provident fund personal housing loan interest rates.

The Housing Provident Fund has long-term provided low-interest home purchase loans to low- and middle-income groups to meet the housing needs of residents, and has been welcomed and paid attention to by the public. Since the 18th National Congress of the Communist Party of China, the Ministry of Housing and Urban-Rural Development has implemented the decisions and arrangements of the Party Central Committee and the State Council, actively played the role of housing provident funds, and solved the housing problems of depositors. Since 2012, a total of 12.9 trillion yuan of housing provident fund personal housing loans have been issued, 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% To buy your first home. In recent years, housing provident fund personal housing loans have continued to maintain steady growth year after year. In 2023, the loan balance increased by nearly 7%, and new loans increased by more than 24% year-on-year, which has strongly supported the housing consumption of depositors.

In order to increase support for depositor loans, in accordance with the relevant arrangements of the State Council, the Ministry of Housing and Urban-Rural Development has actively studied and included the reduction of housing provident fund personal housing loan interest rates into a package of work to promote the stable and healthy development of the real estate market, and jointly promoted the introduction of the policy with the People's Bank of China implementation. In order to implement the policy in place, on May 17, the Ministry of Housing and Urban-Rural Development issued the "Notice on the Relevant Work on the Lowering of Housing Provident Fund Personal Housing Loan Interest Rates" to guide local housing provident fund management agencies to implement it and effectively allow the majority of depositors to enjoy This policy benefits the people.

2. How much benefit can depositors of housing provident fund loans get from this reduction in housing provident fund personal housing loan interest rates?

The housing provident fund loan interest rate was reduced by 0.25 percentage points. After the adjustment, the provident fund loan interest rates for the first personal housing of less than 5 years and more than 5 years are 2.35% and 2.85% respectively, and the provident fund loan interest rates of the second personal housing of less than 5 years and more than 5 years are 2.775% and 3.325% respectively. Support for depositors to solve housing problems has been strengthened.

The housing provident fund lenders will benefit most directly from the reduction in loan interest rates. Taking a first-time housing provident fund personal housing loan with an amount of 1 million yuan and a term of 30 years as an example, if you choose the equal principal and interest repayment method, the monthly payment will be reduced from 4270.16 yuan to 4135.57 yuan, a reduction of about 135 yuan, and the total interest expense will be reduced by 4.85 yuan. Ten thousand yuan. The benefits for home buyers are real.

The scope of this loan interest rate adjustment includes both newly issued housing provident fund personal housing loans and existing housing provident fund personal housing loans. Personal housing provident fund loans issued before May 18, 2024, will implement the new interest rate from January 1, 2025. New personal housing provident fund loans issued after May 18, 2024 will be directly implemented according to the adjusted new interest rate. We will guide the Urban Housing Provident Fund Management Center to do a good job in policy connection in accordance with regulations to ensure that depositors can enjoy policy benefits as soon as possible.

3. The housing provident fund has played an important role in supporting new citizens, young people, and working-income groups to solve housing problems. Could you please talk about what measures have been taken and what results have been achieved?

In recent years, we have insisted on promoting both renting and purchasing, actively playing the role of housing provident funds, strengthening coordination with the housing market and housing security policies, and supporting depositors to solve housing problems. First, the support targets focus on supporting new citizens, young people, families with many children, etc. to solve housing problems. Guide local governments to increase rent extraction, support multi-child families who rent housing to withdraw housing provident funds based on actual rent expenditures, and encourage large cities to support new citizens and young people in fully withdrawing their monthly housing provident funds to pay rent. For families with multiple children purchasing their first home, local governments will provide appropriate policy support such as increasing loan amounts based on actual conditions. In recent years, the amount and number of people withdrawing housing provident funds for rent have grown rapidly. Every year, more than 15 million new citizens, young people and other deposit groups are supported to withdraw housing provident funds to pay rent, of which more than 80% are young people under the age of 40. The second is to support depositors to rent and purchase affordable housing. Since the launch of allotment-type affordable housing, we have timely studied policies and increased efforts to support working-income groups in purchasing affordable housing. In terms of supporting affordable rental housing, the amount of rental withdrawals will be increased, the frequency of rental withdrawals will be increased, and depositors who rent affordable rental housing will be supported to withdraw housing provident funds based on actual rent expenditures. Some urban provident fund centers have cooperated with affordable rental housing operating agencies to provide depositors with rental discounts, deposit exemptions and other preferential facilities, which are very popular among depositors.

4. Everyone is very concerned about the security of housing provident fund loan funds. What effective measures have been taken to prevent and control loan risks? At the same time, how to provide depositors with convenient and efficient services?

In recent years, the asset quality of housing provident fund loans has been better and safer. On the one hand, depositors are trustworthy; on the other hand, we adhere to bottom-line thinking, strengthen standardized management, take multiple measures to improve the risk prevention and control capabilities of housing provident fund loans, urge all localities to standardize loan management and policy implementation, and strengthen the management and control of overdue risks of personal housing loans. Loan delinquency rates have always remained low. Comprehensively realize the sharing of credit data with the People's Bank of China to provide support for risk prevention and control of housing provident fund loans. A housing provident fund loan risk prevention and control system has been preliminarily established at the three levels of "ministry, province, and city" linkage and online and offline connections to secure the "money bag" of depositors.

At the same time, the service efficiency of housing provident funds continues to improve. Promote the sharing of data across departments, levels, and regions, allowing data to travel more and people to do less errands, further facilitating people's work and improving people's satisfaction. The housing provident fund loan business in various places has reduced links, requirements and time limits, and realized "handheld processing" and "online processing". Where conditions permit, "full online processing" has also been realized. Focusing on the urgent difficulties and worries of depositors in handling cross-regional business, we promote the coordinated processing of housing provident funds in different places, realize that personal certification matters of housing provident funds can be handled with clear codes, and 13 high-frequency service matters can be handled across provinces. These measures are all It will promote the construction of a unified national market. This year, we will also implement the State Council’s deployment of “getting one thing done efficiently”, actively promote work tasks involving housing provident funds, and better help optimize the business environment.

How much benefit do depositors get? The Ministry of Housing and Urban-Rural Development explains the provident fund personal housing loan interest rate adjustment policy

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