Reduce the interest rate of existing housing loans! The Central Bank and the State Administration of Financial Regulation have issued a heavyweight announcement to reduce the down payment ratio

Release time:Apr 16, 2024 03:45 AM

On August 31st, the People's Bank of China and the State Administration for Financial Supervision jointly issued the Notice on Adjusting and Optimizing Differentiated Housing Credit Policies and the Notice on Reducing the Interest Rate of Existing First Home Loans.

The Notice on Adjusting and Optimizing Differentiated Housing Credit Policies clearly states:

For residential families who take out loans to purchase commercial housing, the minimum down payment ratio for commercial personal housing loans for their first home is uniformly not less than 20%, and the minimum down payment ratio for commercial personal housing loans for their second home is uniformly not less than 30%.

The lower limit of the interest rate policy for commercial personal housing loans for the first set of housing shall be implemented in accordance with current regulations, and the lower limit of the interest rate policy for commercial personal housing loans for the second set of housing shall be adjusted to not less than the market quoted interest rate for the corresponding term loan plus 20 basis points.

The dispatched agencies of the People's Bank of China and the State Administration for Financial Regulation, in accordance with the principle of implementing policies based on urban conditions, guide the self regulatory mechanism of interest rate pricing at the provincial level, and independently determine the minimum down payment ratio and interest rate lower limit for commercial personal housing loans for first and second homes in each city within their jurisdiction based on the real estate market situation and local government regulation requirements.

Banking and financial institutions should reasonably determine the specific down payment ratio and interest rate level for each loan based on the minimum down payment ratio and interest rate lower limit determined by the pricing self-discipline mechanism of market interest rates at each provincial level, combined with factors such as the operating conditions of the institution and customer risk conditions.

The Notice on Reducing the Interest Rate of Existing First Home Loans clarifies that:

The commercial personal housing loan for the first housing in stock refers to the commercial personal housing loan for the first housing that has been issued by financial institutions before August 31, 2023, or has been signed but not issued, or other commercial personal housing loans for the first housing in stock that the borrower's actual housing situation meets the first housing standards in the city.

Starting from September 25, 2023, borrowers of commercial personal housing loans for their first existing housing can apply to the lending financial institution to issue new loans to replace the commercial personal housing loans for their first existing housing. The interest rate level for newly issued loans shall be determined through independent negotiation between financial institutions and borrowers, but the markup on the quoted interest rate in the loan market shall not be lower than the lower limit of the commercial personal housing loan interest rate policy for the first housing in the city where the original loan was issued. The newly issued loans can only be used to repay the commercial personal housing loans for the first existing housing, and will still be included in the management of commercial personal housing loans.

Starting from September 25, 2023, borrowers of commercial personal housing loans for their first existing housing can also apply to the lending financial institution to negotiate a change in the interest rate level agreed upon in the contract. The changed loan contract interest rate level should comply with the provisions of Article 2 of this notice.

Financial institutions should strictly implement relevant regulatory requirements, conduct penetrating and substantive reviews on the purpose of borrowers applying for operating loans and personal consumption loans, and clearly indicate risks. Intermediary institutions that assist borrowers in illegally replacing existing commercial personal housing loans with commercial loans and personal consumption loans are not allowed to cooperate, and internal personnel who engage in such behavior will be dealt with seriously.

Financial institutions should promptly formulate specific operational rules, organize and implement them effectively, improve service levels, respond to borrower applications in a timely manner, take convenient measures as much as possible, reduce borrower operating costs, and ensure that the relevant requirements of this notice are fully implemented.

The branches of the People's Bank of China and the State Administration of Financial Regulation shall immediately forward this notice to local legal person financial institutions within their jurisdiction, supervise its implementation, and effectively maintain market order.

The notice will be implemented from September 25, 2023. If there is any inconsistency between the previous relevant regulations and this notice, this notice shall prevail.

When can I apply? When will the bank handle it? Which housing loans can you apply for a lower interest rate? How can you negotiate with the bank to lower the interest rate on your existing mortgage? What is the approximate level that can be lowered after reduction? How much mortgage interest can be saved? How many people can benefit from the reduction? Let's take a look at the interpretation ↓

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