The down payment ratio of mortgage interest rates has been lowered! Guangzhou's new mortgage policy has been implemented

Release time:Apr 16, 2024 20:34 PM

In Guangzhou, the minimum down payment ratio for commercial personal housing loans for the first home is not less than 30%, and the lower limit of the interest rate is LPR-10BP; The minimum down payment ratio for commercial personal housing loans for second homes is not less than 40%, and the lower limit of the interest rate is LPR+30BP; There are 2 or more units in Guangzhou, and distribution is temporarily suspended. The new policy will be implemented from September 8th. For those who have completed the online signing of sales contracts or real estate sales contracts before September 8th, the original regulations will be followed.

On September 9th, a full media reporter from Guangzhou Daily learned the above information from multiple intermediary agencies.

The minimum down payment ratio for buying a second property in Guangzhou is 40%

Market insiders say that although the down payment ratio for first-time home loans has not been lowered to the market's previously expected 20%, it is still 30%. However, the minimum down payment ratio for purchasing a second home has been reduced to 40%, which exceeds market expectations. Previously, the down payment ratio for this situation was 50% or 70%.

"Although the down payment ratio and interest rate for housing loans in Guangzhou have not been lowered to the lowest limit in the country, compared to Guangzhou's previous housing loan policies, they are still much more relaxed," said a mortgage intermediary.

In terms of down payment, according to the latest mortgage policy in Guangzhou, the minimum down payment ratio for second homes has been reduced to 40%, compared to 70% previously. The reporter calculated that if purchasing a house worth 5 million yuan, the down payment can be reduced from 3.5 million yuan to 2 million yuan, a decrease of 1.5 million yuan.

In terms of interest rates, when purchasing a first home in Guangzhou, the mortgage interest rate has been reduced from LPR to LPR-10BP. According to the latest quotation released on August 20th, the LPR quotation for a 5-year or more period is 4.2%, so the lowest mortgage interest rate for the first home is 4.1%. If calculated based on a 30-year commercial loan of 3 million yuan, with equal principal and interest repayment, it can save about 170 yuan in monthly payments and a total interest savings of about 60000 yuan.

If purchasing a second house in Guangzhou, the mortgage interest rate will be reduced to LPR+30BP, compared to LPR+60BP previously. If calculated based on a 30-year commercial loan of 3 million yuan, with equal principal and interest repayment, it can save about 520 yuan in monthly payments and a total interest savings of about 180000 yuan.

Li Yujia, Chief Researcher of the Guangdong Housing Policy Research Center, believes that the new housing loan policy in Guangzhou is conducive to the demand for changing houses, including the demand for selling one to buy one, especially the demand for second homes, including buying houses for parents and children, as well as investment needs, which conforms to the new situation of the new housing market focusing on improvement and large unit sizes. However, Li Yujia believes that the year-end market recovery brought about by this favorable policy may weaken the pulse response by the end of the year or even November. Whether the future real estate market can stabilize depends on the fundamental recovery trend.

Some customers will need to make a 10% down payment

It is worth mentioning that on August 31st, the People's Bank of China and the State Administration for Financial Supervision issued a notice on adjusting and optimizing differentiated housing credit policies. According to the notice, the lower limit of the minimum down payment ratio policy for commercial personal housing loans nationwide will be unified, and there will be no distinction between cities where "purchase restrictions" are implemented and cities where "purchase restrictions" are not implemented. The lower limit of the minimum down payment ratio policy for commercial personal housing loans for first and second homes will be unified to not less than 20% and 30%.

In terms of interest rates, the lower limit of the second housing interest rate policy has been lowered from LPR+60BP to LPR+20BP, and the lower limit of the first housing interest rate policy is still no less than 20 basis points lower than the corresponding period's LPR reduction.

It should be emphasized that the two departments pointed out that each region can independently determine the minimum down payment ratio and lower interest rate for the first and second homes in its jurisdiction based on the principle of implementing policies according to the city, and according to the local real estate market situation and regulatory needs. That is to say, this is the minimum requirement for national unity, and the specific lower limit needs to be determined by local policies based on the city.

As soon as the notice was issued, several leading real estate companies in Guangzhou began to promote their projects with a "20% down payment" to attract sales in the real estate market. On September 9th, an intermediary stated that all customers who had previously expected a 20% down payment for their first home now need to make up 10%, achieving a 30% down payment.

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