There are significant changes in down payment and interest rates for mortgage payments! What is the meaning behind it? How much money can you save? Here comes the interpretation

Release time:Apr 16, 2024 02:53 AM

The central bank: Starting from September 25th, it will lower the interest rate on existing first-time home loans

△ CCTV Finance's Economic Information Broadcast Program Video

On August 31st, the official website of the People's Bank of China announced that it will adjust the interest rate of commercial personal housing loans for the first existing housing units.

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.

There are significant changes in down payment and interest rates for mortgage payments! What is the meaning behind it? How much money can you save? Here comes the interpretation

For eligible existing housing loans, starting from September 25, 2023, the borrower can apply to the lending bank to issue a new loan to replace the existing first home loan, or negotiate a change in the contract interest rate level. Before September 25th, the bank can carry out preparatory work such as revising the contract text, transforming and adjusting the system, identifying customers that meet the standards, and promptly announce the processing process and required application materials to the borrower. The interest rate level for newly issued loans shall be determined through independent negotiation between financial institutions and borrowers, but the increase in LPR 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. At the same time, borrowers can also apply to financial institutions to negotiate changes to the interest rate level agreed upon in the contract, and the adjusted interest rate level should also meet the above requirements.

Wang Yifeng, Chief Analyst of the Financial Industry at Everbright Securities: Policy optimization for existing housing mortgage loans can play a positive role in promoting social consumption, preventing financial risks, and ensuring fairness in the interests of all parties. It will also to some extent delay the early repayment of mortgage loans and promote stable growth of mortgage loans.

Industry insiders estimate that after adjusting the interest rate of commercial and personal housing loans for the first available housing, the average decrease is about 0.8 percentage points. Taking the example of a 1 million yuan, 25 year, 5.1% original interest rate existing housing loan, assuming the loan interest rate drops to 4.3%, it can save borrowers interest expenses of over 5000 yuan per year.

Zhang Jun, Chief Economist of Galaxy Securities: After the implementation of future policies, we expect banks to gradually pilot and implement them in stages based on different regions and types of customers, in order to minimize the impact on net interest margin. In addition, we believe that the central bank will further guide a decrease in deposit interest rates in the future to reduce the debt side costs of banks.

Central Bank: Unified minimum down payment ratio no longer distinguishes between restricted and unrestricted cities

At the same time, the central bank also announced that it will unify the lower limit of the minimum down payment ratio policy for commercial personal housing loans nationwide, and will no longer distinguish between cities that implement purchase restrictions and cities that do not.

This means that in cities where purchase restrictions are implemented, the lower limit of the minimum down payment ratio for first and second homes after adjustment has been reduced from 30% and 40% to 20% and 30%, respectively, allowing residents to better meet their housing needs.

Zhang Jun, Chief Economist of Galaxy Securities: Policy adjustments not only help to release demand for improvement, but also take into account the role of sales of commercial housing in first and second tier cities as a barometer, which can play a positive role in boosting and improving the confidence of homebuyers and stabilizing the real estate market.

According to the notice, the lower limit of the second housing interest rate policy is adjusted to not less than the corresponding period LPR plus 20 basis points, while the lower limit of the first housing interest rate policy is still not less than the corresponding period LPR minus 20 basis points. 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 tailored to the city, on the basis of no less than the national unified housing credit policy mentioned above, and in accordance with the local real estate market situation and regulatory needs.

Cheng Qiang, Chief Macro Analyst of CITIC Securities: Reducing the down payment ratio and loan mortgage interest rates is of great significance for stabilizing the current real estate market sales and the entire real estate industry chain. At present, the supply and demand relationship in China's real estate market has undergone significant changes. Gradually withdrawing some restrictive policies on the demand side can effectively boost housing demand and promote the stable and healthy development of the real estate industry.

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