Shanghai's first mortgage loan rate "quietly" loosening experts say does not represent regulation and relaxation

At the beginning of the new year, Shanghai released a positive signal from the real estate market: In the implementation of differentiated credit policies, the relevant departments will implement the loan interest rate and the down payment ratio for first-time buyers.

“First Financial Daily” reporter recently learned from many parties that the loan interest rate of some Chinese-owned banks in Shanghai has gradually returned to the “benchmark interest rate”; at the same time, some foreign-funded banks even have preferential interest rate discounts.

Shanghai's relevant departments have clearly pointed out in recent days that this year's focus will be on the implementation of differentiated housing credit, taxation policies, real estate tax collection and housing sales restriction policies. Among them, in implementing differentiated credit policies, relevant departments will implement loans for residents to purchase homes for the first time. Interest rate and down payment ratio.

According to Yang Hongxu, the head of the comprehensive research department of Shanghai Yiju Real Estate Research Institute, a Shanghai-based company, this is not what Shanghai has done, but the implementation of national policies. At the end of last year, Minister of Housing and Urban-Rural Development Jiang Weixin said at the National Conference on Housing and Urban-Rural Development that strict implementation of differentiated housing credits and taxation policies will be adopted to support residents' reasonable purchase needs and to prioritize the need for home loans for first-time home purchases.

A person in charge of the Shanghai Municipal Office of Housing Security and Housing Management told reporters that since the council is not a credit department, it cannot provide more detailed information.

Media reports said that before the Spring Festival, Yantai City Agricultural Bank, Bank of China, Huaxia Bank and many other banks have already adjusted the loan interest rate for the first suite from the benchmark 10% to a 5% increase. Some foreign-funded banks in Chongqing loosely claimed that the first house loan can enjoy a minimum of 10% discount, but the Chinese banks are still not moving and interest rates have not been loosened.

"Guangzhou Daily" reported that the newspaper reporter found that although most of the state-owned banks' implementation standards have not changed, some banks that had previously implemented floating interest rates will go up further and reduce the rate. Most banks have already implemented the benchmark interest rate, while the banks said that the approval process for new credit cases will be accelerated.

A bank's account manager told the Guangzhou Daily reporter: “As the reserve funds are released and funds are released, banks will have more and more credits available, so customers do not have to rush to apply for mortgages. We are still waiting for the head office’s policy. It is uncertain that mortgage interest rates for first-time buyers after this year may have concessions. Buying houses is really not in a hurry.” In the interview, there are many bank account managers who said that they will receive even greater discounts after applying for mortgage loans after March. .

Preferential rates vary. “There are currently no new documents and instructions for the housing loan policy.” The head of the financial department of a large state-owned bank Shanghai Branch said to the reporter yesterday, “The first house loan implements a down payment of 30% and a benchmark interest rate policy. ”

However, the person in charge also stated frankly that in the second half of last year, due to tight credit lines, the first mortgage loan rate rose above the benchmark interest rate once. "And the credit line at the beginning of the year is still there, so the first mortgage loan rate is added to the benchmark interest rate." He said, "but the future interest rate situation is still uncertain, depending on the liquidity of the funds and the amount of credit considerations."

In fact, the real estate control policies that have been introduced one after another have been strengthening differentiated housing credit policies and have clearly stipulated that “for families purchasing loans for the second home, the down payment ratio should not be less than 60%, and the lending rate should not be lower than 1.1 times the benchmark interest rate. "The first suite will follow the down payment of no less than 30%, but no mandatory requirements are imposed on the interest rate."

From the second half of last year, the continuous credit lines and capital tensions caused many banks to implement the policy of first mortgage down payment by 30% and interest rate up by 10%. Second home loan requires down payment by 60%, interest rate up by 20% or more. high.

Another person in charge of the state-owned Daxing Bank Shanghai Branch’s Finance Department yesterday confirmed to this reporter: “At the end of last year, the first mortgage loan rate rose to between 1 and 1.1 times the benchmark interest rate, but this year, there has been no increase in interest rates.”

An insider in the industry told this reporter that at present, individual Chinese banks have different policies for different mortgage customers. "For example, the bank's VIP customer has a 5% interest in the benchmark interest rate for a period of at least three months with a 500,000 yuan asset," the source said.

However, there are also Chinese banks that are still tight on mortgages. Bank of China stakeholders said: “At present, the first mortgage loan interest rate has risen. At the end of last year, it was 1.05 times the benchmark interest rate, and now it is at least 1.05 to 1.1 times the benchmark interest rate. At the same time, given the deposit pressure is still not small, the mortgage loan quota is also tight. ."

In addition, the first-home loan of foreign banks, which has a benchmark interest rate of 1.1 times at the end of last year, is currently returning to the benchmark interest rate; individual banks conduct comprehensive assessments based on the actual situation of the applicants during the operation. Some banks have large deposits or purchases in the bank. Customers of large-scale wealth management products can enjoy up to a 10% discount on interest rates.

Does not mean that the deregulation of the China Index Research Institute Chen Yu, deputy director of the Institute, told reporters that the overall real estate control includes two aspects: to invest in, as well as to encourage just need to improve sexual needs, so last year, some banks to increase the first suite down payment ratio and interest rates, is Based on the consideration of its own profitability, it is not consistent with the direction of government regulation.

Chen Hao believes that the bank's personal mortgage risk is not great. “As soon as the loan has already hit 30 percent off, when you buy a home, you have to pay 30% of the down payment, which is equivalent to a 30% discount. Therefore, only if the housing price falls by 50% will the bank be at risk, so I think the bank’s current asset risk is still small. In terms of how the quota is allocated, whether the bank loans people to buy a house or if it loans to a company to make more profit, so the government should have requirements."

However, there are also comments that this move may be seen by the market as a signal of relaxation in the regulation of the property market, again stimulating the rebound of the real estate market, and thus affecting the effectiveness of regulation and control.

Chen Xi also stressed that this does not mean that regulation and relaxation are necessary, because encouraging just-needed and improving sexual demands are inherent to regulation. Yang Hongxu said that this move will certainly stimulate demand, but the degree depends on the degree of preferential treatment. "The market recovery needs a process and it is unlikely that this year will pick up significantly, so for the time being there is no need to worry about the impact of the regulation."

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