2023-07-28 05:38:17
Heavy!The Ministry of Housing and Urban-Rural Development publicly stated that it is expected to loosen the policy of “recognizing housing and subscribing for loans” in first-tier cities
2023-07-28 13:38:17 Source: Financial Association shared to:
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The real estate industry policy is expected to usher in major adjustments.
Ni Hong, minister of the Ministry of Housing and Urban-Rural Development, said at a recent corporate symposium that the real estate market should continue to stabilize and recover, vigorously support rigid and improved housing demand, and further implement the reduction of down payment ratios and loan interest rates for first-time housing purchases. There are policies and measures such as tax reduction and exemption for redemption, and personal housing loans “recognize the house without subscribing to the loan”.
Experts interviewed believe that the continued slump in the property market is the reason for the Ministry of Housing and Urban-Rural Development’s voice. Although many measures have been introduced to boost the property market, including interest rate cuts, the effect has been minimal, and the property market has not yet improved significantly.
“Previously, the central government’s utterances on real estate were basically in the form of broad setting and propaganda. This utterance is the first public and specific statement by the central government on policy loosening in recent days. It puts forward specific and feasible policy content and loosening direction. It is a response to July 24. Supplement and refinement of the meeting of the Political Bureau of the Central Committee.” Chen Xiao, a senior analyst at the Zhuge Data Research Center, believes that the Ministry of Housing and Urban-Rural Development’s voice has a key guiding significance for the subsequent adjustment of local urban policies.
However, Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Urban Planning Institute, believes that this statement was released in the form of a symposium held by the Ministry of Housing and Urban-Rural Development, and the subsequent implementation of the policy still needs to be implemented by the financial management department and various regions.
“Recognize the house and subscribe for the loan” is expected to loosen
From the perspective of policy direction, the Ministry of Housing and Urban-Rural Development has proposed three major directions this time, one is for the down payment ratio of the first home, the other is for tax reduction and exemption for improved housing, and the third is for the housing and loan policy.
Among them, what has attracted the most attention from the outside world is the statement of the policy of “recognizing a house without subscribing to a loan”.
“Recognizing the house and subscribing for the loan” generally refers to having a record of buying a house loan. Even if there is no house in the name or the loan has been paid off when buying a house again, it will be recognized as a second house. The down payment ratio, mortgage interest rate and related taxes of the second house Both are significantly higher than the first housing, which hinders the demand for improved housing from entering the market.
According to incomplete statistics from the Zhuge Data Research Center, since last year, more than 20 cities including Zhengzhou, Hangzhou, Nanjing, Suzhou, Wuxi, Tianjin, Foshan, Zhuhai, Dongguan, etc. have optimized the policy of “recognizing housing and subscribing for loans”.
Chen Wenjing, director of market research at the Middle Finger Research Institute, said that the current cities with strict purchase restrictions and the implementation of the policy of recognizing housing and subscribing loans mainly include more than ten core cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, and Xi’an. Not subscribed”, it is expected that the second-tier cities may be the first to adjust and optimize in the short term, and there is also room for first-tier cities.
A number of interviewed experts believe that the Ministry of Housing and Urban-Rural Development’s expression of “recognizing housing and subscribing for loans” on personal housing loans has the greatest impact on first-tier cities.
It is reported that the current house purchase policy in Beijing is “recognize the house and subscribe for the loan”, that is, if there is one house under the name or there is a loan record in the country (it doesn’t matter whether it is paid off or not), the second house is purchased with a second loan. The minimum down payment for commercial loans is 60% for general housing and 80% for non-general housing, and the mortgage interest rate is 5.25%.
If it is changed to “recognize the house without subscribing for the loan”, the down payment ratio of the house-changing family can be adjusted to 35%, and the mortgage interest rate can be reduced to 4.75%.
As far as Shanghai is concerned, the current policy of recognizing a house and then subscribing to a loan is also implemented. The down payment ratio of house-changing families is as high as 70%, and the mortgage interest rate is as high as 5.25%. If it is changed to “recognize the house without subscribing for the loan”, the down payment ratio can be adjusted to 35%, and the mortgage interest rate can be reduced to 4.55%.
“The analysis of Beijing and Shanghai shows that recognizing a house but not a loan can significantly reduce the down payment and interest rate costs of improved housing demand.” Yan Yuejin, research director of E-House Research Institute, said.
“If the mortgage subscription is cancelled, the purchase of a second house can be carried out according to the standard of the first house, which is a great benefit for customers who are improving. It will greatly reduce the cost of buying a house, reduce the pressure on repayment, stimulate the enthusiasm for entering the market, and promote the release of demand for improvement. .” Chen Xiao said.
However, Zhang Dawei, chief analyst of Centaline Real Estate, believes that it is not expected that the first-tier cities will fully loosen the restrictions on recognizing houses but not mortgages, and it is likely to take the lead in piloting in remote areas such as Fangshan in Beijing and Lingang in Shanghai.
Policies are expected to be gradually implemented in various regions in early August
In addition to canceling the policy of recognizing houses and subscribing for loans, the Ministry of Housing and Urban-Rural Development mentioned policies to stimulate the home purchase market, including lowering down payments and lowering mortgage interest rates, and reducing taxes and fees for house exchanges.
“Currently, hotspot cities have concentrated rigid demand and a large number of people changing houses. Lowering interest rates, lowering down payments, and lowering taxes can improve expectations and release demand.” Chen Wenjing said.
According to statistics, the down payment ratio of first-home buyers in many first- and second-tier cities is 30% or even higher, and the interest rate of first-home loans in some cities is still higher than that of LPR with a term of more than 5 years.
“In the short term, first- and second-tier cities may further reduce the first-home down payment ratio and mortgage interest rates, and second-tier cities where the first-home down payment ratio is still 30% may gradually drop to the lower limit of 20%. At the same time, first-tier cities such as Beijing and Shanghai first-home mortgage rates There is also the possibility of lowering the points added.” Chen Wenjing said.
Yan Yuejin said that there are still some cities that have not reduced the down payment ratio to 20%, and the interest rate is still higher than 4.0%. It is expected that such policies will be gradually implemented in early August.
Regarding tax reductions and exemptions for improved housing purchases, in September 2022, the Ministry of Finance and the State Administration of Taxation issued the “Announcement on Individual Income Tax Policies Supporting Residents’ Purchase of Housing”, stating that from October 1, 2022 to December 31, 2023, For taxpayers who sell their own houses and re-purchase houses in the market within one year after the sale of their current houses, the individual income tax paid on the sale of their current houses will be given a tax refund.
This time, the Ministry of Housing and Urban-Rural Development emphasized the further implementation of tax and fee reductions for improved housing replacement, and it is expected that subsequent policy support for housing replacement demand will further increase.
“In terms of tax policy, it is expected that there will be two adjustment directions. One is to optimize and adjust the non-ordinary housing identification standards, such as canceling the total price identification standard; the second is to reduce the value-added tax exemption period of hot cities from 5 years to 2 years, and reduce housing transaction costs. .” Li Yujia said.
Chen Wenjing said that after the meeting of the Political Bureau of the Central Committee on July 24, the Ministry of Housing and Urban-Rural Development took the lead in releasing positive signals. The voice of the competent department not only helped to boost market confidence, but also fired the starting gun for accelerating the implementation of optimization policies in various regions. It is expected that the pace of optimization policies in various regions will further increase. Speed up, especially policy optimization in second-tier cities may be on the way.
“This policy adjustment is another major policy relief since the destocking in 2014. The main purpose is to stabilize and underpin real estate, release domestic demand and consumption potential, and achieve stable growth and employment. Considering the concentration of rigid demand in hot cities, The demand for house replacement has begun to dominate, and this policy will reduce costs and thresholds, and it will be effective, but the specific effect depends on the implementation of the subsequent implementation in various places, and also depends on the subsequent implementation of the policy by the financial and taxation departments.” Li Yujia said.
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