2023-12-18 02:32:19
Our reporter Peng Yan
Recently, Beijing and Shanghai have adjusted and optimized a number of real estate policies. “Securities Daily” reporters learned from banks in Beijing and Shanghai that many banks have begun to implement the latest housing loan standards.
Industry insiders interviewed believe that the policy adjustments in Beijing and Shanghai are relatively strong this time, which not only reduces the burden on home buyers and boosts market confidence; it also revitalizes the market and stimulates consumption, which is particularly beneficial to rigid demand and improving demand. .
Many banks have implemented new housing loan policies
On December 14, five departments including the Beijing Municipal Housing and Urban-Rural Development Commission jointly issued the “Notice on Adjusting and Optimizing the City’s General Housing Standards and Personal Housing Loan Policies.” On the same day, Shanghai announced that it would adjust ordinary housing standards and optimize differentiated housing credit policies starting from December 15. Among them, policies such as ordinary housing standards, home purchase down payment ratios, and mortgage interest rates were adjusted.
Wang Qing, chief macro analyst of Oriental Jincheng, said in an interview with reporters that the new real estate policies in Beijing and Shanghai can be regarded as a concrete implementation of the spirit of the Central Economic Work Conference. In addition, the property market continued to be in the adjustment stage after September, and the year-on-year decline in real estate sales area and sales nationwide expanded in November. This also increases the need for real estate support policies to be increased. It also means that real estate support policies will continue to be increased in 2024. The policy “toolbox” still has a lot of room for lowering the threshold for home purchase and lowering residential mortgage interest rates.
The reporter learned that starting from December 15, many banks in Beijing and Shanghai have officially implemented the new housing loan policy. A staff member of the personal loan department of a branch of a large state-owned bank in Beijing told reporters that starting from December 15, new loans will be implemented in accordance with the new policy. The interest rates for first-time home loans in the six districts of the city and outside the six districts of the city are respectively 4.3% and 4.2%. %, the second set is 4.8% and 4.75% respectively. In addition, the minimum down payment ratio for newly issued first-home loans is reduced to 30%, and the minimum down payment ratio for second-home loans is 40%.
A staff member of the personal loan department of a branch of another large state-owned bank in Beijing also said that the interest rates for new home loans have begun to be adjusted on December 15. In addition, for households purchasing a first home with a loan, the minimum down payment ratio shall not be less than 30%; for households purchasing a second home with a loan, if the purchased house is located in the sixth district of the city, the minimum down payment ratio shall not be less than 50%. ; For houses purchased outside the Sixth District of the city, the minimum down payment ratio shall not be less than 40%; at the same time, the mortgage interest rate period has also been adjusted from the previous 25 years to 30 years.
A staff member of the personal loan department of a branch of a large state-owned bank in Shanghai told reporters that starting from December 15, the bank’s first-home loan interest rate will be reduced to 4.1%, and the minimum down payment ratio shall not be less than 30%; the second-home loan interest rate in the main urban area will be 4.5% %, the minimum down payment ratio is not less than 50%; the mortgage interest rate in non-main urban areas is 4.4%, and the minimum down payment ratio is not less than 40%.
The above-mentioned bank staff emphasized that this adjustment only involves newly issued personal housing loans and does not involve existing housing loans. For customers who have signed a contract but have not yet received a loan, they can also be adjusted according to the new policy.
“Following Shenzhen, the two first-tier cities, Beijing and Shanghai, have also increased their support for the commercial housing market from the demand side. Commercial housing in first-tier cities does not account for a high proportion of the national real estate market, but the adjustment of their mortgage policies has a strong impact. It serves as a bellwether.” Wang Qing said that other cities will follow up and introduce more powerful measures. In addition to lowering the threshold for home purchase and lowering the mortgage interest rate, they will also reduce taxes and fees on real estate purchases, issue home purchase vouchers appropriately, and increase provident funds. Support for home purchases, etc.
Bank asset quality is expected to improve marginally
The loosening of real estate policies will also bring benefits to banking business. Li Yujia, chief researcher of the Guangdong Housing Policy Research Center, told a reporter from Securities Daily that Beijing and Shanghai have adjusted and optimized a number of real estate policies, which will help stabilize banks’ real estate credit scale, stabilize asset prices, and stabilize market expectations.
“In the bank’s credit structure, housing loans are relatively high-quality loans, and banks are willing to increase them. Lowering mortgage interest rates can boost residents’ willingness to borrow money to purchase houses, thus increasing the scale of bank credit.” Li Yujia further said.
In Wang Qing’s view, driven by the reduction in mortgage interest rates in the future, there will be further pressure to narrow bank net interest margins in 2024. However, as support policies for the property market increase, the scale of new residential mortgage loans will increase, which will help alleviate the pressure of banks’ “asset shortage”.
The CICC research report believes that stabilizing real estate market confidence, especially promoting the stabilization of house price expectations and the recovery of sales, is the key to mitigating real estate financial risks. In addition to countercyclical financial policies (including credit support, reductions in interest rates and down payment ratios, etc.) Guaranteeing property delivery and stabilizing confidence through fiscal and quasi-fiscal means are also conducive to the improvement of the credit of real estate entities. For banks, the stabilization of the real estate market will help improve asset quality expectations, especially joint-stock banks and joint-stock banks with a high proportion of development loans. Major state-owned banks with a relatively high proportion of mortgage loans.
Ming Ming, chief economist of CITIC Securities, said in an interview with a reporter from Securities Daily that Beijing and Shanghai have lowered the lower limit of mortgage loan interest rates and minimum down payment requirements, and adjusted the standards for identifying ordinary houses, which will help promote the release of effective demand. It is expected that real estate investment next year and consumption will stabilize and rebound.
(Editor: Qian Xiaorui)
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