Marginal fine-tuning space
Recently, in order to stabilize the development of the real estate industry, more than 20 provinces and cities have introduced various policies, including new regulations on land transfer, resumption of work and pre-sale conditions. Policies in some areas involve reducing the down payment ratio of provident fund loans and increasing the amount of provident fund loans, hoping to stabilize the real estate market through credit and reduce the impact of the COVID-19 epidemic on the market.
It is worth noting that many policy documents have mentioned that financial support for the stable development of real estate will be strengthened. Xinxiang released a number of policies to stabilize the development of the real estate market on February 23rd, which specifically pointed out that financial institutions were encouraged to appropriately reduce the interest rate of personal housing mortgage loans. For individual mortgage loans that have entered the approval process, it is necessary to optimize the approval process and speed up the loan issuance. Those who have completed the examination and approval of individual housing mortgage loans and meet the lending conditions should be issued as soon as possible. Optimize the allocation process of housing provident fund, speed up the issuance of housing provident fund loans, and provide financial support for project construction.
Subsequently, there was a fine-tuning policy for banks. Zheshang Bank recently issued a notice to adjust personal loans. For non-restricted cities, branches can reduce the proportion of down payment loans for urban households with non-restricted purchases, restricted loans and regulatory policies from 30% to 20%. On February 26th, it was reported that the down payment for the second suite of ICBC in Shaoxing was reduced from 60% to 30%. Shaoxing Branch of ICBC responded that its personal housing credit policy has not been adjusted and changed recently. The bank insists on the positioning that "houses are for living, not for speculation", supports residents' reasonable housing loan demand and maintains the stable and healthy development of the real estate market.
According to the notice issued by the People's Bank of China and the former Banking Regulatory Commission in February 2065438+2006, the minimum down payment ratio of commercial personal housing loans for ordinary housing in cities that do not implement the "purchase restriction" measures is 25% in principle, which can be lowered by 5 percentage points in various places; For households that own 1 apartment and the corresponding housing loans are not settled, in order to improve their living conditions, they should apply for commercial personal housing loans to buy ordinary housing again, and the minimum down payment ratio should be adjusted to not less than 30%.
Zhang Dawei, an analyst with Zhongyuan Real Estate, said that all the cities that may be involved in adjusting the down payment ratio are non-restricted cities, so there is room for adjustment of the credit policy. At present, these adjustments are within the scope permitted by the policy. However, the scale of real estate in these cities is not large, and even if the down payment ratio is fine-tuned, it will not have a significant impact on the local market.
Real estate financial policy is expected to be stable.
Recently, real estate-related policies are in an intensive release period. In addition to local policies, combined with the latest LPR quotation reduction, mortgage "anchor change" and other hot topics, the regulatory authorities have expressed their views and made it clear that the real estate financial policy will remain stable.
Liu Guoqiang, deputy governor of the People's Bank of China, recently said that the downward trend of LPR basically does not affect the personal mortgage interest rate, and banks can determine the personal mortgage interest rate by increasing LPR points, basically maintaining the original level and keeping the personal housing loan interest rate basically stable.
Recently, the 2020 National Conference on Banking Insurance Supervision and Management proposed to resolutely implement the requirement of "housing and not speculating" and strictly enforce regulatory rules such as credit concentration to prevent credit funds from illegally flowing into the real estate sector. Recently, the China Banking Regulatory Commission punished some banks for their illegal behaviors in the real estate industry.
On February 25th, Xiao, chief risk officer and spokesman of China Banking Regulatory Commission, said, "At present, the real estate financial policy has not been adjusted or changed, but we will further monitor and dynamically grasp the financing situation in the real estate market."
However, George W. Yuan Qi also said that the real estate financial policy also follows the principle of "one city, one policy", and all localities can make arrangements according to their own epidemic situation and local conditions, as long as they do not violate relevant policies.
(Original title: "Marginal fine-tuning of real estate financial policies does not change the general tone")