Let's first look at the core content of the policy-
From March 1 2020, financial institutions should negotiate with customers of existing floating interest rate loans on the conversion terms of pricing benchmark, and convert the interest rate pricing method agreed in the original contract into LPR as pricing benchmark (the increase point can be negative), and the value-added will be fixed during the remaining period of the contract; It can also be converted into a fixed interest rate.
Speaking of which, many people may ask, can the class representative explain what this means? Who will be affected? Will the monthly payment increase or decrease in the future?
Who is affected?
This policy is aimed at floating interest rate loans in stock, that is, floating interest rate loans (excluding provident fund personal housing loans) that have been issued by financial institutions before June 65438+1 October1in 2020 and have been signed but not issued with reference to the benchmark loan interest rate.
Generally speaking, those who buy houses before 2020 and set the benchmark interest rate for commercial loans (non-LPR) need to pay attention to this new policy. Property buyers who use provident fund loans are not affected.
What's the impact?
In short, the central bank actually gave the mortgage family a multiple-choice question-choose a fixed interest rate or a "LPR+ plus point" interest rate?
Option 1, choose a fixed interest rate. According to the regulations, the interest rate level of commercial personal housing loan after conversion should be equal to the latest execution interest rate level of the original contract. In other words, after choosing a fixed interest rate, it is to maintain the current interest rate level unchanged and is not affected by the change of LPR interest rate.
Option 2, choose "LPR+ plus point" interest rate. LPR is the quoted interest rate in the loan market, which is a new mechanism introduced by the central bank this year. LPR is published once a month and can be increased or decreased. In other words, if you choose the "LPR+ plus point" interest rate, your future mortgage interest rate will also rise and fall, and your monthly payment may also increase and decrease.
More importantly, the borrower has only one choice and cannot convert again after conversion. So the key question is coming.
Which is cost-effective?
Listen to the experts-
Yuan, vice president of Zhuge housing search, said that for users, the fixed interest rate is determined for a long time, and they can't enjoy the dividend of falling interest rates, but they can also avoid the cost increase when interest rates go up. The way to add LPR to the pricing benchmark is to go with the market for users, and they can enjoy the reduction of repayment amount brought by the downward interest rate, but the repayment amount will also increase when the interest rate goes up.
"As far as the current interest rate market environment is concerned, the probability of LPR going down is greater. Choosing LPR as the pricing benchmark may be a safer and mainstream solution. " Yuan said to:
Zou, head of the housing big data project of the Institute of Finance and Economics of China Academy of Social Sciences, said that now that LPR has been anchored, LPR has a long-term downward trend, so the existing mortgage interest rate has also opened a long-term downward channel, which is conducive to reducing the housing burden and the repayment pressure is expected to be reduced.
Yan Yuejin, research director of the think tank center of Yiju Research Institute, said that the adjustment is mainly to adjust the interest rate calculation method, that is, from "the central bank benchmark interest rate *( 1+ floating ratio)" to (LPR base interest rate+basis point). Follow-up interest rates have room for downward adjustment, so mortgage borrowers don't have to worry about the burden of increasing monthly payments, and they don't have to repay loans in advance.
How to convert? How to determine the addition amount?
According to the regulations, if the pricing benchmark is converted into LPR, the term variety of LPR will be determined according to the loan term of the original contract, and will not be adjusted within the remaining term of the contract after determination; The added value is the difference between the latest execution interest rate of the original contract and the LPR of June 20 19, 12 (which can be negative), and it will be fixed during the remaining term of the contract; The interest rate level remains unchanged at the time of conversion; Lenders and borrowers can re-agree the re-pricing period and date, and the shortest re-pricing period is one year.
For example, the original contract term of commercial personal housing loan is 20 years, and the remaining term is 8 years. The interest rate agreed in the original contract is that the benchmark interest rate of loans for more than 5 years will rise 10%, and the current interest rate is 4.9% × (1+10%) = 5.39%. 20 19 and 12 issued an LPR of more than 5 years, which was 4.8%.
If you choose a fixed interest rate, your mortgage interest rate will be 5.39% in the future.
If the interest rate of "LPR+ plus plus points" is selected, the borrower and lender decide to change the pricing benchmark on March 30, 2020, and the repricing period is still 1 year and the repricing date is still 1 day every year, then the plus point interval should be 0.59 percentage points (5.39%-4.8% = 0.59. From March 30th to February 30th, 2020, 65438+3 1, the interest rate is still 5.39%(4.8%+0.59%). In other words, the monthly supply level will not change in 2020.
On the first re-pricing date thereafter, that is, 202 1, 1, according to the re-agreed re-pricing rules, the interest rate announced in 65438+February 2020 will be adjusted to LPR+0.59%, and so on every year thereafter. If the five-year LPR released in June 5438+February 2020 drops, your monthly payment will also decrease.
When do you change it?
According to the requirements, the transformation began on March 1 2020, and should be completed before August 3 1 2020 in principle.
The central bank requires that banks should formulate the existing commercial personal housing loan pricing benchmark conversion work plan as soon as possible from the date of announcement, including system support, personnel training, etc., and inform customers through various channels (including announcements in official website and outlets, SMS, email, mobile banking, telephone notification, etc.). On the premise of mutual consent, change the original contract terms in a simple and easy way as far as possible.
The monthly supply will remain unchanged in 2020, and the impact will start from 202 1.
According to the requirements, in order to implement the regulation requirements of the real estate market, the interest rate level of commercial individual housing loans in stock remains unchanged at the conversion point.
Yan Yuejin said that when it is adjusted for the first time in 2020, the actually calculated interest rate will not change, and buyers do not have to worry about changes in monthly supply.
Yuan said that the conversion time was from March 1 day to August 3 1 day, 2020, but the actual implementation time began from 5438+0, 2026. That is to say, the mortgage actually implemented by users in 2020 is still implemented according to the mortgage on 438+09, 2065, and repayment is made according to the current repayment agreement. Even if LPR declines in 2020, users can only enjoy the dividend of interest rate decline from 202 1. (End)