After the central bank and the China Banking and Insurance Regulatory Commission announced on May 15 that they would lower the lower limit of the first mortgage interest rate (LPR) by 20 basis points, Tianjin took the lead in implementation.
On May 18, the reporter of the Securities Times called Tianjin Branch of many banks and learned that many banks such as Bank of China, Agricultural Bank of China, ICBC, China Construction Bank, Bank of communications and China Merchants Bank began to implement the first mortgage interest rate of 4.4% as of today. The Bank of Tianjin and Postal Savings Bank Of China Co.Ltd(601658) have not received the notice of reduction, and the interest rate of the first house loan is still 4.9%.
On the same day, a reporter from the Securities Times called many banks in Beijing, such as Bank of China, Agricultural Bank of China, industrial and Commercial Bank of China and China Construction Bank. They were told that the interest rate of the first house loan was the same as before, and it was still implemented at a minimum of 5.15%. Among them, the staff of a branch of ICBC and China Construction Bank in Beijing also said that they were still waiting for notice.
Insiders believe that although this adjustment is mainly aimed at the first mortgage interest rate, there is still room for policy adjustment. The subsequent reduction of the second mortgage interest rate can still be expected. The mortgage interest rate of “implementing policies in the city” is relaxed. It is expected that the subsequent urban commercial banks will successively issue detailed rules for housing loans, and give policy support including the identification rules for the first house, reducing the down payment ratio of the first house and the second house, and reducing the loan interest rate of the second houseP align = “center” Tianjin banks will implement the new policy of housing loan interest rate
On May 17, it was reported that according to insiders, the interest rate of the first house loan in Tianjin fell to 4.4% at a meeting held by relevant bank institutions on May 17, which can be landed immediately. Including Agricultural Bank of China, Bank of China and Bank of communications.
In this regard, on May 18, the reporter of the Securities Times called a number of banks Tianjin Branch as the buyer to verify, and learned that many banks such as Bank of China, Agricultural Bank of China, ICBC, China Construction Bank, Bank of communications and China Merchants Bank began to implement the first mortgage interest rate of 4.4% as of today.
The customer manager of the business department of a branch of Bank of China in Tianjin told the Securities Times: “it was learned from the housing loan department that the interest rate of the first house loan was reduced to 4.4% last night, and the interest rate of the second house remained unchanged.”
The staff of the personal finance department of a branch of Agricultural Bank of China in Tianjin told the securities times that they saw the notice today that the interest rate of the first house loan can be reduced by 20 basis points, that is, 4.4%, but it also depends on the credit investigation of customers, which can only be said to be as low as 4.4%.
The staff of the housing loan departments of some branches of Bank of communications, China Construction Bank, ICBC and China Merchants Bank in Tianjin also told the securities times that the minimum interest rate of the first set of housing loan is 4.4%, which was officially implemented today. Among them, the staff of the Bank of communications also said that as long as customers who meet the first house purchase qualification (no house in Tianjin and no mortgage record in the country) have no problem in credit investigation, they can generally apply for it.
However, the staff of Bank of Tianjin and Postal Savings Bank Of China Co.Ltd(601658) said that they had not received the notice of reduction at present, and the interest rate of the first house loan was still implemented at 4.9%.
Yan Yuejin, research director of the think tank center of E-House Research Institute, said that the major banks in Tianjin quickly conveyed the weekend policy of the central bank, reflecting the guidance of rapid implementation of the central bank’s policies and rapid implementation of supporting policies. The policy implementation Festival is very fast. The interest rate in Tianjin has been directly reduced to 4.4%, which is largely greater than the expected decline, which fully reflects the determination of the bank to vigorously reduce the mortgage interest rate.
Yan Yuejin believes that the Tianjin policy has a very strong signal significance, which fully shows that the interest rate of 4.4% was officially born. This kind of vigorous reduction of mortgage interest rate is essentially to better protect the demand for rigid demand and improved house purchase. It plays a positive role in boosting the market and is bound to reverse the downturn of the real estate market. At the same time, the reduction of mortgage interest rate is rapid, clear and unified, and the market expectation will obviously be affected, creating better conditions for local governments, real estate enterprises, banks and home buyers to reassess the trend of the real estate marketP align = “center” “policy for the city” housing loan interest rate easing starts
In addition to Tianjin, the reporter of the securities times combed the public report information and learned that the first mortgage interest rate of some banks in Suzhou, Zhengzhou, Jinan, Qingdao and other places has dropped to 4.4%. Among them, the first home loan interest rate of some large state-owned banks in Suzhou fell to the lowest 4.4%, up from 4.6%; Agricultural Bank of China in Jinan, China Minsheng Banking Corp.Ltd(600016) , Bank Of Beijing Co.Ltd(601169) etc. began to take over the new housing loan business on May 17 and implemented the first house loan interest rate of 4.4%; Qingdao industrial and Commercial Bank of China began to implement the first house mortgage interest rate of 4.4% on the 18th, and other banks will follow up these two days.
Yan Yuejin said that those who took the lead in reducing the interest rate of the first set of housing loans are provincial capital cities or second tier cities, which fully reflects the demonstration and benchmarking of such cities. Such adjustment cities are generally cities with high market pressure and strong adjustment power, such as the overall depression of the real estate market in Tianjin in recent years, the rapid cooling in Zhengzhou in the second half of last year, the tepid real estate market in Jinan and the obvious market downturn in Suzhou. Such cities have generally relaxed their real estate policies in the near future. The superposition of such low interest rate policies objectively helps to reduce the transaction cost of real estate and plays a positive role in boosting the market.
On May 15, the central bank and the China Banking and Insurance Regulatory Commission issued a notice to reduce the lower limit of the interest rate of the first commercial personal housing loan to the corresponding term LPR by 20 basis points, and the lower limit of the interest rate of the first housing loan with a corresponding term of more than 5 years to 4.4%. In accordance with the principle of “implementing policies according to the city”, independently determine the lower limit of the interest rate of commercial individual housing loans for the first and second houses in each city under its jurisdiction.
According to the research team of Galaxy Real estate, the interest rate of the new housing loan is reduced by 17.5 basis points, which is lower than that of the main urban housing loan market in 2019. At present, the interest rate of the new housing loan is 17.5 basis points, which is lower than that of the main urban housing loan market in 2019. Although the interest rate of the new housing loan is reduced by 17.5 basis points in 2019, the research team of Galaxy Securities believes that the interest rate of the new housing loan is lower than that of the main urban housing loan market, However, the interest rates in hot cities are still increasing more. At present, the interest rates of the first set of housing loans in Beijing, Shanghai and Shenzhen are 5.15%, 4.95% and 4.95% respectively, which are 55bp, 35bp and 35bp respectively compared with the LPR increase points in the previous five years. There is a large room for reduction. It is expected that the subsequent “urban policy” housing loan interest rate easing will start.
Galaxy Securities real estate team also believes that although this adjustment is mainly aimed at the first mortgage interest rate, there is still room for policy adjustment, and the subsequent reduction of the second mortgage interest rate can still be expected. It is expected that commercial banks in subsequent cities will successively issue detailed rules for housing loans, giving policy support including the recognition rules for the first house, reducing the down payment ratio of the first house and the second house, and reducing the loan interest rate of the second house.
According to China International Capital Corporation Limited(601995) calculation, taking a 25-year commercial loan of 1 million yuan as an example, if the terminal mortgage interest rate is also reduced by 20bp (consistent with the lower limit of interest rate), the monthly repayment will be reduced by 117 yuan, accounting for 2.0% of the total repayment amount; If the terminal mortgage interest rate is lowered to the lower limit of 4.40%, the monthly repayment will decrease by 444 yuan, accounting for 7.5%.
