1-year and 5-year LPR ushered in a "double drop"!
On the 20th, the people's Bank of China authorized the national interbank lending center to announce the latest loan market quotation interest rate, with a one-year LPR of 3.7%, down 10bp; The LPR over 5 years was 4.6%, down regulated by 5bp.
Source: People's Bank of China
China Securities News · China Securities Taurus reporter conducted field research on a number of banks and real estate companies and found that housing loan lending in many places in Beijing, Shanghai, Guangzhou and Shenzhen increased, and housing loan interest rates of some banks in Guangzhou and Shenzhen decreased.
you can lend as soon as a week
The reporter successively visited or called banks and real estate intermediaries in many first and second tier cities such as Beijing, Shanghai, Guangzhou, Shenzhen and Chongqing. It was found that the speed of mortgage lending was accelerated, and the queuing time of lending in Beijing, Shanghai and other places was significantly shortened. Most banks could complete it in one month.
A staff member of the personal loan center of CCB Beijing Branch told reporters, "second-hand housing commercial loans need to queue up at the end of last year. Now they don't need to queue up. They can come out after approval in about a week. Generally, the loan is almost within three weeks."
The real estate manager of a large real estate agency in Beijing said, "among the banks we cooperate with, the fastest lending can be completed within a week, and the amount of each bank at the beginning of the year is relatively sufficient".
The lending speed of most banks in Shanghai has also increased significantly compared with that before. The staff of a branch of ICBC Shanghai Branch revealed that they are still digesting the backlog of customers last year, so customers who apply for new loans still need to wait for some time, but much faster than before.
Shanghai Pudong Development Bank Co.Ltd(600000) a loan manager in Shanghai also said that the housing loan amount in the first quarter was relatively sufficient. After approval, the loan of second-hand houses can be completed in about one month, and the mortgage loan of new houses can be faster, about two or three weeks. At the same time, they also mentioned that the specific lending time should be determined according to the actual situation of each sub branch.
The situation of banks in Guangzhou is slightly different, and the lending time ranges from one month to three months. Industrial Bank Co.Ltd(601166) a loan manager said that the amount is still relatively abundant, and the approval speed is accelerated, from one week to two or three days. The procedures are complete, and the loan can be completed in about a month and a half.
However, a large state-owned person told reporters, "the quota of second-hand houses is still tight, and the existing customers were still waiting for loans last year."
the interest rate fell as low as 4.9%
In terms of interest rates, the interest rates in Beijing and Shanghai are relatively stable, and the floating base point remains unchanged.
The staff of Beijing personal loan center of CCB said: "the interest rate fluctuates with LPR. Before the first set of interest rate, it was 5.2%, after today's adjustment, it was 5.15%. The increase point is still 55bp, which has not been adjusted, and the change is not obvious compared with the previous one."
According to a large real estate agent in Shanghai, the interest rate of the first house of commercial loan is LPR + 35bp, which is now 4.95%, previously 5%, and the interest rate of the second house is LPR + 105bp, which is now 5.65%, previously 5.7%. The whole is fine-tuning.
Interest rates in Guangzhou, Shenzhen, Chongqing and other places decreased significantly.
"Chongqing has indeed reduced some recently. At present, the interest rate of the first house is between 5.55% - 5.65%, which has been reduced a lot when the comparison is the highest." A real estate manager in Yubei District, Chongqing told reporters.
The interest rate of the first mortgage in Shenzhen fell below 5%. The personal loan manager of a branch of China Merchants Bank Shenzhen Branch told reporters that at present, the minimum loan interest rate for the first house can be applied for 4.9%. The specific need depends on whether the working unit, provident fund and personal credit investigation conditions are met.
In addition, the reporter learned from an intermediary company in Shenzhen that previously, the floating base point of the first mortgage interest rate of some banks was reduced from 45bp to 30bp. "After the transformation of Shenzhen's new housing market last year, Shenzhen buyers are more cautious, and the number of investment property buyers is greatly reduced. Many people are in a wait-and-see state. The houses that could be sold out in three hours before opening are now more than 200 sets left a day after opening."
In Guangzhou, it is understood that among the large state-owned banks, the interest rates of the first and second homes of many large banks were reduced by about 20bp, and some joint-stock banks decreased more. After the LPR adjustment, the interest rate of the first house loan in Guangzhou is concentrated between 5.6% - 5.8%.
LPR adjustment affects geometry
Zhang Dawei, chief analyst of Zhongyuan Real estate, said that "real estate is not fried" is the policy direction. Some cities, especially the first and second tier cities, have gradually bottomed out, and the market has stabilized significantly.
The person in charge of the personal loan department of a joint-stock bank in Beijing told reporters that in a strict sense, LPR is only a signal and can not directly predict the actual housing loans in the future. Because the adjustment of the interest rate of bank loans also involves factors such as operating conditions, lenders and credit risks. Borrowers who previously chose the "floating interest rate" method will indeed reduce their monthly mortgage repayment amount. However, if the borrower previously chose the "fixed interest rate" method, the repayment amount will not change even if the 5-year LPR is reduced.
According to insiders, the main purpose of this "interest rate cut" is to smooth the liquidity during the Spring Festival, reduce the capital cost of financial institutions, guide financial institutions to reduce the credit cost to the real economy, and promote the countercyclical regulation of monetary policy. Therefore, the "interest rate cut" can not further deduce that the mortgage market and real estate market are about to pick up.
