According to the previous announcement of the Central Bank, since October 8, the interest rate of newly issued commercial personal housing loans has been formed with the quotation rate of the loan market for the corresponding period of the latest month as the pricing benchmark plus point.
According to China Securities Daily, the new pricing benchmark for personal housing loans in Beijing is: the interest rate of the first commercial personal housing loan is not lower than the corresponding maturity LPR (quotation rate of loan market)+55 basis points (one point is equal to 0.01%), and the interest rate of two commercial personal housing loans is not lower than the corresponding maturity LPR+105 basis. Point. Beijing Youth Daily reporter learned that there are already banks according to such pricing rules to determine the interest rate of customersmortgages. According to the 5-year LPR 4.85% level announced by the Central Bank on August 20, the lower limit of interest rate for the first set of personal housing loans in Beijing is 5.4%, and the second set is 5.9%. This level is basically in line with the interest rate of new individual housing loans issued by major Chinese banks in Beijing.
New Deal Forms with the Latest LPR as Pricing Benchmark Plus Point
On August 25, the central bank announced that since October 8, the new commercial personal housing loan interest rate has been formed with the corresponding loan market quotation rate (LPR) of the latest month as the benchmark plus point of pricing.
In this regard, central bank officials have said that the announcement is mainly aimed at the newly issued interest rate of personal housing loans, and the interest rate of the stock of personal housing loans is still implemented according to the original contract.
After the conversion of the pricing benchmark, the interest rate of the first new set of personal housing loans issued nationwide shall not be lower than the corresponding term LPR (4.85% according to the LPR above the 5-year period of August 20); the interest rate of the two sets of personal housing loans shall not be lower than the corresponding term LPR plus 60 basis points (5.45% according to the LPR above the 5-year period of August 20), which is similar to the current individual housing in China. The real minimum interest rate of loans is basically the same. At the same time, the branches of the Peoples Bank of China will guide the provincial market interest rate pricing self-regulation mechanism to determine the local LPR plus point lower limit in time.
For a long time, the pricing of mortgage interest rate of banks in our country is multiplied by a certain proportion coefficient on the basis of the benchmark lending rate of the central bank. For example, before that, the main interest rate of Beijings first suite loan had risen by 10% or 5.39% at the benchmark interest rate of 4.90%, while the second suite loan rate had risen by 20% or 5.88% at the benchmark interest rate. Some insiders pointed out that this multiplication method has obvious disadvantages. When the benchmark interest rate is at a low level, the multiplied effect will be reduced accordingly. Now the LPR plus point method can solve the problem of smaller effect and make the calculation more intuitive.
After adjustment, the interest rate of housing loan is basically the same as the current level.
At present, the benchmark interest rate of first-home loans in Beijing is generally up by 10% (about 5.39%). According to China Securities Daily, the adjusted pricing benchmark of Beijings new personal housing loans is: the interest rate of the first commercial personal housing loans is not lower than the corresponding period LPR+55 basis points, and the interest rate of two commercial personal housing loans is not lower than the corresponding period LPR+55 basis points. Rate is no less than the corresponding period LPR + 105 basis points.
According to the latest five-year LPR (4.85%) calculation, Beijings first set of personal housing loan interest rate lower limit is 5.4%, second suite is 5.9%. This level is basically the same as the interest rate of new individual housing loans issued by major Chinese-funded banks.
The interest rate of the first apartment is still 2.75% in 1-5 years and 3.25% in 6-30 years. The interest rate of the second apartment is 3.025% in 1-5 years and 3.575% in 6-30 years.
It is noteworthy that the lower limit of the additional point determined this time is not unchanged. According to the change of Beijings real estate situation and the fluctuation of LPR, the industry will guide the self-regulation mechanism of interest rate pricing in Beijing to adjust the lower limit of the increase point of individual housing loan interest rate in a timely and appropriate manner.
Several banks are ready
According to the regulations of the Central Bank, October 8 is the conversion day of the pricing benchmark. Before that, loan banks need to modify loan contracts, upgrade systems, organize staff training, and take various ways to do a good job of publicity and interpretation for customers to ensure that the transformation process is smooth and orderly. Before October 8, loans that have been granted and signed but have not been granted are still executed in accordance with the original contract. Of course, if some banks are ready, after consulting with the borrowers, they can choose to determine the lending rate according to the LPR plus point method.
Beijing Youth Daily reporter learned that some banks in Beijing have set mortgage interest rates according to the new rules. It is reported that the Industrial and Commercial Bank and the Construction Bank have carried out corresponding work.
Ren Ximing, deputy general manager of ICBCs Personal Finance Department, introduced to the media that ICBC has mainly carried out three aspects of work at present. The LPR pricing model system for personal housing loans is being tested, and preparations for the system can be completed in the middle and late September. Huang Yougang, deputy general manager of the Housing Finance and Personal Credit Department of CCB, also disclosed six aspects of work related to CCB. At present, we have studied and sorted out the propaganda materials of the policy and the question-and-answer database of the customers, and completed the preparation of the customers question-and-answer work during the policy transition period.
Interest Rate Pricing in Local Markets
Self-discipline mechanism will play a role
Previously, the Central Bank announced clearly that the provincial branches of the Peoples Bank of China should guide the self-regulation mechanism of interest rate pricing in provincial markets according to the principle of implementing policy according to the city. On the basis of the unified national credit policy and according to the changes of the local real estate market situation, the first set and two sets of commercial personal housing loan interest rate increase points in the jurisdiction should be determined. The lower limit.
In the future, the LPR will float up and down. Will the mortgage rate go down all the way? Will this affect the implementation of real estate regulatory policies?
In this regard, many insiders pointed out that LPR will fluctuate, if the addition point remains unchanged, it will indeed change the mortgage situation, but the addition point can fluctuate, it will also affect the mortgage interest rate, will not make the mortgage interest rate can only be unilaterally downward. Current real estate regulation and control emphasizes city-by-city policy and different situations in different regions. Under this background, the self-regulation mechanism of market interest rate pricing in different regions will play a very important role. It can be predicted that if there are individual cities whose mortgage interest rate changes due to LPR changes, resulting in the local real estate market tension, then market interest rate guidance will be relatively frequent, for example, once a month or two will be adjusted.
Zhou Jingwei, a researcher at the International Finance Research Institute of the Bank of China, believes that the future mortgage interest rate will more prominently reflect the regional monetary policy and credit strategy of banks. The difference of mortgage interest rates between different regions, different customers and different periods will be greater, which can better reflect the urban policy.
According to people familiar with the situation, 13 provinces and municipalities have deployed the conversion of interest rate pricing benchmarks for personal housing loans, which may land next week.
Er Yongjian, chief financial analyst at the Banks Financial Research Center, also said that the impact of the new mortgage pricing rules on the market is limited, and it is still a continuation of the previous real estate regulatory policies: it can maintain the overall interest rate of individual housing loans basically stable, neither falling nor significantly increasing the interest rate of individual housing loans. Interest burden. This will help to ensure the stability of the real estate market, while promoting the decline in corporate lending rates.
Source: Responsible Editor of Beijing Youth Daily: Zhang Xianchao_NN9310