Specifically, since the implementation of the New Deal, it has become more difficult for people to use provident fund loans to buy houses.
Yang Hongxu, vice president of Yi Ju Research Institute, called it the most stringent new fund policy in history.
What is the purpose?
After the New Deal, there are views that Beijings purchase restriction policy is the most stringent in the country, ordinary people have been in short supply of housing, why should the government give a heavy blow again?
From the background of policy, there are two considerations:
First, insist that the house is used for living, not for frying. In the long run, the state should speed up the establishment of a housing system featuring multi-subject supply, multi-channel security, and both rent and purchase. ?
In the view of Zhang Dawei, chief analyst of Central Plains Real Estate, the combination of rent and purchase can be linked to the adjustment of the provident fund. Every deposit year can be loaned 100,000 yuan, the deposit period is not enough for a full year, according to a full year calculation, the maximum can be loaned 1.2 million yuan. This means that when young people start working at the age of 22, they will be able to meet the loan requirement of 1 million 200 thousand yuan by the age of 34. For young people with weak economic strength and low wages, tightening the gate of provident fund loans may lead them to give up buying and rent.
Objectively speaking, this is conducive to the expansion of the scale of the housing rental market.
There is also a view that the loan amount and pay age is linked to reflect fairness. Provident fund is a big pool, the money available for loans in previous years is still relatively large, but in recent years, with the withdrawal of provident fund and the increase in the amount of loans, the money available for loans is decreasing. In this case, people who pay longer hours get more loans and become more equitable.
Second, the implementation of Beijings overall urban planning requirements. The new urban planning of Beijing has positioned Beijing as a national political center, a cultural center, an international communication center, and a center for scientific and technological innovation. According to this positioning, it is an important task to ease the function of non capital.
Yan Yuejin, director of research at the think-tank center of the Yiju Research Institute, analyzed that the loan quota was linked to the length of deposit and that the loan quota should be appropriately relaxed for housing purchases in urban and suburban areas. These new policies were all related to Beijings urban planning. Beijing urban population is too crowded, the future non-capital functional industries will be relocated, the adjustment of the provident fund is in line with the adjustment of the industrial structure.
This is in line with the overall planning requirements of Beijing. But there are also opinions that the new provident fund policy, the city six suburban population to buy housing provident fund loans only up to 100,000 yuan, 200,000 yuan of the floating quota, for many millions of yuan a house does not quench thirst.
What is the impact?
Xu Xiaonian, chief market analyst at Shell Research Institute, believes that the adjustment of Beijings provident fund policy will further weaken demand. In the current state of tight commercial credit, the adjustment of the provident fund policy not only affects the low total price of the just-in-need market, but also the chain of housing change bottom-up pay, thus affecting the high-end improvement of the market.
It is estimated that in the fourth quarter of 2018, the real estate market in Beijing is not optimistic. Xu Xiaonian said.
Specific to property buyers, it is reflected in the increase in the cost of housing.
The new provident fund policy adjusts the down payment ratio with reference to the current commercial lending policy. The original common housing provident fund down payment ratio of the lowest 20%, the new policy increased to 35% (with the exception of suitable housing, common property rights), the second suite down payment ratio is not less than 60%.
As the down payment ratio increases and the loan quota decreases, people can only increase the down payment and change it into commercial loans if they want to buy a house.
If it is converted into a commercial loan, someone calculates an account, assuming that the previous provident fund loan of 1.2 million yuan, 25 years of loans, the equivalent principal and interest to pay 554,000 yuan, 5,848 yuan a month, after converting into a commercial loan, the need to pay 433,000 yuan more interest, monthly payment increased to 7,290 yuan, an additional 1,442 yuan a month.
People who have had the experience of buying a house understand that commercial loans need to see the flow of property buyers, wages generally to reach twice the monthly supply. If the monthly supply is 7,290 yuan, the average monthly wage will reach 15,000 yuan, roughly twice the average monthly wage in Beijing.
It is particularly noteworthy for those who work in Beijing that the Circular on Implementing Depositary Clothing and Optimizing Business Environment to Promote the Level of Collection Service of Housing Provident Fund promulgated on the same day clearly states that the depositors and spouses of housing provident fund buy the houses in Beijing, or purchase the counties and cities recorded in their spousesidentity cards and household registration books. Or the housing in the provincial capital city where the household register is located can only be used for the withdrawal of the provident fund, otherwise it will not be processed.
That is to say, if Zhang San is from Handan, Hebei Province, only in Beijing, Handan, Shijiazhuang housing can extract the provident fund, otherwise can not extract.
At the same time, the new policy also mentions that if a person moves out of Beijing due to job changes and does not establish a housing accumulation fund in the place of departure, the depositor shall be 55 years old for a man and 50 years old for a woman before the withdrawal can be made by the seller.
In general, the impact of the adjustment of the provident fund policy on the market may exceed expectations.
Attached to the notice on adjusting the housing provident fund individual housing loan policy:
Beijing provident fund new deal: recognition of housing and loan each deposit for 1 years to lend 100 thousand
In September 13th, Beijing housing provident fund management center issued several heavy policies. Among them, the Notice on the Adjustment of Housing Provident Fund Personal Housing Loan Policy and the Notice on Implementing Deposit Service, Optimizing Business Environment and Promoting the Service Level of Housing Provident Fund Collection will thoroughly change the extraction and loan of the future Municipal Provident Fund. These policies will be formally implemented from September 17th to next Monday.