Reporter | Niu Yu
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Local cities are still actively adjusting to support the stable development of the local property market in terms of urban policies.
Recently, Beihai, Sichuan Zigong and other places have issued new policies for provident fund loans, mainly involving lowering the minimum down payment ratio of provident fund loans, increasing the maximum amount of provident fund loans, and relaxing the application recognition conditions.
On January 12, the Beihai Municipal Provident Fund Center of Guangxi Province issued the Notice on Adjusting the Housing Provident Fund Loan Policy, which clarified the reduction of the down payment ratio of the provident fund loan, becoming the first city in the country to reduce the down payment ratio this year.
Beihai's policy relaxation is mainly aimed at the demand for improved housing, that is, the minimum down payment ratio for the purchase of a second housing or the application for a second housing provident fund loan by the family of the provident fund worker who has paid the provident fund has been reduced from 60% to 40%, reducing the down payment pressure of such buyers.
On January 18, Sichuan Zigong relaxed the policy of determining the number of housing provident fund applications, and fired the first shot of the provident fund "to recognize loans and not to recognize houses". Originally, the city's first home must also be identified as "no house and no loan", and now it only needs to meet the "no loan" requirement, that is, no provident fund loan record or outstanding commercial loan, you can subscribe for housing according to the first house.
Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, believes that the policy has lowered the threshold, so that more buyers can subscribe to housing according to the loan ratio of the first home, that is, the down payment is reduced from 40% to 20%, which has a good stimulus effect.
"The down payment ratio is more effective than the reduction of the loan interest rate, and it is objectively easier to activate the transaction market in the real estate market." Yan Yuejin believes that it is expected that other cities across the country will also actively follow up, and even commercial bank loans may have lowered their down payments after the down payment ratio of provident fund loans has declined.
In addition to adjusting the down payment ratio, some cities have recently increased the amount of provident fund loans. On January 19, Nanning raised the maximum amount of provident fund loans, the maximum amount of the first suite was increased from 600,000 yuan to 700,000 yuan, and the maximum amount of the second suite was increased from 500,000 yuan to 600,000 yuan.
It is worth noting that at the end of 2021 and since January this year, the adjustment of the provident fund policy has been mostly aimed at groups such as talents, new citizens, and multi-child families.
For example, the amount of first-time housing loans for high-level talents in Ma'anshan, Anhui Province, has reached 600,000 yuan, and the amount of housing provident fund for families with two children and three children in Ningbo, Zhejiang Province, has been increased by 200,000 yuan. Nanning adjusted the loan amount of the first home provident fund this time, releasing a signal that the strength and coverage of the provident fund adjustment have been further expanded.
In addition, some cities have made adjustments in terms of the convenience of the use of provident funds. At the beginning of January, Jinan and Qingdao in Shandong Province relaxed the requirements for off-site loans for provident funds, including simplifying application conditions and relaxing household registration restrictions.
Chen Wenjing, deputy director of research at the Index Division of the Middle Finger Research Institute, believes that the adjustment of a series of provident fund policies is conducive to boosting market confidence and promoting the positive release of reasonable demand to a certain extent.
"In the short term, it is expected that the real estate credit environment will continue to improve, and more cities will follow up to adjust the provident fund policy, but the relaxation of the criteria for the recognition of provident fund loan restrictions or more promotion in small and medium-sized cities, and the adjustment of large cities is expected to be small." Chen Wenjing pointed out.
The reason is that small and medium-sized cities are facing greater pressure to de-industrialization. For example, beihai city, which has lowered the down payment ratio above, according to the data of the China Hundred Cities Inventory Report of E-House Research Institute, its destocking cycle at the end of last year was 23.7 months, which is a relatively difficult city for inventory removal.
The latest "100 Cities Residential Transaction Detection Data" released by E-House Research Institute shows that in January, all kinds of cities across the country have experienced different degrees of transaction decline, and the second, third and fourth-tier cities have dropped significantly. From January 1 to 23, the first, second, third and fourth-tier cities fell by 12%, 27% and 13% respectively. Year-on-year growth fell by 28%, 46% and 45% respectively.
In order to encourage real estate market transactions, third- and fourth-tier cities have introduced many encouraging policies in the past six months. Industry insiders believe that with the credit signal released by the LPR down on January 20, all localities will once again "implement policies in the city" to increase the activity of the real estate market.