According to the notice of the People's Bank of China and the State Financial Regulatory Administration, from September 25, banks will begin to reduce the interest rate of the first home loan in stock. A number of banks have issued implementation rules to provide customers with convenient operation services. The first home loan will be automatically adjusted, and the borrower only needs to wait for the bank's notification; For the case of the second set to the first set, the borrower needs to take the initiative to apply to the bank. The average magnitude of this adjustment is about 80 basis points. Let's look forward to the benefits this adjustment will bring to homebuyers.
Recently, according to the notice issued by the People's Bank of China and the State Financial Regulatory Administration, the interest rate of the first home loan of the stock house will begin to be reduced. Many banks have already drawn up detailed rules to prepare for this adjustment and provide convenient operation services to customers. Let's take a look at the specific situation of the interest rate adjustment of existing housing loans and the bank's operational preparations.
The scope of this adjustment covers the first set of housing loans, the second set of transfers to the first set and commercial personal housing loans in the CPF portfolio loan. For the adjustment of the interest rate of the first home loan, the borrower does not need to take any action, and the bank will take the initiative to make bulk adjustments.
It is understood that banks have launched the "stock mortgage interest rate adjustment" service on mobile banking, and provided an inquiry function to simplify the processing process. For example, ICBC's mobile banking homepage has a "Interest Rate Adjustment" module, which allows you to check the status of personal housing loans, including whether they meet the conditions for the first set of loans. For eligible first set of loans, borrowers do not need to apply to the bank to adjust the interest rate, the bank will automatically make batch adjustments on September 25, and notify the borrower via SMS, and the new interest rate will take effect on the same day.
In addition to ICBC, ABC has also opened the inquiry service for the interest rate adjustment of the first set of housing loans in stock through channels such as mobile banks, loan handling banks, business outlets and "Agricultural Bank of China Microbank". Bank of China Mobile Banking has also launched the "Interest Rate Adjustment of Existing Housing Loans" function, which allows borrowers to query information such as loan amount, principal balance, current execution interest rate, interest rate calculation method, and whether it is a first home loan. In addition, small and medium-sized banks are also formulating and issuing corresponding measures with reference to the implementation rules of state-owned banks.
For the adjustment of the loan interest rate of the "second set to the first set", the borrower needs to take the initiative to apply to the bank. Due to the complexity and diversity of the identification of second homes in different cities, it is impossible to directly identify them through the banking system, so borrowers are required to provide relevant supporting materials for the first home loan. From September 25, borrowers can submit an application to the bank and provide the required supporting materials.
After receiving the application, the bank will conduct manual review one by one, and make unified batch adjustments to the approved business on October 25.
For borrowers who missed the centralized application period before October 25, a number of large state-owned banks said they could still continue to submit applications for interest rate adjustments.
In terms of the range of adjustments, the regulations are basically the same among banks. The adjustment range of existing housing loans is mainly determined according to the time of original loan issuance, the lower limit of the first home loan interest rate policy of the city where it is located at that time, and the lower limit of the national first home loan interest rate policy. The national average adjustment is estimated to be about 80 basis points.
This series of adjustments will bring many benefits to home buyers. We expect this adjustment to better serve home buyers and provide them with more convenient and favorable loan rates.
All in all, banks are ready and operations have become more convenient. The existing mortgage interest rate adjustment is about to take effect, so let's wait and see if this adjustment will bring more benefits to home buyers.
Note: This article is for reference only and does not constitute investment advice. Please make prudent decisions and do so at your own risk.