"If your mortgage interest rate is not adjusted when the bank takes the initiative to cut interest rates on September 25, see if it is because it was not the first home when you bought the house, but it was the first set according to the new regulations." If so, you need to apply for the 'second set to the first set', and prepare the information to apply actively, including a copy of the lender's ID card and household registration booklet, marriage certificate materials, first house certificate issued through official government channels, interest rate adjustment application form provided by the bank, etc. ”
This is one of the questions Wang Chuan (pseudonym), a staff member of the personal loan department of a bank, has answered most of the questions from customers in the past month. It has been a full month since September 25, when banks began to cut the interest rate of commercial personal housing loans for the first home in stock, and now it is time for many banks to commit to adjust the interest rate of housing loans under special circumstances such as "second to first home".
How effective is the mortgage interest rate adjustment? Has there been any change in the situation of early mortgage repayment by residents?
Infographic: Bank staff count currency. Photo by Zhang Yun, reporter of China News Agency
01
Thousands of dollars saved in January,
Another group of people has seen their mortgage rates fall
Starting from October 25, another batch of housing stock loans was officially adjusted in batches, mainly focusing on the successful second home to the first home, and the fixed interest rate to the floating rate of the home buyers.
With the implementation of the "house recognition but not loan" policy in many cities such as Beijing, Shanghai, Guangzhou and Shenzhen, many buyers who were not the first home at the time of the loan, but now meet the first set of policies in their cities; In addition, there are buyers who sell other properties in their name, leaving one house as the family's sole home. A number of banks said that borrowers need to take the initiative to apply to the bank, and the bank will make batch interest rate adjustments for approved businesses on October 25.
The buyer Liu Sha (pseudonym) is one of them. "On September 25th, the Agricultural Bank of China APP where I applied for a mortgage was launched, and I immediately uploaded my personal information and real estate information. But the first time did not pass, the staff called to tell me that I lacked materials, and taught me step by step how to operate and upload again, very clear and with a good attitude. ”
From then until October 24, the status of Liu Sha's account was displayed under review. "I was very anxious, and called my account manager, he checked and said that there was no problem with my application, just wait, and the 25th will give us a lot of changes."
Sure enough, early on the morning of the 25th, Liu Sha opened the APP again and showed that the adjustment was successful. The monthly mortgage is adjusted from about 28,000 yuan to about 25,000 yuan, and it can be repaid by 40,000 yuan less a year.
"Most of the clients I handled have successfully adjusted their applications for the 'second set to the first set', and most of the interest rates have been reduced from 5% or even more than 6% to about 4.2% or 4.3%. There are also some that have not passed, for example, I have borrowed a house in another city before, which is recorded in the credit report, which does not meet the scope of this adjustment. Wang Chuan told reporters.
However, some buyers said that their interest rates were adjusted, but the amount of their bills for the month did not change. Taking China Construction Bank as an example, it explained through its official account on the 25th that in order to facilitate borrowers to make capital arrangements in advance, banks generally generate and provide current repayment bills for borrowers 15 days before the repayment date. Some customers who have generated a bill before October 25 will find that the current repayment amount has not changed, but the interest after October 25 (inclusive) has been calculated at the new interest rate, and the interest reduced due to the interest rate adjustment will be used to return the principal, and the repayment amount of each instalment of the bill will be reduced accordingly.
Wang Xiaochang, chief analyst of Zhuge Data Research Center, said that the reduction of the interest rate of existing housing loans can save interest expenses for borrowers, and include the "second set to the first set" and fixed-rate loans into the scope of adjustment, so that the beneficiary group can be expanded, which can effectively reduce the phenomenon of "early repayment" and help banks retain high-quality housing loan customers.
Infographic: Buyers are looking at the property. Photo by China News Agency reporter Liu Zhongjun
02
The phenomenon of "prepayment" has also cooled
On October 13, at a press conference on financial statistics for the third quarter of 2023 held by the central bank, Zou Lan, director of the Monetary Policy Department of the People's Bank of China, said: "The vast majority of borrowers have enjoyed the benefits for the first time, and the current work of reducing the interest rate of existing housing loans is basically coming to an end. ”
"From September 25 to October 1, in the first week of implementation, 98.5% of eligible existing first home loan interest rates were reduced, totaling 49.73 million and 21.7 trillion yuan. The adjusted weighted average interest rate was 4.27%, an average decrease of 0.73 percentage points. For other cases where the borrower is still required to provide supporting materials and the bank confirms it, the main bank will also complete the adjustment within one month. Zou Lan said.
At the same time, Guangdong, a province with two first-tier cities, Guangzhou and Shenzhen, its latest data shows signs of recovery in housing loans in September, which is considered to have a strong signal significance.
On October 24, Huang Haihui, a member of the Party Committee of the Guangdong Supervision Bureau of the State Financial Regulatory Administration, said at the third quarter press briefing that after the rapid and effective implementation of the latest real estate policies such as "recognizing housing without recognizing loans", personal housing loans under Guangdong's jurisdiction increased by 34.482 billion yuan in September, reversing the negative growth trend of the previous two months.
"My account manager said that because the mortgage interest rate is lowered, there are indeed many fewer people who prepay the loan, and there is no need to queue up, and the payment can be deducted at an agreed time. And the service attitude is also very good, some people have provisions for liquidated damages in the contract, and they will also take the initiative to help submit an application for liquidated damages. Liu Sha said.
"There was indeed a peak of early repayment before the interest rate of existing housing loans was reduced, and the amount of repayment waiting in line for a small branch could reach 100 million yuan. But we have a monthly limit, most of which is about a few million yuan, so we can only let customers line up. Wang Chuan said that the situation of prepayment has improved greatly recently, at least it has returned to normal order.
From the buyer's point of view, has the idea changed?
"After the mortgage interest rate is adjusted, I can save two or three thousand yuan a month, which is quite large, and I am already very satisfied." And because the family expenses are also relatively large, I still want to keep some money in my hand, and I will definitely not consider prepaying the loan in the short term. Liu Sha said.
But some buyers told reporters: "My previous monthly mortgage was 7,800 yuan, and after adjustment, I paid 500 yuan less per month." However, once the account is calculated, the interest to be repaid is about twice the principal. If you don't find a more profitable way to manage your finances, you still want to prepay the loan next year with some money in hand. ”
How has your mortgage changed?
Source: China News Network