The down payment on the first home commercial loan is reduced to a minimum of 15%! CPF loan interest rate lowered to record low!

Kyobo characters

2024-05-17 13:50Published on the official account of Jingfangzi under the Beijing Urban Planning and Real Estate Platform in Beijing

Dear Fans,

The real estate big move is coming!

The central bank and the State Administration of Financial Supervision have just issued a notice to adjust the minimum down payment ratio for commercial loans, and the minimum down payment ratio for commercial loans for the first home has been lowered to no less than 15%, which also sets a record for the lowest down payment ratio in history! The minimum down payment for a second home is 25%.

At the same time, the two ministries and commissions also jointly issued a notice to cancel the lower limit of the commercial loan interest rate policy at the national level, and each region can independently determine whether to set the lower limit of the interest rate.

In addition, the central bank also announced that it would reduce the interest rate on provident fund loans by 0.25 percentage points, the interest rate on the first set of provident fund loans with a term of more than 5 years will be reduced to 2.85%, and the interest rate on the second home loan will be reduced to 3.325%!

1

The last time the two ministries and commissions adjusted the down payment of commercial loans was at the end of August last year, and the minimum down payment ratio for the first home loan was uniformly adjusted to no less than 20%, and the down payment ratio for the second home loan was uniformly adjusted to no less than 30%.

In the notice issued today, the minimum down payment ratio for commercial personal housing loans for the first house is adjusted to not less than 15%, and the minimum down payment ratio for commercial personal housing loans for the second house is adjusted to no less than 25%.

The 15% down payment ratio has never been seen in history, which shows the magnitude of this time.

Everyone must be very concerned about whether Beijing will implement it.

As before, the two ministries and commissions also stated that in accordance with the regulation and control requirements of the city government and the principle of city-specific policies, all localities will independently determine the lower limit of the minimum down payment ratio for the first and second housing loans in each city under their jurisdiction.

The last time the two ministries and commissions adjusted the down payment ratio at the end of August, Beijing issued a notice on December 14 to adjust the down payment ratio.

After the adjustment, the minimum down payment ratio for the first housing loan in Beijing is 30%; The minimum down payment ratio for the second housing loan is 40% for the purchase of housing outside the six districts of the city, and 50% for the purchase of housing in the six districts of the city. Obviously higher.

2

Today, the loan interest rate policy for commercial loans has also been adjusted today.

The two ministries said that the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level will be abolished.

In accordance with the principle of city-specific policies, the provincial-level branches of the central bank shall guide the self-discipline mechanism of market interest rate pricing at the provincial level, and independently determine whether to set the lower limit and lower limit of the interest rate of commercial personal housing loans in each city within their jurisdiction (if any) according to the real estate market situation of each city within their jurisdiction and the regulatory requirements of the local government.

Specifically, the specific interest rate level of each loan is reasonably determined according to the lower limit of the interest rate (if any) determined by the self-discipline mechanism of market interest rate pricing at each provincial level, combined with the operating conditions of the institution, the risk profile of customers and other factors.

That is to say, in the future, there will be no "restriction line" for commercial loan interest rates at the national level, and each locality can determine whether and how much to set according to its own situation.

3

In addition, today the central bank finally lowered the interest rate on provident fund loans.

In recent times, there has been a lot of talk about a reduction in the interest rate on CPF loans, and we see such fan comments almost every day.

According to the notice issued by the central bank, the interest rate on provident fund loans will be reduced by 0.25 percentage points from tomorrow.

After the adjustment, the interest rate of the first set of provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to 2.35% and 2.85% respectively, and the interest rate of the second set of provident fund loans for less than 5 years (including 5 years) and more than 5 years will be adjusted to not less than 2.775% and 3.325% respectively.

The last time the central bank adjusted the interest rate on provident fund loans was on October 1 of the previous year, cutting it by 0.15 percentage points. In contrast, the 0.25 percentage point mark was stronger this time. And the interest rate on CPF loans has once again hit a record low.

After the adjustment, taking the first house, the loan of 1 million yuan, the loan term of 25 years, and the equal repayment method as an example, after the adjustment of the provident fund interest rate, the monthly payment will be reduced from the previous 4794.29 yuan to 4664.46, a decrease of 129.83 yuan.

Generally speaking, after the central bank issues an interest rate adjustment, the Beijing Housing Provident Fund will also issue a specific implementation notice to refine the implementation of the adjustment.

In addition, the reduction of the loan interest rate of the provident fund can also benefit the families who have completed the loan and are repaying the loan, and their interest rate and monthly payment will also be reduced.

Judging from past experience, the original interest rate will still be implemented for the provident fund loans that are being repaid, and the adjusted provident fund loan interest rate will be implemented from January 1 next year.

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