The People's Bank of China and the Housing Provident Fund Management Center have intensively issued a series of new policies that are beneficial to the real estate industry, aiming to further reduce the loan costs of home buyers and inject new vitality into the entire property market. This is undoubtedly a relief for many home buyers, and it is also a timely rain for the entire industry. What are the major new deals? What substantial changes will they bring to the property market? Let's wait and see.
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Do you remember a few years ago when house prices were out of time? At that time, the high proportion of down payments and the high interest rates on loans were daunting to many people. Now, with the help of a series of favorable new policies, there is finally a dawn of buying a house out of the haze.
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The most concerned is the adjustment of the down payment ratio. The People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly issued a document stating that the minimum down payment ratio for households to purchase their first commercial housing is reduced to no less than 15%. For the purchase of a second set, the minimum down payment ratio has also been reduced to 25%. Arguably, this is the most lenient down payment ratio ever, which means that the financial pressure on home buyers will be greatly reduced.
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Then another bombshell news followed-the cancellation of the lower limit of interest rates for commercial personal housing loans. In the past, banks had to issue mortgages below a certain lower limit of interest rates, but now they can set their own prices. This will undoubtedly lead to a further decline in loan interest rates, which in turn will reduce the cost of buying a home.
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CPF loan rates will also be further reduced. Specifically, the interest rate of the first home provident fund loan with a term of less than 5 years and more than 5 years will be adjusted to 2.35% and 2.85% respectively, which is 0.25 percentage points lower than before. For buyers who purchase a second home, the lower limit of the CPF loan interest rate will also be lowered.
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The introduction of various favorable policies shows the government's determination to further build a solid foundation for the development of the housing market. For ordinary people, this is undoubtedly a major benefit, not only the down payment pressure will be further reduced, but the loan interest burden will also be greatly reduced. Taking a 30-year provident fund loan of 1 million yuan as an example, after the implementation of the new policy, the monthly contribution amount will be reduced by 135 yuan, and the cumulative savings of about 48,000 yuan in 30 years will be achieved.
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It is not difficult to see that a series of new policies will accelerate the destocking of real estate, especially to stimulate the demand for rigid and improved housing. Judging from the statements of industry insiders, after the introduction of the new policy, the enthusiasm of home buyers to enter the market will increase greatly. Perhaps, the collapse of the entire industry in previous years is about to be completely reversed.
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Favorable policies alone are not enough. To really come out of the trough, integrity construction, product innovation, service improvement and other aspects need to be strengthened by the property market. Perhaps this is the biggest opportunity given by the new deal to the development of the entire industry, as long as it is seized, it will surely regain its former vitality and style.
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Let's wait and see the changes and changes in the real estate market. The arrival of a new era means the redrawing of the blueprint for a better life.
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