On May 17, the central bank released three blockbuster news one after another.
The first policy is to reduce the interest rate of the provident fund.
The central bank announced that from May 18, 2024, the interest rate of personal housing provident fund loans will be lowered by 0.25 percentage points, of which the interest rate of the first set of personal housing 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 personal housing 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 second policy is to cancel the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level.
According to the bank's previous regulations, for cities where newly built commercial housing has declined for three consecutive months month-on-month and year-on-year, they can set their own interest rates, and there is no lower limit on interest rates.
According to the latest regulations of the central bank, under the guidance of the central bank, major banks can independently determine whether to set the lower and lower limits of the interest rate of commercial personal housing loans in each city within their jurisdiction according to the real estate market situation in each city within their jurisdiction and the regulation and control requirements of the local government.
This means that whether housing prices are rising or falling, all cities can be priced according to the actual situation of the market and the actual situation of customers, and there is no longer a lower limit on interest rates, and some customers may even achieve an interest rate of about 3%.
The third policy is to reduce the minimum down payment ratio for personal housing loans.
According to the previous policy, the minimum proportion of first home loans in many cities has reached more than 30%, and the minimum loan in some cities can reach 20%; As for the second home, the down payment ratio in many cities has reached more than 50%, and in some cities it has reached more than 70%.
According to this ratio, a house worth 1 million requires a down payment of at least 200,000 or even more than 300,000; If it is a second house, the minimum down payment must be more than 500,000 yuan, and even more than 700,000 yuan in some cities.
According to the latest policy of the central bank, for households who take out loans to purchase commercial housing, the minimum down payment ratio of 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 second houses is adjusted to not less than 25%.
According to this policy, the same house is 1 million, which means that the minimum down payment for everyone to buy a house in the future is only 150,000, and if it is a second house, the minimum is only 250,000, and the down payment will be reduced by half, and everyone's down payment pressure will be greatly reduced.
Combined with the three policies of the central bank, not only the down payment has fallen, but also the interest rate has fallen, and now the cost of buying a house is obviously much less than in previous years, and a house of millions can even reduce the cost of hundreds of thousands.
The introduction of these blockbuster policies is indeed unexpected by the big market.
This morning, we just wrote that the central bank and other departments may launch some big moves to support the development of the property market, but I didn't expect the central bank to be so fast.
Don't underestimate the decline in the down payment ratio and the decline in interest rates, which can save a lot of interest, after the down payment ratio and interest costs fall, this can indeed inspire some people to buy houses to some extent, thereby driving the rise in the property market transaction volume.
But I think lowering the reserve rate, reducing the proportion of first homes, and lowering the lower limit of commercial loan interest rates are just the beginning, and there is a blockbuster meeting this afternoon, and this meeting may release more policies.
At present, the general market prediction is that there may be the introduction of relief measures to support the delivery of buildings, as well as measures to acquire existing properties funded by the government, and there is a possibility of further reducing the LPR in the future.
Among these measures, the government's measures to fund the acquisition of stock housing are very worthy of everyone's attention, if the government enters the market, it is not like an individual to buy one by one, but to buy one building by one, and it may be hundreds or even thousands of units to buy as affordable housing or affordable housing and public rental housing.
This has at least two benefits, one is that it allows developers to quickly recoup their funds and get them through this difficult time. The second is that after the government buys a large number of stock houses, the stock of housing in the market has decreased, and the supply has decreased, which will inevitably cause the rise in housing prices.