On May 17, the People's Bank of China issued three major documents on the real estate market, adjusting housing loan interest rates such as housing provident fund loan interest rates, commercial personal housing loan interest rate policies, and personal housing loan minimum down payment ratio policies.
In terms of provident fund loan interest rates, the People's Bank of China has decided to reduce the interest rate of personal housing provident fund loans by 0.25 percentage points from May 18, 2024, and the interest rates 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 rates 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 no less than 2.775% and 3.325% respectively.
It is understood that the last time the interest rate of personal housing provident fund loans was adjusted was in October 2022, which was reduced by 0.15 percentage points. This time the strength is far higher than the previous adjustment, which is 0.25 percentage points.
The Shandong branch of a large state-owned bank said that from May 18, the new loan interest rate policy will be applied to the new housing provident fund loans, and the interest rate of the existing housing provident fund loans will be adjusted on January 1 next year.
In addition to the interest rate of housing provident fund loans, the People's Bank of China also issued a notice on adjusting the interest rate policy of commercial personal housing loans. The notice clearly abolishes the lower limit of the interest rate policy for commercial personal loans for the first and second houses at the national level.
According to the data, as of the end of April this year, 67 cities across the country have canceled the lower limit of the first home loan interest rate. After the lower limit of mortgage interest rates in these cities is lifted, interest rates will fall, and the market will form a new and relatively stable equilibrium level after full competition, which will have a driving effect on new local loans.
Based on the calculation of 1 million loans, 30 years of tenure, and equal principal and interest repayment, the total interest expense can be reduced by more than 70,000 yuan, and the interest expense of housing with improved sexual needs will be reduced even more.
The People's Bank of China and the State Administration of Financial Supervision and Administration also jointly issued a notice on adjusting the minimum down payment ratio policy for personal housing loans on the same day. The notice clarifies that for resident 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%.
The current minimum down payment ratio for personal housing loans is the lowest in history. Many people in the industry said frankly that the real estate policy was optimized. Lowering the minimum down payment ratio will better meet the demand for rigid and improved housing.
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