Personal housing loan policy guidance
Regarding the issue of housing loan interest rates, there is a clear provision in the New Deal: after adjustment, the interest rate of newly issued first-home housing loans nationwide cannot be lower than the corresponding LPR (according to the LPR of more than 5 years on August 20, which is 4.85%); the interest rate of the second home loan cannot be lower than 60 basis points of the LPR of the corresponding period (according to the LPR of more than 5 years on August 20, which is 5.45%). It is basically the same as the current personal mortgage interest rate.
At the same time, the central bank will guide the self-regulatory mechanism of interest rate pricing in each province and adjust the lower limit of local LPR in a timely manner. Compared with before the reform, there has been no significant change in the personal housing loan interest rates and interest rate levels of households. On August 17, the Central Bank announced a comprehensive reform of China's interest rate system and released the "Loan Market Quotation Rate." This means that the "loan base interest rate" policy issued by the central bank will end, and new loans in the future will rely on LPR.
The interest rate of the first commercial housing loan cannot be lower than the loan market quote; the second commercial housing mortgage interest rate must not be lower than 60 percentage points lower than the loan market quote interest rate; the commercial housing mortgage loan interest rate cannot be lower than the loan market quote 60 percentage points of the quoted interest rate; there will be no change in the personal housing provident fund loan interest rate.
The provincial branches of the People's Bank of China must follow the principle of "implementing policies according to the city" and formulate corresponding interest rate standards based on the national unified credit policy and the local real estate market conditions.
For example, for a loan of 5 years or longer, the original base interest rate is 4.9%, and the current LPR is 4.85%. If no points are added, the interest rate in the first month will be 5 lower than the base rate. basis points. After adding 60 basis points to the second home loan, the loan interest rate is 5.45% (4.85% + 0.6), which is about 11% higher than the benchmark interest rate. He also mentioned that this is a basic condition for a country. The provincial branches of the Central Bank will determine the lower limits of individual housing loan interest rates in different regions based on the principle of "city-specific policies" and in accordance with different real estate market conditions.