“The first-home housing provident fund loan interest rate is reduced by 0.15 percentage points” “Residents who purchase a home before the end of next year can enjoy individual tax rebate benefits” “The lower limit of the first-home loan interest rate is expected to exceed 4.1”... Within 24 hours, three major policies were released one after another to help the steady development of the property market.
In the view of relevant analysts, the release of three major policies within 24 hours will form a combination of policy relaxations, reflecting the official direction of supporting the stabilization of real estate.
After 7 years, the central bank lowered the provident fund loan interest rate again
On September 30, according to the website of the People’s Bank of China, the People’s Bank of China decided to lower the interest rate starting from October 1, 2022. The interest rate for provident fund loans for first-time personal housing is 0.15 percentage points, and the interest rates for loans under 5 years (including 5 years) and over 5 years are adjusted to 2.6 and 3.1 respectively. The interest rate policy for the second set of personal housing provident fund loans remains unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years will not be lower than 3.025 and 3.575 respectively.
Ma Hong, a senior researcher at Zhixin Investment Research Institute, said that in order to better meet the rigid housing demand, the central bank lowered the provident fund loan interest rate for the first individual housing by 15 basis points for the first time in seven years (August 2015). , which will help the real estate market achieve the "three stability" goals as soon as possible.
Regarding this cut in provident fund loan interest rates, Li Yujia, chief researcher at the Guangdong Provincial Housing Policy Research Center, believes that in May and August this year, the central bank significantly lowered the loan market quotation rate (LPR) twice, and at the same time, commercial Banks are also lowering personal mortgage rates. According to monitoring data from the Shell Research Institute, as of September 19, the mainstream mortgage interest rates in 86 cities have been as low as 4.10 for the first home and 4.90 for the second home. From the perspective of supporting personal needs and housing replacement needs, provident fund loan interest rates will definitely be lowered accordingly.
Yan Yuejin said that the continued reduction of commercial bank loan interest rates objectively requires further reductions in provident fund loan interest rates. Otherwise, the interest rate difference between provident fund loans and commercial loans will be relatively small, which will objectively make provident fund loans less attractive. . This time, the interest rate of provident fund loans has been further reduced, making the advantages of subsequent provident fund loans more obvious, which has a positive effect on further reducing loan interest rates for home buyers who just need to buy a house.
For example, based on a provident fund loan of 1 million yuan, a loan term of 30 years, and equal principal and interest, if the interest rate is 3.25%, the monthly repayment is 4,352.06 yuan, and the total interest is about 566,700 yuan; if the provident fund interest rate is (Interest rate for more than 5 years) is adjusted to 3.1%, the monthly repayment is 4270.16 yuan, and the total interest is about 537,000 yuan; after the interest rate change, the monthly payment is reduced by about 81.9 yuan, and the total interest is reduced by about 29,700 yuan.
The lower limit of the first-home loan interest rate is expected to exceed 4.1
In addition to lowering the provident fund loan interest rate, the first-home loan interest rate in some cities is also expected to be further reduced.
On September 29, the People's Bank of China and the China Banking and Insurance Regulatory Commission issued a notice deciding to adjust the differentiated housing credit policy in stages. Qualifying city governments can decide independently to maintain, lower or cancel the lower interest rate limit for new local first-home housing loans in stages before the end of 2022.
According to the new policy, for cities where the sales price of newly built commercial housing has continued to decline both month-on-month and year-on-year from June to August 2022, the lower limit of commercial personal housing loan interest rates for first homes will be relaxed in stages before the end of 2022. The lower limit of the interest rate policy for commercial personal housing loans for second homes shall be implemented in accordance with the current regulations.
Urban governments that meet the above conditions may independently decide to maintain, lower or cancel the lower limit of local commercial personal housing loan interest rates for first homes in stages based on changes in the local real estate market situation and regulatory requirements. The People's Bank of China and the China Banking and Insurance Regulatory Commission The dispatched agency will guide the implementation of the provincial market interest rate pricing self-regulatory mechanism.
Yan Yuejin, Research Director of the E-House Research Institute Think Tank Center, pointed out that this also means that on the basis of the previous 20 basis points reduction in the lower limit of mortgage interest rates, this policy allows for a larger reduction, or allows The interest rate will be further reduced based on the interest rate of 4.1.
According to data provided by the E-House Research Institute Think Tank Center, among the 70 housing price index data for large and medium-sized cities from the National Bureau of Statistics, at least 23 cities meet the requirements of the central bank’s new policy. Specifically, they include Harbin, Lanzhou, Wuhan, Dalian, Tianjin, Shijiazhuang, Kunming, Guiyang, Quanzhou, Wenzhou, Luzhou, Yueyang, Yichang, Beihai, Dali, Qinhuangdao, Zhanjiang, Baotou, Anqing, Jining, Changde, Xiangyang and Guilin.
Residents who purchase housing before the end of next year can enjoy preferential tax refunds
In terms of supporting improvement needs, on the afternoon of September 30, the Ministry of Finance and the State Administration of Taxation issued the "About Supporting Residents' Exchange-Purchase" "Announcement on Personal Income Tax Policies on Housing", the "Announcement" shows that from October 1, 2022 to December 31, 2023, taxpayers who sell their own homes and repurchase their homes in the market within 1 year after the current home is sold , tax refund benefits will be given to the personal income tax paid on the sale of their current home. Among them, if the amount of the newly purchased house is greater than or equal to the transfer amount of the existing house, all the personal income tax paid will be refunded; if the amount of the newly purchased house is less than the transfer amount of the existing house, the amount of the newly purchased house will be refunded based on the proportion of the amount of the newly purchased house to the transfer amount of the existing house. Personal income tax paid.
As required, the housing sold and repurchased by taxpayers must be within the same city limits. The same city refers to all administrative divisions under the jurisdiction of the same municipality, sub-provincial city, and prefecture-level city (region, state, league). In addition, the taxpayer who sells his or her own house must be directly related to the newly purchased house, and must be the property owner or one of the property owners of the newly purchased house.
Wang Xiaoqiang, chief analyst of the Zhuge Housing Data Research Center, pointed out that this policy is beneficial to the release of demand for improved housing, encourages residents to improve their current housing conditions, and truly implements the central government’s emphasis on supporting rigid and improved housing many times. need.
The personal income tax mentioned above is usually the personal income tax levied by the tax authorities during the real estate transaction process. It generally exists in the profit tax paid by the seller personally during the second-hand housing transaction process.
Xu Xiaole, chief market analyst of Shell Research Institute, said that the current implementation of personal income tax on housing in most first- and second-tier cities is that only those who are over five years old are exempt from tax. In other cases, 20 or the full amount of the difference in housing transactions will be applied. 1 levy, the new policy will be beneficial to households that have owned houses for less than five years or have multiple houses when they change houses.
Wang Xiaoqiang pointed out that according to the past, the amount of personal income tax that needs to be paid when selling a house is equal to 20 of the difference between the online value and the original value. If the online value is 2 million yuan and the original value is 1 million yuan, the personal income tax that needs to be paid is 200,000 yuan.
Chen Wenjing, market research director of the Index Division of the China Index Research Institute, also mentioned that the total housing price in first- and second-tier cities is relatively high, and the benefits from this policy may be relatively large. For first- and second-tier cities, due to the higher total housing prices and higher personal income tax payment amounts, the implementation of this policy may bring greater impetus to second-hand housing transactions in first- and second-tier cities.
With the continuous release of major benefits, how will the Yinshi property market go?
Wang Xiaoqiang pointed out that since the beginning of this year, cities have frequently gradually relaxed their policies, but the market recovery has been relatively slow, and the market confidence of home buyers has not been significantly restored. According to past experience, the transmission of central policies to market confidence is greater than the correction of local policies. In the fourth quarter, with the support of multiple policies from the central government, which will help improve market confidence, the market is expected to accelerate recovery and is expected to achieve significant results.
Chen Wenjing, market research director of the Index Division of the China Index Research Institute, pointed out that the traditional "Silver Ten" is coming, and the central government has successively released major benefits, which is conducive to stabilizing the market and stabilizing expectations. In the current market environment, the restoration of the real estate market needs to be driven by more favorable factors. It is expected that reducing the cost of home purchase will be an important direction for policy optimization in the future. Next, policies such as "house subscription and loan subscription", purchase restrictions, and price restrictions may continue to be optimized for core second-tier cities, and it is expected that the implementation of more and more powerful policies will also drive the overall market to stabilize and recover.
Relevant analysts believe that overall, the policy space for mortgage interest rates this year has bottomed out, and the space for subsequent downward adjustments is relatively limited. However, the impact of interest rate adjustments on different cities will still be differentiated. Confidence The effectiveness of pulling also varies.