The central bank’s new housing loan regulations have come into force, and market interest rates have generally risen.

Recently, the nationwide mortgage market has experienced a wave of rising interest rates, and most banks "have no (mortgage) quotas."

On the last day of 2020, the Central Bank and the China Banking and Insurance Regulatory Commission jointly issued the "Notice on Establishing a Real Estate Loan Concentration Management System for Banking Financial Institutions", dividing commercial banks into five tiers, setting the proportion of total real estate loans and individual There are two upper limits on the proportion of housing loans, and a two-year or four-year adjustment transition period is set for banks that exceed the upper limit. This is the background to this round of rising mortgage interest rates.

Some industry veterans told reporters that most banks, especially small and medium-sized banks, have now exceeded the regulatory red line. It is not difficult to understand why most banks do not have quotas.

But the lack of a quota does not mean that the mortgage business is stopped. "The approval of personal home purchase loans can still proceed normally, but the qualification requirements for customers are definitely higher than before, and it is not yet sure when the loan will be disbursed, so people have to queue up." A front-line credit manager of a major state-owned bank told reporters that the mortgage interest rate will be raised. It is in response to regulatory rectification requirements.

However, the current rise in mortgage market interest rates is like a sudden storm, which has made many individual home buyers unable to withstand it. In particular, some people who are in urgent need feel "hurt".

In this regard, many real estate business people believe that in the short term, it will indeed have a certain impact on people who are in urgent need, but in the long term, it will push the property market back to rationality and even lead to a reduction in housing prices.

IPG China Chief Economist Bai Wenxi Bank Mortgage said that after the introduction of hierarchical management measures for housing loan concentration, it will have a long-term impact on the real estate market from both supply and demand ends, and even bring about changes in the industry structure. Ecological changes. "But it should not have much impact on those who are in immediate need, because they are a group of home buyers that are actively supported by regulatory and industry policies, and they will naturally become the focus and support of banks."

"Anyone There will be a process and procedure for the introduction of policies. Most of them will first introduce the overall policy and then make adjustments. It mainly depends on the time window. "Li Naichao, president of the Beijing Real Estate Chamber of Commerce, told reporters that as the details of the policy are gradually interpreted and adjusted. , there will definitely be changes.

He believes that this policy is "the most stringent in history and will cause a large-scale reduction in housing prices and a cooling of the real estate market."

The property market will cool down and housing prices will drop. , which is naturally beneficial to those in urgent need. But for now, this round of volatility in the housing loan market has left many home buyers feeling confused.

For example, a home buyer asked, if he has submitted loan application materials to the bank, will he be affected by the policy and suspend the loan? The answer is obviously no. At present, various banks still accept personal home loan business. As long as the home buyer's qualifications meet the bank's requirements, they can go through the bank's approval process normally and wait for the bank to lend. But the problem is that most banks currently do not have quotas. Even if home buyers go through the approval process, banks cannot guarantee the loan time.

There are also questions from home buyers. The bank's loan time is unknown. If the purchase price is not paid to the developer on time, will the developer be held liable for breach of contract? In this regard, lawyer Chen Tingting, a partner in the Shanghai office of Jincheng Tongda, told reporters that it depends on how the home purchase contract is written. Generally, the home buyer will be required to make up the amount in cash when the loan is not approved. "In the final analysis, it may be the bank's problem, but developers will isolate risks, and this uncertainty often falls on home buyers."

In addition, there are also questions from home buyers who chose LPR before. Will floating interest rates (loan market quoted interest rates) be affected? The answer is that this increase in mortgage interest rates will not affect existing mortgages. After a home buyer chooses the LPR floating interest rate, the mortgage interest rate during the repayment period is always the LPR of the current period when the loan contract is signed + the floating basis point at that time. This means that its mortgage interest rate is only related to the fluctuation of LPR. It is worth mentioning that since May last year, LPR has remained unchanged for nine consecutive months.

As mentioned above, this round of rising mortgage interest rates is a direct response to the adjustments and rectifications of various banks' own housing-related loan businesses in accordance with the regulatory requirements. Bai Wenxi believes that after meeting the corresponding indicator requirements, various banks will form a new equilibrium state in housing-related loans, that is, the new normal of housing-related loans, "which should have a significant effect on cooling the property market.

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How to protect the credit needs of residents, especially first-time home buyers, in a differentiated market? Chen Tao, a senior financial practitioner and economic observer, believes that regulatory authorities must prepare for rainy days. He suggested that from a policy perspective, continue to Emphasize city-specific policies to meet the credit needs of first-time home purchasers. “When necessary, we can improve the loan satisfaction of first-time home purchasers by clarifying the ratio of first-time home purchase loans and non-first-time home purchase loans, and appropriately expand first-time home purchase loans and non-first-time home purchase loans. The difference in interest rates for home loans (currently, loans for second homes are generally 1.1 times that of first homes) will curb demand for non-first homes and focus on meeting and protecting credit needs for first-time buyers. ”