The announcement pointed out that since March 1 2020, financial institutions should negotiate with customers of existing floating interest rate loans on the conversion terms of the pricing benchmark, and convert the interest rate pricing method agreed in the original contract into an LPR pricing benchmark plus item (the plus item can be negative), and the plus item will remain unchanged during the remaining period of the contract; It can also be converted into a fixed interest rate. In principle, the conversion of the pricing benchmark of floating rate loans should be completed before August 3, 20201.
Experts believe that the implementation of the "Announcement" will better play the guiding role of the quoted interest rate in the LPR loan market in the formation of real interest rates and promote the decline of social financing costs. It is expected that after the initial conversion, the implementation level of the interest rate of existing loans will be basically the same as before the conversion.
Announcement No.30 of the People's Bank of China [20 19] Source: official website, the central bank.
Stock floating interest rate loan "change anchor"
Since LPR has been running for four months, new loans issued by commercial banks are being linked to LPR. According to the data of the central bank, nearly 90% of new loans are priced with reference to LPR.
How to convert existing loans into LPR has always been the focus of the market. "Stock floating rate loans are still priced based on the benchmark loan interest rate, which cannot reflect the changes in market interest rates in time, which is not conducive to ensuring the rights and interests of both borrowers and borrowers." The central bank said in response to a reporter's question.
Fan Ruoying, a researcher at the Institute of International Finance of Bank of China, analyzed that since the central bank implemented the LPR reform in August, 20 19, the current 1 year and 5-year LPR reported 4. 15% and 4.8% respectively, down 16 and 5 basis points respectively from August. However, the decline in the financing interest rate of the real economy is limited. At the end of the third quarter of 20 19, the weighted average interest rate of loans from financial institutions was 5.62%, only 2 basis points lower than the end of last year. Among them, the weighted average interest rate of general loans rose instead of falling, reaching 5.96% at the end of the third quarter of 20 19, up 5 basis points from the end of last year.
Fan Ruoying pointed out that after the reform of the LPR quotation mechanism, the central bank formulated the corresponding "358" assessment requirements (2065438+at the end of September 2009, the proportion of new loans based on LPR in national banking financial institutions was not less than 30%; At the end of 20 19 and 12, the above ratio shall not be less than 50%; At the end of March, 2020, the above ratio is not less than 80%), but only for incremental loans, the effect of LPR is not obvious. This time, it is aimed at stock loans. It is expected that the guiding role of LPR in loan pricing will be significantly enhanced in the future, which is conducive to better guiding the downward financing cost of the real economy.
Dong Ximiao, chief researcher of Wang Xin Bank and special researcher of the National Finance and Development Laboratory, believes that it is expected that after the initial conversion, the implementation level of the stock loan interest rate will be basically the same as before the conversion. This will help to promote a smooth transition and protect the interests of both borrowers and lenders.
"In order to better serve the real economy, monetary policy will maintain a stable tone and increase counter-cyclical adjustment. There will still be some unfavorable factors in the future of LPR. It may be a common way for borrowers to negotiate with banks on an equal footing and adopt LPR as the pricing benchmark, which is relatively beneficial to borrowers. " Dong Ximiao told the reporter of Zhongxin Jingwei that this market-oriented approach will help reduce the financing cost of the real economy and better serve steady growth and stable employment. Even if the borrower and the bank negotiate to convert to a fixed interest rate, the existing LPR with the same term may still be an important reference for the implementation level of the fixed interest rate. At the same time, it also embodies the principle of interest rate marketization, that is, matters related to interest rate pricing are determined by both borrowers and lenders through consultation.
How to change the stock floating interest rate loan?
Many people still have questions about how to change deposits and loans. This is your key point.
First, it can negotiate.
The borrower can negotiate with the bank to determine whether to convert the pricing benchmark into LPR or fixed interest rate. The borrower has only one choice, and it cannot be converted again after conversion. The floating interest rate loan of inventory in the last repricing cycle shall not be converted.
Second, the implementation time.
The renovation began on March 1 2020, and should be completed before August 3 1 2020 in principle.
Third, the interest rate level.
The converted loan interest rate level is determined by both parties through consultation, among which, in order to implement the regulation requirements of the real estate market, the existing commercial personal housing loan interest rate level remains unchanged at the time of conversion.
Four. Mortgage loan (the specified price benchmark is converted into LPR)
(1) Term variety: The term variety of LPR is determined according to the loan term of the original contract, and will not be adjusted during the remaining term of the contract after determination; (Note: There are two types of LPR: 1 year and more than 5 years, and the general mortgage is more than 5 years. )
(2) Plus value: the plus value is the difference between the latest execution interest rate of the original contract and LPR 20 19 and 12 (it can be negative), and it will be fixed during the remaining term of the contract;
(3) Interest rate level: the interest rate level remains unchanged during the conversion;
(4) Re-pricing period: The borrower and the lender can re-agree on the re-pricing period and the re-pricing date, and the minimum re-pricing period is one year;
(5) When the same commercial personal housing loan is converted at any time from March 2020 to August 2020, the value-added amount is determined according to the LPR of 2065438+June 2009 and the original interest rate level, and the value-added amount is not affected by the conversion time, so banks and customers can handle it reasonably.
Verb (abbreviation for verb) Other loans
Other floating interest rate loans, including but not limited to corporate loans and personal consumption loans, can be converted into fixed interest rates through negotiation between borrowers and borrowers according to the principle of marketization, including the term variety, added value, repricing term and repricing date of LPR.
Actual change of existing mortgage interest rate in 202 1 year.
In bank loans, mortgage accounts for a large share. According to the data of the central bank, at the end of 20 18, the loan balance of China's household sector was 47.9 trillion yuan, accounting for 35. 1% of the total loan balance of deposit-taking financial institutions, up 2.8 percentage points year-on-year. At the end of 20 18, the balance of individual housing loans was 25.8 trillion yuan, accounting for 53.9% of the household debt balance.
Judging from the current situation, the benchmark interest rate for bank loans over five years is 4.9%, and the five-year LPR announced in February is 4.8%. After referring to LPR pricing, does it mean that the mortgage interest rate will be reduced and the actual repayment amount of buyers will be reduced? The answer is not for the time being.
The central bank said that the added value of commercial personal housing loans should be equal to the difference between the latest interest rate level of the original contract and the corresponding period issued by LPR in February 2065438. For example, the central bank said that if the original contract term of commercial personal housing loans is 20 years and the remaining term is 8 years, the interest rate agreed in the original contract is the benchmark interest rate of loans with a term of more than 5 years 10%, and the current interest rate is 4.9% × (1+10%) = 5.39%. 20 19 and 12 issued an LPR of more than 5 years, which was 4.8%. If the borrower and lender decide to change the pricing benchmark on March 30, 2020, and the repricing period is still 1 year and the repricing date is still 1 day, the increase rate should be 0.59 percentage points (5.39%-4.8%=0.59%).
That is to say, in the above case, after the pricing anchor point of mortgage interest rate was changed from the loan benchmark interest rate to LPR, the bonus method was changed from the loan benchmark interest rate to LPR 65,438+00%, and the current actual loan interest rate remained unchanged.
At present, the repricing period of most existing commercial personal housing loans is 1 year, and the repricing date is 1 day every year. Yuan Chengjian, vice president of Zhuge Housing Search, told the client of Zhongxin Jingwei that the interest rate conversion period was from 1 in March 2020 to 3 1 in August 2020, but the actual implementation time started from 202 1, that is to say, the mortgage actually implemented by the customer in 2020 was still implemented according to the mortgage of 20 19. Even if LPR declines in 2020, customers can only enjoy the dividend of 202 1 interest rate decline.
In the aforementioned case, the interest rate remained at 5.39%(4.8%+0.59%) from March 30th to February 3rd, 2020. On the first re-pricing date thereafter, that is, 202 1, 1, according to the re-agreed re-pricing rules, the interest rate will be adjusted to 65438+LPR+0.59% announced in February 2020, and so on.
Since LPR is published once a month, does this mean that the mortgage interest rate will change every month? Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that this policy gives a clear answer, that is, it can be agreed to remain unchanged or adjusted once a year, but it will never be adjusted once a month.
The central bank also gives two options, that is, the borrower can negotiate with the bank to determine whether to convert the pricing benchmark into LPR or convert it into a fixed interest rate. The borrower has only one choice, and it cannot be converted again after conversion. Yuan Chengjian believes that for users, the fixed interest rate is fixed for a long time, and they can't enjoy the dividend of the downward interest rate, but they can also avoid the cost increase when the interest rate rises.
Zhang Dawei, chief analyst of Zhongyuan Real Estate, said that the door to the interest rate cut cycle has been opened. One-year LPR is mainly aimed at corporate loans, while five-year LPR basically represents the trend of mortgage interest rate. The downward adjustment of real mortgage interest rate will become the future trend.
The internal management of banks is facing challenges.
Although the central bank has reserved more than two months of preparation time for commercial banks, many bank employees said that the next task of banks will be heavier.
Statistics released by the central bank recently show that at the end of 10, the balance of domestic and foreign currency loans in China was 157.56 trillion yuan, of which the balance of RMB loans was 15 197 trillion yuan. It should be noted that interest rates can be divided into fixed interest rates and floating interest rates according to whether the interest rate level changes during the existence of the monetary fund lending relationship. It is understood that among bank stock loans, floating interest rate loans account for a relatively large proportion.
The personal loan manager of a branch of a state-owned bank said that the vast majority of bank loans in his bank are floating interest rate loans.
"Our bank does not have fixed-rate loans, and ordinary customers will ask for floating-rate loans." The loan account manager of another foreign bank told Zhongxin Jingwei reporter.
Wen Bin, chief researcher of China Minsheng Bank, pointed out that the central bank stipulated in the announcement that "financial institutions should negotiate the conversion terms of the pricing benchmark with customers with floating interest rate loans, which should be completed in principle before August 3, 20201." Taking individual housing loans as an example, by the end of 20 18, the balance of individual housing loans in China was 25.75 trillion yuan, accounting for 18.89% of all loans of financial institutions. Moreover, individual housing loans have the characteristics of wide audience, small amount and many transactions. "Anchoring" will have an impact on banks' contracts, systems, statements, personnel and risk control.
Fan Ruoying also believes that this "anchoring change" has brought greater operational pressure and challenges to commercial banks. On the one hand, under the background of declining savings rate and increasingly fierce competition for deposits, due to the large scale of existing loans, the conversion of pricing benchmark will bring greater pressure on commercial banks to manage spreads and assets and liabilities. On the other hand, it puts forward higher requirements for the risk pricing and internal pricing ability of commercial banks. Judging from the requirements of the announcement, the final loan interest rate should be determined by the bank and the customer through consultation, which requires the bank to comprehensively consider the credit qualification of the customer, the capital cost of the loan bank, the risk cost, the market supply and demand and other factors. How to optimize and adjust the FTP pricing management system in the future is a problem that commercial banks need to think about.
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Article source: Zhongxin Jingwei
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