After Beihai reduced the down payment of housing provident fund loans and became the first city in China to reduce the down payment ratio this year, Zigong recently adjusted the provident fund loan policy, relaxed the criteria for determining the number of housing units, and canceled the "recognition of housing and loan".

The industry believes that from the adjustment of Beihai and Zigong provident fund loan policies, the policy of reducing the down payment ratio of mortgage loans will first be reflected in the provident fund field. It is expected that other cities in the country will actively follow up, and the down payment ratio of commercial bank loans may also be lowered.

Zigong cancels "house-recognizing loan"

On June 5438+10/8, Zigong Housing Provident Fund Management Center issued the Notice on Relevant Issues Concerning the Adjustment of Housing Provident Fund Policy, including relaxing the policy of determining the number of housing units; Cancel the restriction that the interval between two housing provident fund loans must be 12 months or more; Give policy support to high-level talents who hold Tianfu Cai Ying A, B and C cards.

In relaxing the policy of determining the number of housing units, we will implement the standard of only recognizing loans and not recognizing houses. There is no record of housing provident fund loans and no outstanding housing commercial loans, which shall be implemented according to the first home loan policy; If there are records of housing provident fund loans that have been settled or commercial housing loans that have not been settled, it shall be implemented according to the second home loan policy. The loan record shall be subject to the credit report. In addition, there are three suites and loans are not allowed.

The adjustment policy will be implemented from June 65438+1October 65438+July 2022, with a validity period of three years.

In the implementation of the policy, the time for identifying ordinary commercial housing loans is based on the signing time of the purchase contract, and the time for identifying re-trading housing loans is based on the time for collecting loans from the entrusted banks of the provident fund center.

Yan Yuejin, research director of the think tank center of Yiju Research Institute, believes that Zigong has cancelled the regulation of "recognizing houses and loans" and has become the second city in China to adjust the down payment ratio after Beihai, which has positive signal significance.

Yan Yuejin further pointed out that according to the old policy of Zigong in the past, the identification of the first suite must conform to "no room and no loan", that is, no room, no provident fund loan record or unpaid commercial loans. According to the current new policy, the first set of identification only needs to meet the requirements of "no loan". In other words, whether there is housing or not, as long as there is no record of provident fund loans or commercial loans are not settled, they can be carried out in the way of the first suite. Similar regulations have significantly lowered the threshold, allowing more buyers to subscribe for housing according to the down payment ratio of the first suite, that is, from 40% down payment to 20%, which obviously has a very good stimulating effect.

Beihai reduces the down payment ratio of provident fund loans

65438+ 10/2, Beihai Housing Provident Fund Management Committee issued the Notice on Adjusting Housing Provident Fund Loan Policy.

The "Notice" proposes that the minimum down payment ratio will be reduced from 60% to 40% if the employee's family pays the employee to buy a second house or apply for a second housing provident fund loan.

Regarding the reasons for adjusting the provident fund loan policy, the notice said that in order to implement the differentiated credit policy, meet the needs of employees for improved housing, and support the stable and healthy development of the real estate market with practical actions.

"Beihai has clearly reduced the down payment ratio of provident fund loans, which is the first city in China to reduce the down payment ratio this year." Yan Yuejin said.

Yan Yuejin believes that this policy can see three signals. First, the relaxation of this policy is mainly to meet the needs of workers for improved housing, which is another policy of the state to support and encourage improved housing at present, which is conducive to the transaction of second suites and large huxing. Second, this policy adjustment mainly refers to provident fund loans, and commercial bank loans are not involved. Third, whether it is a second home or a second loan, the down payment has dropped from 60% in the past to 40%, which objectively significantly reduces the down payment pressure of such buyers.

"A similar policy of reducing down payment is more effective than increasing the loan amount, lowering interest rates or accelerating the pace of lending in the past." Yan Yuejin said that due to the downward adjustment of the down payment ratio, the pressure on buyers to purchase houses has dropped significantly objectively. Beihai policy is of positive significance, which embodies the guarantee of the demand for improved house purchase and contributes to the subsequent positive release of this demand.

According to the data in the Inventory Report of 100 Cities in China by Yiju Research Institute, the inventory destocking cycle of Beihai at the end of last year was 23.7 months, and it was generally in a city with relatively difficult inventory destocking. Yan Yuejin believes that such a policy will help boost the property market and is a very typical policy to encourage market transactions and take the initiative to go to inventory.

The central government has repeatedly stressed supporting reasonable housing demand.

February 10 Last year, the Central Economic Work Conference proposed "supporting the commercial housing market to better meet the reasonable housing needs of buyers", and the Ministry of Housing and Urban-Rural Development, the central bank, the China Banking Regulatory Commission and other departments repeatedly stressed the need to support reasonable housing needs.

On February 26, 65438, Wang, Minister of Housing and Urban-Rural Development, also said in an interview with People's Daily that it is necessary to implement the main responsibility of the city, strengthen the supervision and guidance responsibility of the provincial government, ensure the demand for rigid housing and meet the reasonable demand for improved housing. 65438+February 27th, 2022, the working meeting of the People's Bank of China proposed to better meet the reasonable housing needs of buyers. The China Banking Regulatory Commission also said earlier that at this stage, we should focus on meeting the mortgage demand of the first suite and improved housing according to different local conditions.

From the standpoint of multi-departments, reasonable housing demand includes both rigid self-occupation demand and improved housing demand. Earlier, Yang Hongxu, vice president of Shanghai Yiju Real Estate Research Institute, said in an interview with the Securities Times reporter that this year's mortgage policy is becoming more relaxed, mainly due to the decline in interest rates and the shortened loan approval process. It is estimated that some cities may change from "recognizing houses and loans" to "recognizing houses and not recognizing loans", and there may be policy relaxation for the first improved demand or replacement demand, so that they can enjoy the interest rate and down payment ratio of the first suite.

Yan Yuejin also pointed out that from the adjustment of Beihai and Zigong provident fund loan policies, there are three points worthy of attention. First, the reason for the adjustment is related to the increasing liquidity of the provident fund and the current activation of housing consumption in such cities. Second, similar adjustments show that the policy of reducing the down payment ratio of mortgage loans will first be reflected in the provident fund field, and the down payment ratio of subsequent commercial bank loans may also be reduced. Third, the down payment ratio is more effective than the loan interest rate, and objectively it is easier to activate the real estate market.

Yan Yuejin predicted that other cities across the country will actively follow up, even including commercial bank loans, and there will be actions and performances to reduce down payment.