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Differentiated policy

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What is differentiated housing credit policy

The so-called differentiated housing credit policy is aimed at those who own properties that cannot be sold in multiple units. There are different loan policies for home buyers to resolutely curb unreasonable housing demand.

This policy has a basic limit, but the specifics still depend on the implementation of each bank. For families purchasing their first home with a floor area of ??more than 9 square meters, the loan down payment ratio shall not be less than 30%; for families purchasing a second home with a loan, the loan down payment ratio shall not be less than 50%, and the loan interest rate shall not be less than 50%. Lower than 1.1 times the benchmark interest rate; for those who purchase a third or higher house with a loan, the loan down payment ratio and loan interest rate should be significantly increased, and the details will be determined independently by commercial banks based on risk management principles.

Key points of differentiated housing credit policies

To implement differentiated housing tax policies, it is necessary to strengthen controls on transaction links and income tax collection and management. In terms of transactions, the differentiated housing tax policy is mainly to increase the transaction costs of investment housing and reduce the transaction costs of just-needed housing. Regarding income tax on housing transactions, it is necessary to increase tax collection and administration and severely crack down on yin and yang contracts, which can reduce the return on investment of speculative housing purchases. Therefore, the implementation of differentiated housing tax policies will hit the "Achilles heel" of rising housing prices.

Implementation Standards of Differentiated Housing Credit Policies

The differentiated housing credit policy applies to households (including borrowers, Spouses and minor children, the same below), the loan down payment ratio shall not be less than 30%; for families purchasing a second home with a loan, the loan down payment ratio shall not be less than 50%, and the loan interest rate shall not be lower than 1.1 times the benchmark interest rate; For those who purchase a third or higher house with a loan, the loan down payment ratio and loan interest rate should be significantly increased, and the details shall be determined independently by commercial banks based on risk management principles. The People's Bank of China and the China Banking Regulatory Commission must guide and supervise commercial banks to strictly manage housing consumption loans. The Ministry of Housing and Urban-Rural Development, together with the People's Bank of China and the China Banking Regulatory Commission, must promptly formulate the standards for identifying second homes.

Differentiated housing credit policies strictly restrict various forms of real estate speculation and speculative home purchases. In areas where commodity housing prices are too high, rising too fast, and supply is tight, commercial banks may suspend the issuance of loans for the purchase of third or higher housing units based on risk conditions; for non-local residents who cannot provide local tax payment certificates or social insurance payment certificates for more than one year, Home purchase loans for residents are suspended. Local people's governments may take temporary measures to limit the number of housing units purchased within a certain period of time based on actual conditions.

For overseas institutions and individuals to purchase houses, relevant policies will be strictly followed.

The impact of differentiated housing credit policies

Spatial and temporal comparison of policy effectiveness

The regulatory spearhead of differentiated housing credit policies directly points to investment and speculation in the property market sexual needs, thus avoiding the “one size fits all” policy of 2007. This regulation is based on raising the threshold for home purchase, raising the monthly payment burden and the cost of home purchase as the starting point of the policy. Taking a property with a total price of 2 million yuan as an example, under the general improvement demand conditions, the down payment amount before and after the New Deal has increased by 200,000 to 600,000 yuan, and under the same down payment premise, the monthly payment before and after the New Deal is about An increase of 12.7. For speculative home purchase demand, the effect of policies in raising entry barriers and home purchase costs will be extremely obvious.

The "domino effect" of the banking industry

The introduction of differentiated housing credit policies has had a collateral impact on the banking industry, which is closely linked to the property market. From the perspective of the impact on the banking industry, although control measures can increase interest margins and prevent risks to a certain extent, in the short and medium term as the effectiveness of the policies becomes apparent, the transaction volume of the property market will definitely be affected, and home buyers will The demand for housing loans will also fall significantly.

Relevant provisions on differentiated housing credit policies

In September 2016, the Ministry of Housing and Urban-Rural Development issued the “Implementation Plan for Implementing the Implementation Outline for the Construction of a Government under the Rule of Law (2015-2020)” It was pointed out that the classified supply management of residential land should be implemented, and differentiated taxation and credit policies should be improved and implemented.

In terms of loan restrictions, Suzhou stipulates that if a household owns one house and the corresponding house purchase loan has not been settled, and applies for a commercial loan to purchase a house again, the minimum down payment ratio will be adjusted from 40 to 50; If there are two or more houses and the house purchase loan has not been settled, the issuance of housing loans for "three houses" or more will continue to be stopped.

Nanjing stipulates that the minimum down payment ratio for households that own one house and the corresponding house purchase loan has been paid off is adjusted to no less than 35; for residents who own one house and the corresponding house purchase loan has not been paid off, the minimum down payment ratio The minimum down payment ratio is not less than 50.

Wuhan stipulates that if a household that owns a house in Wuhan applies for a personal housing loan to purchase commercial housing again, the minimum down payment ratio for the loan is 40. Families that own two or more houses in Wuhan and have paid off the corresponding house purchase loans or have one house loan that has not been paid off can apply for a personal housing loan again to purchase commercial housing. The minimum down payment ratio for the loan is 40. Residential households that own two or more houses in Wuhan and have two outstanding housing loans must apply for personal housing loans again to purchase commercial housing, and the issuance of corresponding home purchase loans will continue to be suspended.

In terms of differentiated housing tax policies, the "Notice on Adjusting Preferential Policies for Deed Tax and Business Tax in Real Estate Transactions" jointly issued by the Ministry of Finance, the State Administration of Taxation and the Ministry of Housing and Urban-Rural Development in February 2016 stipulates that 90 square meters The deed tax for the following first-time houses is reduced to 1, and the deed tax for second-hand houses above 90 square meters is unified to 2; second-hand houses, whether ordinary residences or non-ordinary residences, are exempted from business tax for 2 years.

The notice appropriately increases the tax incentives for individuals to purchase housing, reflecting support for residents’ demand for self-occupied and improved housing. Specifically, the scope of deed tax incentives for individuals purchasing housing will be expanded from the family's only home to the family's second improved home, and no distinction will be made between ordinary housing and non-ordinary housing.