After the interest rate on first home mortgages increased again, the potential loan costs for home buyers increased significantly. Suppose you buy a first-hand house with a total price of 5 million yuan in Shanghai, which is your first home. After deducting the 3.5% down payment, you need to apply for a commercial loan of 3.25 million yuan from the bank. If repaid in equal installments of principal and interest, the loan term is 30 years. Calculated based on the 15% discount on the first home loan interest rate, the monthly repayment amount is 15,836 yuan; if it becomes 1.1 times the base interest rate, the monthly repayment will be 18,229 yuan, which is an extra 2,393 yuan per month.
Beijing’s mortgage interest rates have also been raised for the fifth time this year. A "Notice on Adjusting the Interest Rates of Personal Housing Mortgages of the Beijing Branch" obtained by a reporter from the Beijing News from a real estate agency shows that the minimum guidance price of personal housing mortgage loans of the Beijing Branch is: the minimum first-home mortgage loan is 1.1 times the benchmark interest rate. Among them, the minimum for supplementary mortgages and relay loans is 1.15 times the benchmark interest rate; the minimum for second-home mortgage loans is 1.2 times the benchmark interest rate.
The new housing mortgage loan interest rate policy was officially implemented on June 5, 2017. However, taking into account the continuity of business, the mortgage business that the branch has accepted before June 5, 2017, if it is in 2017 If the online signing date entered into the personal credit system before June 5 (exclusive) or the online signing contract provided by the customer is before June 5, 2017 (exclusive), this type of business can be executed according to the original mortgage loan interest rate policy.
In Guangzhou, Minsheng Bank quietly raised the mortgage interest rate for first-time buyers as early as the end of May. An account manager at a branch of the bank in Guangzhou told a reporter from Southern Metropolis Daily that in the first two weeks of May they were still following the benchmark interest rate and were preparing to increase it by 10% at the end of May. The official implementation of the 10% increase will begin in June. In addition to China Minsheng Bank, many banks including China CITIC Bank and Shanghai Pudong Development Bank have also raised the interest rates on home loans for first-time buyers.
Due to the tight housing loan quota, some banks in Guangzhou even have the phenomenon of "buying food" based on customers. According to Nandu reports, some home buyers reported that a bank account manager suggested that if the customer can accept a 20% increase in the mortgage loan interest rate from the benchmark, they can lend money in advance, otherwise they will have to queue up.
The bank involved responded that due to regulatory requirements to control the growth rate and scale of mortgage loans, the bank has also made some internal adjustments to its mortgage policies. If there are requirements for loan time, customers can be advised to accept the interest rate. A 20% increase is required, so that the loan can be released in advance, but it is not mandatory.
Mortgage loans took the lead in tightening under liquidity pressure
In fact, the housing loan interest rate in the Beijing market has been adjusted four times this year, from 85% off the benchmark interest rate to 10% off and 95% off. fold. The interest rate for first-time home loans in Beijing has just been adjusted back to the benchmark interest rate in May. Many banks in Shanghai have just raised their first-home loan interest rates from the industry-unified 10% to 95% or even the benchmark in May.
It has only been one month, why has the housing loan market tightened again?
Kankan News quoted industry insiders as saying that on the one hand, this is affected by property market control policies such as credit tightening, and on the other hand, it is also determined by the current capital prices. With the recent rise in capital costs, commercial banks need to control the costs of mortgage business and make new plans for the flow and use of funds.
According to Wall Street Insights, late June is a habitual "moment of tight funds" in China's financial market. Under the pressure of financial deleveraging this year, concerns about liquidity impacts at the end of the first half of the year are particularly serious. Against this background, banks have launched a battle for funds and have raised the benchmark interest rates for RMB deposits, large-denomination certificates of deposit interest rates and the yield rates of wealth management products.
Yan Yuejin, Research Director of Shanghai Yiju Real Estate Research Institute, said: "At present, the cost of credit funds of the entire commercial banks has been on an upward trend recently. For example, the interbank interest rate confirms this, so I think the upward adjustment of some commercial banks is more from the perspective of commercial banks themselves, that is, commercial banks may now strengthen their risk control on loans. For housing loans, as a relatively large one. Class assets will be tightened first."