In addition to relaxing policies such as purchase restrictions, sales restrictions, and reducing down payments, many places have recently introduced new provident fund policies, clarifying that immediate family members can withdraw housing provident funds to pay for house purchases and repay mortgages.
According to incomplete statistics from The Paper, since May alone, at least 9 cities including Shaoyang in Hunan, Chaozhou in Guangdong, Ziyang in Sichuan, Qinhuangdao in Hebei, Zhuhai in Guangdong, Ganzhou in Jiangxi, Cangzhou in Hebei, Chizhou in Anhui, and Chuxiong in Yunnan have New policies for provident fund loans have been released, and many places have mentioned in their policies that intergenerational mutual assistance among provident fund families will be implemented, and "one person will buy a house and the whole family will help."
Take Zhuhai, Guangdong as an example. On June 1, the Zhuhai Municipal Housing Provident Fund Management Center issued the "Work Plan to Give Full Play to the Role of Housing Provident Fund to Support the "Industry First" Service". The "Plan" mentioned that the implementation of " One person buys a house and the whole family helps." Deposit-paying employees in Zhuhai can withdraw 90% of the account balance to help their immediate relatives (spouse, parents, children) buy a house to pay the down payment, or withdraw provident funds monthly according to the loan repayment to help their immediate relatives (spouse, parents, children) ) to repay the home purchase loan.
The introduction of this policy has also attracted industry attention. "There are indeed many actions to reduce the cost of home purchase in the real estate field across the country, especially from the perspective of lowering down payments and lowering mortgage interest rates, but more of them are based on the loan policies of commercial banks. Zhuhai has clarified that the use of housing provident funds can be used for Support for family members to purchase houses: It can be used for both the down payment and subsequent monthly loans, which can better meet the housing consumption needs of deposited employees," said Yan Yuejin, Research Director of the Think Tank Center of E-House Research Institute.
In addition to Zhuhai, on June 7, the Housing Provident Fund Management Center of Chaozhou City, Guangdong Province issued the "Notice on Phased Adjustments to Housing Provident Fund Withdrawal and Loan Policies", introducing a policy for immediate family members to withdraw provident funds for down payments. The New Deal points out that if you purchase first-hand commercial housing in Chaozhou City from June to December 2022, you and your immediate family members (spouse, parents, children) can present the commercial housing subscription agreement, deposit payment voucher, direct family relationship certificate, letter of commitment, etc. Go to the housing provident fund service window to withdraw the housing provident fund for the down payment of the house purchase.
In addition, the Housing Provident Fund Management Center of Qinhuangdao City, Hebei Province issued implementation details on June 6 regarding the implementation of the municipal government's "Several Policies and Measures for Stabilizing the Economic Operation of the City". The "Implementation Rules" proposed to give full play to family With the mutual aid function among members, if a depositor in Qinhuangdao City purchases a new self-occupied house in the city in full, the parents of the couple can apply to withdraw the housing provident fund to support their children's house purchase (only once).
On the same day, the "Notice on Policies and Measures to Promote the Stable and Healthy Development of the Real Estate Market" issued by the Ziyang Housing Provident Fund Management Center in Sichuan Province mentioned that intergenerational mutual assistance among provident fund families should be implemented. If a deposit-paying employee purchases a self-occupied house within the administrative area of ????this city, he or she can apply to withdraw the housing provident fund of his or her parents or children to pay for the house purchase; if a deposit-paying employee purchases a self-occupied house together with his or her parents or children within the administrative area of ????this city, When applying for a housing provident fund loan, there is no restriction on the employee's share of the property rights of the house purchased by the employer.
Liang Nan, an analyst at the Zhuge Housing Data Research Center, pointed out that from a formal point of view, the policy adjustment of "one person buying a house and helping the whole family" includes helping to repay the loan, helping to withdraw the provident fund to pay the down payment, and withdrawing the provident fund of relatives for payment. This further reflects the flexibility and diversity of policy adjustments, and also echoes the policy guidance of supporting residents’ reasonable housing needs.
Liang Nan believes that the introduction of such policies is mainly due to the slow recovery process of the current property market and the recurrence of epidemics in many places, which has led to the weakening of the real estate transaction market. Each city has appropriately adjusted its property market policies according to the city's policies. It is innovative to share the financial pressure of home buyers with the help of immediate family members, restore residents' purchasing power from the demand side, and boost residents' home-buying sentiment. It provides an adjustment example for the adjustment of the national provident fund policy. It is expected that some cities with low real estate market prosperity are expected to follow up on such policies to promote the recovery of market expectations.