On August 7th, 20 19, the People's Bank of China issued an announcement on reforming and improving the formation mechanism of the quoted interest rate (LPR) in the loan market. At present, nearly 90% of new loans have been priced with reference to LPR, but the existing floating rate loans are still priced based on the benchmark interest rate of loans. After the release of the new regulations, whether the stock mortgage interest rate is adjusted has attracted much attention from the market.
In this announcement, the central bank said that from March 1 day, 2020, financial institutions should negotiate with existing floating-rate loan customers on the conversion terms of pricing benchmark, and convert the interest rate pricing method agreed in the original contract into LPR pricing benchmark plus points (the plus points can be negative), and the plus points will remain unchanged during the remaining period of the contract; It can also be converted into a fixed interest rate. Pricing benchmark can only be converted once, and cannot be converted again after conversion.
The central bank pointed out that the floating interest rate loan in stock refers to the floating interest rate loan (excluding provident fund personal housing loan) that has been issued and signed by financial institutions before 2020 1 but has not been issued with reference to the benchmark loan interest rate.
The central bank has made it clear that the pricing benchmark of floating rate loans is converted into LPR, and the added value is determined by both borrowers and borrowers through consultation, except for commercial personal housing loans.
How does the pricing benchmark of stock mortgage interest rate change from benchmark interest rate to LPR?
Summary of key points:
If the pricing benchmark is converted to LPR, 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; The added value is the difference between the latest execution interest rate of the original contract and the LPR of June 20 19+02 (it can be negative), and it will be fixed during the remaining term of the contract.
The interest rate level remains unchanged at the time of conversion; Lenders and borrowers can re-agree the re-pricing period and date, and the shortest re-pricing period is one year.
When the same commercial individual housing loan is converted at any time from March to August, 2020, the value-added part is determined according to the LPR of 20 19 and the original interest rate level, and the value-added part is not affected by the conversion time.
In order to implement the regulation requirements of the real estate market, the existing commercial personal housing loan interest rate at the discount point should remain unchanged.
For example, you can see more clearly:
At present, the repricing period of most existing commercial personal housing loans is 1 year, and the repricing date is 1 day every year.
Take this as an example. If the original contract term of commercial personal housing loan is 20 years, and the remaining term is 8 years, the interest rate agreed in the original contract is that the benchmark interest rate of loans for more than 5 years rises 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 every year, the increase rate should be 0.59 percentage points (5.39%-4.8%=0.59%).
From March 30th to February 30th, 2020, 65438+3 1, the interest rate is still 5.39%(4.8%+0.59%). On the first re-pricing date thereafter, that is, 202 1, 1, according to the re-agreed re-pricing rules, the interest rate announced in 65438+February 2020 will be adjusted to LPR+0.59%, and so on every year thereafter.
This time, the central bank also clarified the conversion of other stock loan pricing benchmarks. Except for commercial personal housing 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 period and repricing date of LPR.
In addition, if the stock floating interest rate loan is converted into a fixed interest rate, the converted interest rate level shall be determined by the borrower and the borrower through consultation, and the converted interest rate level of commercial personal housing loan shall be equal to the latest interest rate level of the original contract.