Text/Deng Haozhi

First, increase financial support for the construction of affordable housing projects

Encourage banking financial institutions to actively support shantytown renovation and affordable housing construction projects that meet credit conditions in accordance with the principles of risk control and financial sustainability. The loan period for public rental housing and shantytown renovation can be extended to no more than 25 years. Further play the supporting role of development finance in shantytown renovation; Local governments should co-ordinate shantytown renovation, resettlement housing construction, public rental housing and ordinary commercial housing construction, and bring them into the scope of development financial support to improve the efficiency of capital use.

Interpretation: the problem of affordable housing has always been the first in real estate regulation and control policies. In fact, what should be said has not changed, and sometimes it is emphasized to show attention. The key to the problem of affordable housing is implementation;

Two, actively support the reasonable housing loan demand of households.

For families who purchase the first ordinary self-occupied house by loan, the minimum down payment ratio of the loan is 30%, and the lower limit of the loan interest rate is 0.7 times of the benchmark loan interest rate, which is determined by the banking financial institutions independently according to the risk situation.

The minimum interest rate of 30% off the first home loan is nothing new, because 30% off is the lower limit rather than the upper limit, and banks still set interest rates according to their own conditions. Judging from the current financing cost of banks, banks will never implement a 30% interest rate. Therefore, the second policy is difficult to provide strong support for first-time home buyers;

For 1 housing families who have settled the corresponding housing loans, in order to improve their living conditions, they apply for loans to buy ordinary commercial housing again, and banking financial institutions implement the first home loan policy.

Interpretation: It is the focus of this policy to recognize housing and not to recognize loans. Since the second suite is still the first set after paying off the first loan, it will greatly support the first improved demand, and this policy will also greatly release the improved demand in the market;

In cities where the "purchase restriction" measures have been cancelled or not implemented, for families who own two or more houses and have settled the corresponding home purchase loans, banking financial institutions should carefully grasp and specifically determine the down payment ratio and loan interest rate level according to the borrower's solvency, credit status and other factors.

Interpretation: This policy is equivalent to relaxing three or more mortgages, which will be of great help in releasing investment demand (except for cities with restricted purchases). The New Deal is beneficial to investment properties and tourism and holiday properties in third-and fourth-tier cities;

Banking financial institutions can issue housing loans to non-local residents who meet the policy conditions according to the local urbanization development plan.

Interpretation: In fact, it is the relaxation of "over-limit" mortgage, which is beneficial to migrant workers, freelancers and individual merchants and effectively supports foreigners to buy houses locally;

Banking financial institutions should shorten the loan approval period, reasonably determine the loan interest rate, and give priority to meeting the credit needs of households to purchase the first set of ordinary self-occupied housing and improved ordinary self-occupied housing.

Interpretation: the speed of lending is only an oral opinion and has no obvious binding force. Therefore, banks still carry out business according to their own conditions, and it is not expected to have too substantial impact;

Third, enhance the ability of financial institutions to provide personal housing loans.

Banking financial institutions are encouraged to raise funds by issuing mortgage-backed security (MBS) and long-term special financial bonds, which will be specially used to increase the first set of ordinary self-occupied housing and improved ordinary self-occupied housing loans.

Interpretation: This article is the beginning of "mortgage securitization" and the most innovative one in this policy. Prior to this, mortgage restricted the market, except for stricter conditions, there was also the problem of insufficient total loans. The lack of funds in the banking system makes it unwilling to issue a large proportion of loans to the real estate market. After the central bank allows banks to carry out special financing for mortgage loans, the pool of future mortgage loans will be greatly enlarged, which is more conducive to the implementation of the above policies;

Four, continue to support the reasonable financing needs of real estate development enterprises.

On the premise of preventing risks, banking financial institutions should rationally allocate credit resources, support real estate enterprises with good qualifications and honest management to develop and build ordinary commodity housing, and actively support the reasonable financing needs of projects under construction and continued construction with market prospects. Expand market-oriented financing channels and support qualified real estate enterprises to issue debt financing tools in the inter-bank bond market. Actively and steadily carry out real estate investment trust funds (REITs) pilot.

Interpretation: If the first one is to support property buyers, then this one is to support housing enterprises. Real estate is a capital-intensive industry, and adding new financing channels will alleviate the financial shortage of housing enterprises;

General supplement:

The above benefits are all at the level of the central bank. A specific local implementation requires a local version of the implementation rules. It is estimated that it will take 65,438+0 months to fully realize it. Some innovative policies (such as mortgage securitization) need to be studied and implemented by banks. It is difficult to see obvious effects this year, but it will definitely benefit the middle class, and it is expected that it will gradually have a significant impact on the market next year.