202 1 September1The new mortgage policy was introduced, mainly in the following aspects:

1, on the right to use state-owned land

According to the new mortgage policy, Article 2 of the Deed Tax Law "Transfer of State-owned Toxic Use Rights" is amended as "Transfer of Land Use Rights". This also means that in the process of collective land use right transfer, the transferee also needs to pay deed tax.

2. The subject of deed tax collection has changed.

According to the new mortgage policy, after buyers buy rotten orange houses, the subject of deed tax collection changes. From "the financial organ or local tax authority where the land and house are located" to "the tax authority where the land and house are located".

3. Exemption from deed tax

If buyers want to transfer their houses, there are two new ways to exempt the deed tax. Moreover, there have been rumors that the deed tax will rise by 3%-5% from September 1, which is actually a rumor. At present, the deed tax has been 3%-5%, but some places have policy welfare blessings, so only 1%-3% deed tax is required.

legal ground

People's Republic of China (PRC) Deed Tax Law Article 2 The term "transfer of ownership of land and houses" as mentioned in this Law refers to the following acts:

(a) the transfer of land use rights;

(two) the transfer of land use rights, including sale, gift and exchange;

(three) the sale, gift and exchange of houses.

The transfer of land use right mentioned in item 2 of the preceding paragraph does not include the transfer of land contractual management right and land management right.

Where the ownership of land and houses is transferred by means of capital contribution (shares), debt repayment, transfer or reward, deed tax shall be levied in accordance with the provisions of this Law.

202 1 mortgage policy

On June 5438+February 3, 20201day, the central bank and the China Banking Regulatory Commission jointly promulgated the heavy mortgage policy. And it will be implemented directly from 202 1 1 1. This is the heaviest regulation since the new "three red lines" financing regulation in the real estate field, and no transition period is given.

1. The full name of this regulation is the Notice on Establishing a Centralized Management System for Real Estate Loans of Banking Financial Institutions, and its main purpose is to centrally manage real estate loans of the banking industry. According to this new regulation, both bank real estate loans and personal housing loans will be capped in the future and cannot be broken. In the attachment of the document, an extremely clear proportion limit is given.

According to the notice, the two departments manage the concentration of real estate loans in five grades according to the asset size and institutional type of different banks. Specifically:

The first file is large Chinese banks, including six state-owned banks and China Development Bank which established diplomatic relations between workers and peasants. The upper limit of real estate loans is 40%, and the upper limit of personal housing loans is 32.5%.

The second file is Chinese medium-sized banks, including 12 national joint-stock banks, Agricultural Development Bank, Export-Import Bank and several city commercial banks with large assets, such as Shanghai Bank and Bank of Beijing. The upper limit of real estate loans is 27.5%, and the upper limit of personal housing loans is 20%.

The third file is Chinese small banks and non-county agricultural cooperative institutions, including city commercial banks, private banks and agricultural cooperative institutions in large and medium-sized cities and urban areas except the second file. The upper limits of real estate loans and personal housing loans are 22.5% and 17.5% respectively.

The fourth file is county-level rural cooperative institutions, and the upper limits of real estate loans and personal housing loans are 17.5% and12.5% respectively;

The fifth file is the village bank, and the upper limits of the two files are 12.5% and 7.5% respectively.

In addition, the two departments indicated that the branches above the sub-provincial city center sub-branches of the People's Bank of China may, in conjunction with the local agencies stationed in the CBRC, reasonably determine the local corporate banking finance applicable to the corresponding level within their jurisdiction on the premise of full demonstration and in combination with the local economic and financial development level. According to the management requirements of the third, fourth and fifth batches of real estate loans in the Notice, combined with the specific situation of banking financial institutions and the characteristics of systemic financial risks within their jurisdiction.

It is worth noting that there are two situations that are not included in the calculation of the proportion of real estate loans for the time being: First, housing lease-related loans are designed to support the development of the housing lease market. Second, in order to cooperate with the implementation of the new asset management regulations, the real estate loans returned during the transition period of the new asset management regulations (as of the end of 20021) are not included in the statistics.

2. In addition, according to the two regulations of the central bank, since 2002 1, buyers with loans will face two new changes: first, if the re-pricing date is set at 1, their monthly payment will be lowered from this year's1; Second, this year's new loan buyers, their loans will be subject to the "housing loan ratio."

The first change: the monthly supply of commercial loans decreased by 2065438+2009 65438+2009. On February 28th, the website of the central bank published Announcement [20 19] No.30 of the People's Bank of China, further promoting the conversion of the existing pricing benchmark of floating rate loans into LPR.

The second change: personal loans to buy a house are affected by the proportion of housing loans. On the afternoon of February 365438+February 3, 2020/KLOC-0, the central bank issued the Notice on Establishing a Centralized Management System for Real Estate Loans of Banking Financial Institutions in official website.

Extended data:

1. Reasons for limiting the loan ratio of the banking system

In the announcement of the central bank, it is proposed that "in order to enhance the ability of banking financial institutions to resist fluctuations in the real estate market and prevent potential systemic financial risks caused by excessive concentration of real estate loans in the financial system". In 2020, Guo Shuqing, Chairman of China Banking Regulatory Commission, also mentioned the dependence and concentration of China's financial system on real estate loans.

According to Chairman Guo, China real estate-related loans account for 39% of banking loans. Moreover, these are only loans within the banking system, and the bonds issued by real estate enterprises themselves, the equity of financing, and the funds of shadow banks under custody are not within this 39%.

There are still many people who directly use commercial loans to buy a house in full. In fact, it is a house price, but it just looks like a commercial loan for factories and enterprises in the table. Together with these off-balance-sheet loans, real estate loans will account for about 40-50% of China's financial system. This is a very horrible ratio, which is really half of the country. In the past, there were more than 130 financial crises in the world, of which 100 was related to real estate.

The latest one, the American financial crisis in 2008, was caused by real estate. Japan's financial collapse was also caused by real estate. Therefore, Chairman Guo defined real estate as the "grey rhinoceros" with the greatest financial risk in China. First of all, we started the "three red lines" of housing financing, and now we begin to limit the loan ceiling of the entire banking system. Half of the countries are too high, even 39% are very high.

So now the rules have changed, and the entire financial system is suppressed directly through the borrowing ceiling. Compared with the present situation, the pressure is not great, because the proportion of real estate loans in China's financial system is too large to move. But this is the first time that the red line of loan ratio has been issued in the form of administrative order, which has put a curse on all banks. Prevent banks from investing too much loans in the real estate sector, or some practices that do not meet the loan requirements, such as the fiery down payment loans in the past two years.

2. The influence of 2.LPR

LPR is the result of the report of China 18 quotation banks, which takes into account the cost of capital, supply and demand in the loan market and credit premium. 18 Bank quotation excludes the highest quotation and the lowest quotation, and other data constitute LPR data on average.

According to the new regulations: "From the first repricing date, on each interest rate repricing date, the interest rate level will be recalculated and determined according to the corresponding term LPR and added value of the latest month." This means that from 202 1 to 1, the housing loan interest rate will be more determined by the market mechanism, which is different from the interest rate formation mechanism in 2020 and 20 19.

Since 202 1, if the existing floating interest rate loan is converted into a fixed interest rate, the future loan interest rate will be fixed; If converted into LPR, the loan interest rate will change with the market interest rate. According to the new notice, the floating interest rate of loans will refer to LPR in the future, and its pricing model is: mortgage interest rate =LPR fixed spread (fixed spread may be negative).

65438+February 2 1, the latest data shows that the one-year loan market quotation rate (LPR) remains at 3.85; The quoted interest rate (LPR) of the five-year loan market remained at 4.65%. Since the =LPR in June 5438+February 2020 is lower than that in February 20 19 by 15 basis points, if the conversion date of mortgage interest rate of buyers is set as June 65438+1 October1year, it will start from June 20021year.

For example, suppose a person mortgaged a 30-year 1 10,000 mortgage to the bank before 20 19 years/0/0.8, and the interest rate was1times higher than the benchmark loan interest rate, then the actual interest rate was 5.39% (4.9% ×/.

However, if converted into floating interest rate, its fixed spread (0.59%)= the current interest rate level of the original contract (5.39%)-2065438+the corresponding term LPR(4.8%) published in February 2009.

In other words, in the days to come, his mortgage interest rate pricing formula is: mortgage interest rate = LPR 0.59%; In 2020, the interest rate will remain unchanged at 5.39%; However, from 202 1, you can enjoy the benefits of falling interest rates. Now, in June 5438+February 2020, the five-year LPR will be reduced to 4.65%. Then the interest rate of 202 1 is 5.24%, which is 0. 15 percentage points lower than the fixed interest rate.

In the case of falling interest rates, if this person chooses to repay the principal and interest in the same amount, how much less will he pay each month than before? If the real interest rate is 5.39%(4.9%× 1. 1), he used to pay back the bank loan of 5,609.07 yuan every month. 202 1, the interest rate becomes 5.24%, which is 0. 15 percentage points lower than the fixed interest rate, and he needs to repay 55 15.84 yuan every month. Reduce the monthly repayment by 93.23 yuan.

Of course, if an individual chooses to switch to a fixed interest rate, the inter-day interest rate from 20 19 1 to 2049 12 2 1 is 5.39%, and the monthly repayment is fixed. Compared with many countries in the world, China's current interest rate is higher and there is more room for manoeuvre. In the long run, LPR is more likely to decline further. If this is the case, the mortgage interest rate is expected to be lowered again, and the loan buyers are expected to lower the interest rate expenditure again in the future.

The Notice sets two "red bars" for banks on the scale of mortgage loans: the first red bar is "the proportion of real estate loans", that is, the proportion of the balance of real estate loans of banking financial institutions to the balance of RMB loans of their own institutions. The second red bar is "the proportion of individual housing loans", that is, the proportion of individual housing loans to the balance of RMB loans of financial institutions.

The central bank's notice gives the calculation formulas of "the proportion of real estate loans" and "the proportion of individual housing loans". It is worth mentioning that after these two red bars, for ordinary buyers, it means that the space for "small banks" to expand this part of their business will be limited by a more "flexible" personal housing loan policy, and the interest rate and qualification management of personal housing loans will be stricter.

Our personal housing loan, the monthly repayment amount generally does not exceed 30% of the family income, which can be regarded as a "safety line" of family property to ensure the normal family living expenses after monthly repayment; The seven state-owned banks have the highest proportion of individual housing loans, accounting for 32.5% of the total loans. It shows that the central bank also regards the vicinity of "30% of the total loans of state-owned banks" as the safety line of a country's "housing finance".