/kloc-On October 5th, Urumqi, Xinjiang issued 22 new policies to stabilize real estate. Among them, the demand-side policies include lowering the lower limit of the interest rate of the first home loan, implementing the deed tax subsidy for house purchase, reducing the tax for house purchase, and raising the loan amount of housing provident fund.
It is found that in addition to Urumqi, since 2023, Anhui Lu 'an, Henan Xingyang, Guangdong Shenzhen and other places have issued policy measures to stimulate housing consumption demand. Sun Shougang, executive vice governor of Henan Province, made it clear that restrictive policies that hinder the release of consumer demand during the overheating period should be abolished and adjusted.
The industry believes that Urumqi's policy shows that the pace of the introduction of real estate policies in 2023 is accelerating, and the mentality of speeding up the property market is very obvious. It is expected that more cities will introduce policies to support rigid and improved housing consumption demand.
Urumqi issued 22 new policies to stabilize real estate.
1 5th, the "Urumqi Real Estate Bureau" WeChat WeChat official account posted that recently, the Urumqi Municipal People's Government issued "Twenty-two Measures for Promoting the Stable Development of the Real Estate Industry", which mainly included six aspects: stimulating the kinetic energy of purchasing houses, giving full play to the supporting role of provident fund, supporting and meeting the needs of buyers, promoting the guarantee and quick delivery of houses, encouraging and supporting real estate development, and increasing financial support.
Image source: WeChat official account, Urumqi Real Estate Bureau
Among them, the measures to stimulate the kinetic energy of buying houses mainly include:
1, reduce the loan pressure of buyers. For households who purchase ordinary self-occupied houses by loans, the lower limit of the interest rate of the first commercial personal housing loan is adjusted to not less than the quoted interest rate of the loan market for the corresponding period minus 20 basis points. The notarization fees, assessment fees and mortgage registration fees generated by commercial personal housing loans shall be reduced or exempted. Coordinate and optimize the process of personal housing loan bank face-to-face, data collection, loan approval and warrant handling, and reduce the time limit for loan approval from 10 working days to less than 5 working days.
2. Implement deed tax subsidy for house purchase. In 2023, for taxpayers who purchase new commercial housing within the area of 130 square meters (inclusive) for the first time, pay the deed tax according to the provisions of the tax law and obtain the deed tax payment certificate issued by the tax authorities, and 50% of the deed tax amount will be subsidized by financial funds.
3. Individual income tax policy for residents to buy houses. During the period from 2022 1 October 1 day to 2023 1 February 31day, taxpayers who sell their own houses and buy houses again in the same city within1year after the sale of their existing houses may apply for a refund of the personal income tax paid for the sale of their existing houses according to regulations.
The main measures to give full play to the supporting role of provident fund are: increasing the support of housing provident fund. The maximum loan amount of the housing provident fund will be raised from 700,000 yuan to 800,000 yuan, and at the same time, the calculation multiple of the loan amount of the housing provident fund borrowers (including the same borrowers) will be raised from 10 times of the balance of the housing provident fund account to 15 times. The upper limit of the unit price of housing provident fund loans to purchase new commercial housing is raised from 13600 yuan/square meter to 14960 yuan/square meter. Using housing provident fund loans to buy second-hand housing, the down payment ratio was reduced from 30% to 20%. Workers who have paid the housing provident fund to purchase houses in this city can withdraw 90% of the balance of the housing provident fund account to help their immediate family members (spouse, parents and children) pay for the house purchase after signing the purchase procedures with their parents or children.
In this regard, Yan Yuejin, director of the think tank of Shanghai Yiju Real Estate Research Institute, said that Urumqi is a city that was hit hard by the epidemic in 2022. The introduction of this policy reflects its emphasis on real estate. There are 22 real estate policies with complete contents and clear system, which can be used for reference by other cities in China.
This year, the pace of stabilizing the property market has accelerated.
In addition to Urumqi, this year, many places have issued housing support policies.
/kloc-On October 5th, Shenzhen Housing and Construction Bureau and other six departments jointly issued the work plan of "transfer of second-hand houses with mortgage", which optimized business processes and made second-hand house transactions more efficient and convenient by implementing various modes such as "sequential mortgage", second-hand house transfer and "double advance notice registration".
1 4th, Lu 'an issued a new policy to stabilize the property market, and put forward 12 policies from three aspects: implementing enterprise assistance measures, supporting reasonable housing demand and improving financial services in the real estate market. Among them, the demand-side policies include the implementation of deed tax subsidies, the placement of purchase vouchers, the increase of the minimum loan amount of housing provident fund, the withdrawal of provident fund to pay down payment, and the implementation of "transfer with mortgage" of provident fund loans.
1 3, the Henan provincial government issued 90 policies and measures to boost market confidence and promote economic stability. In terms of stabilizing housing consumption, it was clearly put forward that unnecessary demand restrictions should be abolished, the criteria for identifying second homes should be optimized, group buying of commercial housing should be encouraged, and all localities should be encouraged to issue purchase vouchers, purchase subsidies and deed tax subsidies.
1 month/day 1 day, Xingyang issued a new policy to stabilize the property market, and put forward 15 measures from five aspects: supporting reasonable housing demand, improving housing market supply, increasing tax support for credit financing, promoting the construction and transformation of resettlement houses, and optimizing the real estate market environment. Among them, the demand-side policies include suspending the implementation of the housing purchase restriction policy, relaxing the criteria for the identification of the first suite, implementing the subsidy for the purchase of talents and the deed tax subsidy for the purchase of houses, reducing the down payment ratio of the first suite to 20%, supporting the group purchase of houses, and supporting the "transfer with mortgage" of second-hand houses.
Yan Yuejin said that Urumqi's policy also shows that the pace of the introduction of real estate policies in 2023 is accelerating. "In 2022, the policy of stabilizing the property market began in February, and in 2023 it was significantly ahead of schedule." He said that this shows that the local initiative awareness is in place, and the mentality of stimulating the property market is very obvious.
It is worth noting that Ni Hong, Minister of Housing and Urban-Rural Development, said a few days ago that we should vigorously support the demand for rigid and improved housing this year. Unswervingly adhere to the positioning that the house is used for living, not for speculation, and boost market confidence because of the city's policy and precise policy. We should give strong support to those who buy the first house. The down payment ratio and the first set of interest rates should be lowered. To buy a second house, we should give reasonable support. Trade-in the old for the new, trade-in the small for the big, and give policy support to families with many children.
Chen Wenjing, director of market research in the Index Division of the Central Finger Research Institute, believes that at present, the third-and fourth-tier cities and some second-tier cities have generally lowered the down payment ratio of the first set to 20% and the second suite to 30%, and there is little room for further downward adjustment, but there is room for downward adjustment in reducing the mortgage interest rate. /kloc-On October 5th, the Central Bank and China Banking and Insurance Regulatory Commission issued a notice to establish a dynamic adjustment mechanism for the interest rate policy of the first home loan, and the interest rate of the first home loan in eligible cities will continue to be lowered. The core first-and second-tier cities have a higher down payment ratio, and there is a certain downward expectation in the future.
Chen Wenjing also predicts that this year's support for improved housing demand will increase. In terms of support for families with many children, in 2022, some cities have issued policies on increasing the number of housing units, reducing the down payment ratio, increasing the amount of provident fund loans, and giving housing subsidies, which are expected to be promoted in more cities in the future.
Source: Broker China