On the evening of September 29, the People's Bank of China announced that it would guide the interest rate of stock housing loans to decrease in batches and allow stock housing loans that meet certain conditions to renegotiate the "margin of increase". The People's Bank of China also guided the self-discipline mechanism of market interest rate pricing and issued the Proposal on Batch Adjustment of the Interest Rate of Existing Housing Loans. After the bulk adjustment of the existing mortgage interest rate, it will be reduced to about 3.55%, which is expected to benefit 50 million households. According to the initiative issued by the People's Bank of China to guide the market interest rate pricing self-discipline mechanism on the 29th, all commercial banks will uniformly implement batch adjustment of the interest rate of the existing housing loans before October 31. The existing housing loans adjusted by all commercial banks include the first set, the second set and above, and the interest rate will be reduced to not less than LPR minus 30 basis points, and not less than the lower limit of the interest rate of the newly issued commercial bank personal housing loans currently implemented in the city. The reporter learned from the People's Bank of China that by the end of July, the weighted average interest rate of all outstanding housing loans was about 4.06%. According to the current LPR estimate of more than 5 years, the adjusted average interest rate has decreased by about 0.5 percentage points compared to 4.06%. Taking a stock mortgage of 1 million yuan, 25 years, and equal principal and interest repayment as an example, assuming the interest rate of the mortgage is reduced from 4.4% to 3.55%, it can save the borrower about 5600 yuan in interest expenses per year. After the batch adjustment is completed, it is expected that this policy will benefit 50 million households. However, this is only an estimated average. Because each borrower's mortgage is issued in different regions and at different times, the reduction rate also varies. Especially for borrowers in Beijing, Shanghai, and Shenzhen, the extent of the reduction will be subject to the lower limit of the local new mortgage interest rate policy. The four major banks, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Construction Bank, have issued a statement stating that they will resolutely implement relevant requirements. In terms of schedule, specific operational rules are planned to be released on October 12th, and bulk adjustments will be implemented on the interest rates of existing commercial personal housing loans before October 31st. The reporter learned that existing mortgage borrowers who previously adopted fixed interest rates now have a new opportunity to negotiate with banks and have them issue floating rate loans to replace existing fixed rate loans. In addition, the People's Bank of China also announced on September 29 that from November 1, when the floating rate commercial personal housing loans deviate from the newly issued commercial personal housing loans nationwide to a certain extent, the borrower can negotiate with the banking financial institutions. Several foreign banks have announced that they will carry out orderly adjustments to the interest rates of existing housing loans. In addition, on September 30th, foreign banks such as HSBC, Standard Chartered Bank, and Bank of East Asia also quickly followed suit and issued announcements of bulk adjustments to the interest rates of existing housing loans. We plan to announce the specific operating rules and related matters on October 12th, and complete the bulk adjustment of existing mortgage interest rates before October 31st, 2024. In addition, the People's Bank of China and the State Administration of Financial Supervision and Administration also issued a notice that commercial individual housing loans will no longer distinguish between the first and second housing units for resident families who purchase housing with loans, and the minimum down payment ratio will be no less than 15%. (New Society)
Edit：Luoyu Responsible editor：Jiajia
Source：cctv.cn
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