[NTD News on August 30, 2021, Beijing time]”The bank said it is particularly difficult to obtain loans, so let me come back next year.” said Wang Lu (pseudonym), a mainland citizen who wants to buy a house. Recently, mortgage lines in many cities in mainland China have been in a state of emergency, and some banks have suspended new and second-hand mortgage business. At the same time, banks have begun to strictly investigate the source of the down payment for house purchases.
New house mortgage “difficult to borrow”
“China Securities Journal” reported on August 30 that since June this year, the four major first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen have experienced extended mortgage cycles, waiting in line for loans, and suspension of second-hand housing loans. At the same time, banks have become increasingly strict with regard to funding sources and qualification approvals.
Wang Lu, a mainland citizen, recently encountered the problem of “difficult loans” in housing loans. She said, “I went to the bank’s personal loan center to inquire about loans, but the bank directly said that loans are particularly difficult at the moment, and both new and second-hand houses have to wait. Let me come again next year. “
“Because of the tight indicators, there is less money to be released. The loan may be released in two or three months at the beginning of the year, but now it takes longer to wait in line.” The personal loan manager of a major state-owned bank in Beijing said that the current mortgage interest rate is 5.2 for the first house. %, 5.7% of the second suite.
The account manager of the Shenzhen branch of a stock bank introduced: “At present, the interest rate of our bank is 5.15% for the first house and 5.95% for the second house. Now all major banks are tightening mortgage loans, and the loan is not so fast. The fastest one has to wait 6-8 Months.”
“There are a lot of backlogs of applications waiting for loans, and the speed is very slow,” said a staff member of a branch of a city commercial bank.
Not only in first-tier cities, but also in second-tier cities such as Nanjing, Zhengzhou, Chongqing, Wuhan, Hangzhou, Hefei and other places, some banks have suspended their second-hand housing loan business and even new housing loan business due to the tightening of loan lines.
“At present, I do not accept second-hand housing loans, either through intermediaries or individuals directly.” said a loan officer at a city commercial bank.
Personal loan managers of some banks in many hot cities in Guangdong said: “Currently, they don’t accept second-hand housing loans. Many state-owned bank branches have no quota for second-hand housing loans.”
“Due to the tight quota, the mortgage business for new and second-hand houses has been suspended, and the second-hand house loan processing business has been scheduled to 2022.” said the personal loan manager of a major state-owned bank in Nanjing.
In addition to the difficulty of obtaining loans, banks have also begun to strictly investigate the source of the down payment.
“Even if it is a house purchase gift from a parent, the source must be checked. It must be self-owned funds. If it is credit funds, it is not allowed.” said Mr. Yang, a personal loan manager at a branch of a stock bank in Guangzhou.
Mortgage loans continue to be tight in the second half of the year
In response to the difficulty of new home mortgages and the suspension of second-hand housing loans, Yan Yuejin, research director of the Think Tank Center of E-House Research Institute, said that the business of suspension of loans is related to the amount of loans. Banks generally stop second-hand housing loans first, and then strictly control first-hand housing.
He believes that the suspension of loans or the lengthening of the loan cycle will have an impact on landlords and buyers, and the contract management of intermediaries is also under pressure.
Regarding the trend of housing loan quotas in the second half of the year, Yan Yuejin judges that there is not much room for relaxation. “The current credit policy is really tight. At least there are no signs or possibilities of any relaxation.”
Pan Helin, executive dean and professor of the Institute of Digital Economy of Zhongnan University of Economics and Law, also believes that housing loan quotas will continue to be tight in the second half of the year, and housing credit will be further tightened until real estate prices begin to parallel or decline.
Banks strictly restrict loans for purchases of houses, which is suspected to be related to the current economic situation in China. Under the influence of the Sino-US trade war and the epidemic, a large number of Chinese companies went bankrupt and the number of unemployed people increased sharply. Under this circumstance, banks seem to be more worried about the “recurring and non-returning” of housing loans.
Chinese Premier Li Keqiang said at the Economic Operation Conference recently that the employment situation in China is still grim, and the development of labor-intensive industries must be promoted to absorb the employed population. This is the third time in more than a year that Li Keqiang mentioned absorbing employment.
In an interview with Tencent.com last December, Dean of the National Development Research Institute of Peking University, Yao Yang said that the unemployment rate announced by the Statistics Bureau of the Communist Party of China in 2020 has been around 6%, but based on a survey conducted by his college at the end of June 2020. , China’s unemployment rate is as high as 15%, and another 5% are semi-unemployed, with a total unemployment rate of 20%. With 700 million employed people in China, more than 100 million people are unemployed.
(Reporter Luo Tingting Comprehensive Report / Chief Editor: Wen Hui)
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