Guangzhou has entered over 10 cities to test the waters of second-hand housing, how will “transfer with mortgage” affect the property market
The Guangzhou Branch of the People’s Bank of China recently issued a document stating that in order to further explore city-specific policies and make full use of the policy toolbox, support rigid and improved housing needs, and encourage the promotion of the “transfer with mortgage” model of second-hand housing.
According to statistics from the Central Plains Real Estate Research Institute, more than 10 cities across the country have announced to try or land second-hand houses with mortgage transfer. Nanjing, Suzhou, Jinan, Kunming, Zhejiang Jinhua and other places have all had related businesses.
According to industry insiders, the enthusiasm for “transferring property with mortgage” in various regions is mainly due to the fact that this model can greatly shorten the transaction time, reduce transaction costs, improve transaction efficiency and convenience, and is conducive to stimulating the vitality of second-hand housing market transactions.
implementconditionhow？
The legal conditions for liberalization are already in place
According to a document issued by the Guangzhou Branch of the People’s Bank of China on September 15, which was obtained by a Shell Finance reporter, it will be encouraged to explore the “transfer with deposit” model based on actual conditions.
The Guangzhou Branch of the People’s Bank of China pointed out that the promotion of the “transfer with mortgage” model of second-hand housing can revitalize second-hand housing transactions while indirectly accelerating the sale of new houses, forming a mutual promotion between the newly built commercial housing market and the second-hand housing market, and better meeting rigidity. and improve housing demand, and promote a virtuous circle and healthy development of the real estate market.
What is “transfer with mortgage”? Some people in the industry pointed out that in the previous second-hand housing transaction model, if you want to transfer a mortgaged property, you must first raise enough funds to pay off the remaining loan principal, such as using the buyer’s down payment. To pay, get back the real estate certificate and release the original mortgage registration before transferring the property to the new buyer. This process is at the moment when the house price is high, many second-hand house owners want to change houses, it is difficult to have enough funds to release the mortgage first. , generally increase the transaction cycle by 1-2 months, and increase the transaction cost of the loan part by 1%-3%.
Guan Rongxue, an analyst at Zhuge Housing Data Research Center, also said that “transfer with mortgage” can reduce transaction costs, that is, the seller does not need to release the mortgage and raise funds, and can use the buyer’s bank loan to repay the seller’s bank loan, effectively reducing transaction costs and It relieves the trouble of fund raising; at the same time, it reduces the risk of second-hand housing transactions, and the buyer can directly deposit the purchase price into the withdrawal account, which protects the interests of the transaction subject to a certain extent.
Zhang Dawei, chief analyst of Centaline Real Estate, said that the implementation of the “Civil Code” last year, “transfer with mortgage” has already met the legal conditions for liberalization. According to the relevant provisions of the original “Property Law”, the transfer of property rights after the mortgage of the property (house) requires the mortgagor and the mortgagee to negotiate, and the latter agrees to pay off the debt first. The “Civil Code” makes it clear that the mortgagor can transfer the mortgaged property during the mortgage period and the mortgage right will not be affected, but the mortgagee should be notified in time.
whatSafetyhidden danger？
Fund security becomes the key to prevent risks
“Deposit transfer” can improve efficiency, but some people in the industry have expressed concerns about the safety of their funds. Some people in the banking industry believe that the security of funds is the biggest hidden danger in the process of “transferring account with deposit”, which requires relevant fund supervision to be in place.
This time, the Guangzhou Branch of the People’s Bank of China also focused on capital security to prevent risks. The Guangzhou Branch of the People’s Bank of China pointed out in the document that the core of the “transfer with mortgage” model of second-hand housing is to eliminate the “bridge” link of repaying the loan in advance to cancel the mortgage registration, and realize the arrival of loan funds and the transfer of property rights and the cancellation of mortgage rights. Simultaneous with the establishment of registration.
In addition, the Guangzhou Branch of the People’s Bank of China also stated that for the “transfer of mortgages” of second-hand houses between banks, which may cause the risk that the bank’s mortgage rights will fail and the transaction will not be finalized after the transfer of property rights, third-party institutions such as notarization or guarantee can be introduced to ensure the safety of funds. , to prevent and control business risks.
Zhang Dawei also said that the essence of “transfer with mortgage” is the “re-mortgage” of second-hand housing, and “re-mortgage” is equivalent to transferring debts, and requires coordination between different banks, so you need to be cautious when trading. At the same time, there may also be mortgage seizures in the process of “re-mortgage”, or special circumstances of the homeowner, which will affect the continuation of the transaction.
Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, said that Guangzhou’s policy gives early warning of the possible risks of transfer with a mortgage, which helps to better and more appropriately promote relevant policies, and has a greater impact on subsequent financial business innovations in various banking systems. Good inspiration.
influencesSeveralwhat？
Stimulateproperty marketThe effect is yet to be verified
According to statistics from the Central Plains Real Estate Research Institute, more than 10 cities across the country have announced the policy of trying or implementing the “transfer with mortgage” policy for second-hand housing. Nanjing, Suzhou, Jinan, Kunming, Zhuhai, Suzhou, Shenzhen, Hainan, Fuzhou, Xi’an and other places have all tested the relevant policies of “transfer with mortgage”.
It is reported that the Nanjing real estate registration agency has recently in-depth instructed China Construction Bank to form a closed-loop model of the whole process of “transfer of houses including mortgages – handling mortgage registration for house purchases”, so as to realize the “transfer of houses with mortgages” for sellers and the “repayment of old loans” by the buyers. The seamless connection further optimizes the business process of “transfer with deposit”. Under the “transfer with mortgage” mode, if the mortgaged real estate is to be listed and traded, there is no need to repay the loan or advance payment in advance. Only one application is required, and the three types of business of mortgage change, transfer registration and mortgage establishment can be combined in one window. .
At the beginning of September, Shenzhen Pingshan Notary Office also announced that the Pingshan Notary Office completed the first second-hand housing transaction service of “notarization and deposit + foreclosure-free building with mortgage transfer” in Shenzhen, and practiced a new model of second-hand housing transaction.
Although many governments are keen to explore this policy model, many industry insiders bluntly stated that its efficacy remains to be verified.
“‘Transfer with mortgage’ is a beneficial attempt, which can reduce the cost of buying second-hand houses and improve the efficiency of house purchases. But it is not expected to become a mainstream model.” A bank insider told the Beijing News Shell Finance reporter that at present “with The model of “settlement transfer” is immature, and secondly, under the relatively sluggish real estate market, it is expected to have little impact on the number of market transactions and housing prices.
Zhang Dawei also believes that the policy will help speed up the demand for changing houses into the market and increase the transaction volume of new houses. But homebuyers won’t choose to buy a home because of a 1%-2% reduction in transaction costs.
“Most of the ‘transfers with mortgages’ are not as good as advertised. Generally, they must be transferred with mortgages within the same bank.” Zhang Dawei said, this means that new home buyers must make loans from the bank that sold the homeowner’s loan to achieve this.” Mortgage transfer”, small banks with relatively favorable mortgage interest rates have not implemented the “mortgage transfer” policy, so the 1%-2% transaction cost saved is likely to be lost in terms of mortgage interest rates.
Beijing News Shell Finance reporter Jiang Fan
Editor Chen Li proofreading Liu Baoqing
