Executive summary:Since May, the rhythm of the relaxation of property market regulation has accelerated significantly, and many places have successively introduced property market regulation policies. Among them, in order to support the commercial housing market to better meet the reasonable housing needs of home buyers, the adjustment of the down payment ratio for the first home has become one of the priorities of the relaxation policy.
Since May, the rhythm of the relaxation of property market regulation has accelerated significantly, and many places have successively introduced property market regulation policies.
Among them, in order to support the commercial housing market to better meet the reasonable housing needs of home buyers, the adjustment of the down payment ratio for the first home has become one of the priorities of the relaxation policy.
Zhongxin Finance and Economics found that in the past two days alone, the down payment ratio for the first home “officially announced” in many cities has dropped to a minimum of 20%.
Data map: There are many buildings in the city.Photo by China News Agency reporter Wang Dongming
Join the “20% down payment” team in many places
——Fuyang, Anhui
According to the website of Fuyang City Housing Administration on the 18th, Fuyang City issued the “Measures on Responding to the Impact of the Epidemic to Promote a Virtuous Cycle and Healthy Development of the Real Estate Market”, which clearly stated that the down payment ratio for the first home should be reduced to a minimum of 20%.
The specific measures proposed by Fuyang include: financial institutions provide sufficient credit lines, speed up lending, give priority to meeting the loan needs of homebuyers, complete documents, and meet loan conditions, generally 5 working days to lend; reduce borrowers’ capital costs, The minimum down payment ratio for the first home is reduced to 20%.
At the same time, encourage and guide all financial institutions to follow the latest loan market quoted interest rates and the latest requirements of the differentiated housing credit policy (May 15, 2022: the lower limit of the national commercial individual housing loan interest rate of 4.4% for the first housing with a term of more than 5 years) The interest rate on housing and improvement housing loans is reduced to the lowest level, and there is no penalty for early repayment.
——Yinchuan, Ningxia
On the 18th, 6 departments of Yinchuan City jointly issued the “Implementation Opinions on Promoting the Virtuous Cycle and Healthy Development of the Real Estate Industry in Yinchuan City”. This policy adjustment is clear. Yinchuan City has unlocked all the qualifications for previous home buyers, and individuals and buyers in Yinchuan. There are no restrictions on the number and subject of house purchases, and there is no limit on the transfer period of commercial housing sales contracts signed in Yinchuan City.
At the same time, Yinchuan reduced the down payment ratio to reduce the pressure on buyers to raise funds in the early stage. The minimum down payment ratio for individuals purchasing a first home through commercial bank and provident fund loans was lowered to 20%, and the minimum down payment ratio for a second home was lowered to 30%. For families who own a house and have paid off the house purchase loan, if they apply for a commercial personal housing loan again in order to improve their living conditions, the first-home loan policy shall be implemented.
——Taian, Shandong
Tai’an’s new policy focuses on the adjustment of provident funds.
On May 18, the Tai’an Housing Provident Fund Center of Shandong Province issued the “Notice of Tai’an Housing Provident Fund Center on Adjusting the Down Payment Ratio of Individual Housing Provident Fund Loans”. The new regulations propose that the minimum down payment ratio of provident fund loans will be reduced from 30% to 20% for the purchase of the first home;
——Suqian, Jiangsu
It is also Suqian, Jiangsu that adjusts the down payment for house purchases from the provident fund.
The “Several Policies and Measures for Promoting the Steady and Healthy Development of Real Estate in Central Urban Areas” formulated and promulgated by 7 departments including housing and urban-rural construction in Suqian City, Jiangsu Province mentioned that for those who apply for housing provident fund loans to purchase houses, the down payment ratio is 20%.
Data map: A residential area under construction. (Photo by drone) Photo by China News Agency reporter Lv Ming
“20% down payment” has gradually become the “standard” for the relaxation of the property market
The emergence of “20% down payment” can be traced back to February, when cities such as Heze, Chongqing, Ganzhou, Foshan and Nantong took the lead in reducing the down payment for commercial bank loans.
At that time, the real estate market distribution policies in various places were mainly limited to policies such as the adjustment of mortgage interest rates. According to Yan Yuejin, research director of the Think Tank Center of the E-House Research Institute, the stimulation of housing transaction data was not in place. From the actual process, lowering the down payment is the best measure.
“Observing the policies across the country from 2014 to 2015, it is basically because the down payment ratio is reduced that the problem of destocking has been solved, so the current reduction of down payment is in line with expectations.” Yan Yuejin pointed out, especially in 2021, the concentration of housing loans Under the policy, the practice of 20% down payment is very rare. And from the perspective of the real estate loan policy, the 20% down payment is obviously a loose policy, and the signal is very meaningful.
Earlier, the reduction in the down payment ratio mostly occurred in third- and fourth-tier cities. With the intensification of the relaxation of the property market, more and more high-level cities have also entered the “20% down payment” team.
Especially at the end of April, the Political Bureau of the Central Committee set the tone for the real estate market, proposing to “support local governments to improve real estate policies based on local realities, support rigid and improved housing needs, optimize the supervision of pre-sale funds for commercial housing, and promote the stable and healthy development of the real estate market.” Local property market policies have entered a period of intensive optimization.
It is generally believed in the industry that it is expected that localities will continue to increase credit support, reduce down payments and mortgage interest rates, and at the same time moderately optimize and adjust policies such as purchase restrictions, sales restrictions, and price restrictions to promote the recovery of housing sales.
Original title: Duocheng officially announced that the down payment for the first suite has dropped to 20%. Is there a city where you are?