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What is the impact of personal housing loan adjustment on Residents' loans

Original title: heavy! The central bank adjusted the interest rate of newly issued commercial personal housing loans

What is the impact of personal housing loan adjustment on Residents' loans

Announcement on interest rate adjustment of newly issued commercial individual housing loans

In order to resolutely implement the positioning of "house is for living, not for speculation" and the long-term management mechanism of the real estate market, in the process of reforming and improving the formation mechanism of quoted interest rate (LPR) in the loan market, ensure the effective implementation of regional differentiated housing credit policies, maintain the basic stability of individual housing loan interest rate, and safeguard the legitimate rights and interests of both borrowers and borrowers, The matters related to the newly issued commercial individual housing loan interest rate are hereby announced as follows:

1、 Since October 8, 2019, the interest rate of newly issued commercial personal housing loans is formed by taking the market quotation interest rate of the loan for the corresponding period of the latest month as the pricing benchmark. The value of additional points shall meet the requirements of national and local housing credit policies, reflect the loan risk status, and remain unchanged during the term of the contract.

2、 When applying for commercial personal housing loans, the borrower may negotiate with banking financial institutions to agree on the interest rate repricing cycle. The minimum repricing period is 1 year. On the interest rate repricing date, the pricing benchmark shall be adjusted to the loan market quotation interest rate of the corresponding period of the latest month. The interest rate repricing cycle and adjustment method shall be specified in the loan contract.

3、 The interest rate of the first commercial personal housing loan shall not be lower than the market quotation interest rate of the corresponding term loan, and the interest rate of the second commercial personal housing loan shall not be lower than the market quotation interest rate of the corresponding term loan plus 60 basis points.

4、 The provincial branches of the people's Bank of China shall, in accordance with the principle of "implementing policies according to the city", guide the provincial market interest rate pricing self-discipline mechanism, and determine the lower limit of the interest rate of the first and second sets of commercial individual housing loans within their jurisdiction on the basis of the unified national credit policy and the changes of the local real estate market situation.

5、 Banking financial institutions shall clarify the interest rate pricing rules of commercial personal housing loans and reasonably determine the specific value of each loan according to the lower limit of the addition point determined by the self-discipline mechanism of interest rate pricing in each provincial market, in combination with their own operation, customer risk status, credit conditions and other factors.

6、 Banking financial institutions shall earnestly provide policy publicity, interpretation and consulting services, protect the borrower's contractual rights and consumer rights in accordance with the law, and prohibit the provision of "re mortgage" and "plus mortgage" services for personal housing loans, so as to ensure the smooth and orderly progress of relevant work.

7、 Before October 8, 2019, the commercial individual housing loans that have been issued and the commercial individual housing loans that have signed the contract but have not been issued shall still be implemented in accordance with the original contract.

8、 The interest rate of commercial house purchase loan shall not be lower than the quoted interest rate of the loan market for the corresponding period plus 60 basis points. The interest rate policy of individual housing loans with provident fund will not be adjusted temporarily.

The relevant person in charge of the people's Bank of China answered reporters' questions on the interest rate of individual housing loans

1. What is the background of the announcement?

Individual housing loan interest rate is an integral part of the loan interest rate system. In the process of reforming and improving the formation mechanism of loan market quotation interest rate (LPR), the pricing benchmark of individual housing loan also needs to be converted from loan benchmark interest rate to LPR, so as to better play the role of the market. At the same time, individual housing loan interest rate is also an important part of the long-term management mechanism of the real estate market and regional differentiated housing credit policy. In order to implement the positioning of "house is for living, not for speculation" and the long-term management mechanism of the real estate market, ensure the smooth and orderly conversion of pricing benchmarks, maintain the basic stability of individual housing loan interest rate level, and safeguard the legitimate rights and interests of both borrowers and borrowers, the people's Bank of China issued an announcement to clarify matters related to the adjustment of individual housing loan interest rate.

2. How to price the interest rate of individual housing loans after the reform?

After the reform, the interest rate of newly issued commercial personal housing loans is formed with the LPR of the corresponding period of the latest month as the pricing benchmark. Among them, LPR is formed by the quotation calculation of loan market quotation interest rate quotation line. The specific bonus value of each loan shall be negotiated and agreed by the lending bank with the borrower when issuing the loan in accordance with the requirements of national and local housing credit policies and comprehensive loan risk status. Once the addition value is determined, it will be fixed throughout the contract period.

3. How to understand the corresponding period when determining the pricing benchmark?

At present, LPR has two maturity varieties: 1-year and more than 5-year. The interest rates of personal housing loans with a period of 1 year and more than 5 years have a directly corresponding benchmark. The benchmark of interest rates of personal housing loans with a period of less than 1 year and from 1 year to 5 years can be independently selected by the lending bank between the two term varieties. After the reference benchmark is determined, the term spread factor can be reflected by adjusting the plus point value.

4. What is interest rate repricing?

Interest rate repricing means that the lending bank determines and forms a new loan interest rate level according to the change of pricing benchmark according to the calculation method agreed in the contract. The announcement made it clear that the repricing cycle of individual housing loan interest rate can be agreed by both parties through negotiation, with a minimum of 1 year and a maximum of the contract term. The borrower and the lending bank can choose according to their own interest rate risk bearing and management ability. Each time the interest rate is repriced, the pricing benchmark is adjusted to the LPR of the corresponding period of the latest month.

5. What impact does it have on Residents' families?

The announcement is mainly aimed at the newly issued individual housing loan interest rate, and the interest rate of stock individual housing loan is still implemented according to the original contract. After the conversion of pricing benchmark, the interest rate of the first personal housing loan newly issued nationwide shall not be lower than the corresponding term LPR (4.85% according to the LPR over 5 years on August 20); The interest rate of two sets of personal housing loans shall not be lower than the corresponding term LPR plus 60 basis points (calculated as 5.45% according to the LPR over 5 years on August 20), which is basically equivalent to the current actual minimum interest rate level of personal housing loans in China. Meanwhile, the branches of the people's Bank of China will guide the provincial market interest rate pricing self-discipline mechanism to determine the local LPR plus point lower limit in time. Compared with before the reform, the interest expenditure of resident families applying for individual housing loans is basically unaffected.

6. When will it be implemented?

October 8, 2019 is the pricing benchmark conversion date. Before that, the lending bank needs to modify the loan contract, upgrade the system, organize staff training, and take various ways to publicize and explain to customers to ensure that the conversion process is stable and orderly. Before October 8, 2019, the loans that have been issued and signed but not issued shall still be implemented in accordance with the original contract.