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after the six major state-owned banks issued announcements to adjust existing housing loan interest rates, as of september 30, a number of joint-stock banks, city commercial banks, rural commercial banks, etc. have successively issued announcements to clarify the time for batch adjustments to existing housing loan interest rates. .

many industry insiders said that the adjustment of existing mortgage interest rates is wide-ranging and powerful, which can effectively reduce the debt repayment pressure of home buyers and have a positive effect on boosting consumption.

during the investigation, the reporter also learned that home buyers can further reduce their interest expenses after the current reduction in existing mortgage interest rates, and some mortgage interest rates can even drop by more than 200bp.

bank intensive official announcement

as of september 30, after the six major state-owned banks, there are ten banks including china merchants bank, china citic bank, china guangfa bank, industrial bank, ping an bank, shanghai pudong development bank, bank of shanghai, shanghai rural commercial bank, zheshang bank, etc. many banks have successively issued announcements on adjusting interest rates on existing personal housing loans.

all banks have stated that they will provide convenient services through multiple channels in accordance with the principles of marketization and rule of law, and carry out interest rate adjustments for existing mortgage loans in accordance with laws and regulations. they plan to release specific operational details on october 12 and complete them before october 31. batch adjustment of existing mortgage interest rates.

china merchants bank personal loan staff told reporters that preparations for interest rate adjustments on existing housing loans are currently being carried out in an orderly manner in accordance with the law, and subsequent relevant matters will be announced on the bank’s official website, wechat official account and other channels.

according to the initiative issued by the market interest rate pricing self-discipline mechanism, this time the existing mortgage loans are adjusted in batches. for the existing mortgage interest rates with a point increase higher than -30 basis points, the interest rates will be uniformly adjusted to no less than -30 basis points, and no lower than the current implementation in the city where they are located. the minimum point limit for new mortgage loans (if any).

except for beijing, shanghai, and shenzhen, this mortgage interest rate adjustment does not differentiate between the number of houses. first-home and second-home loans will be adjusted according to unified rules.

specifically, if the mortgage interest rate (except beijing, shanghai, and shenzhen) is higher than lpr-30bp, it will be uniformly adjusted to lpr-30bp; if the mortgage rate is a first-home loan in beijing, shanghai, and shenzhen, and the interest rate is higher than lpr-30bp , it will also be uniformly adjusted to lpr-30bp.

if the mortgage is a second-home loan in beijing, shanghai, or shenzhen, and the interest rate is higher than the local mortgage interest rate policy lower limit, the mortgage interest rate will be uniformly adjusted to the local mortgage interest rate policy lower limit (currently, the lower interest rate limit for second-home loans within the fifth ring road in beijing is lpr-5bp , outside the fifth ring road, the lower limit of interest rates is lpr-25bp; the lower limit of interest rates in lingang new area of ​​shanghai free trade zone and jiading, qingpu, songjiang, fengxian, baoshan, and jinshan district is lpr-25bp, and the lower limit of interest rates in other areas is lpr-5bp; the lower limit of interest rates for second-home suites in shenzhen is lpr-5bp).

it is understood that this housing loan interest rate adjustment is for commercial personal housing loans, and provident fund loans are not within the scope of the adjustment. there is no need for home buyers to apply or provide materials, and the bank will make batch adjustments uniformly.

effectively reduce debt burden

many industry insiders said that compared with the first round of mortgage interest rate cuts last year, this adjustment expanded the scope and made the adjustment more intensive.

li yujia, chief researcher of the housing policy research center of the guangdong provincial institute of urban planning, said that this time the interest rates on existing mortgages are reduced, and the interest rates on first- and second-home loans are also reduced, which will be more beneficial to second-home loans. at the same time, it will also benefit the stock of first-home loans in key cities.

mr. ning from wuxi city told reporters that when he purchased his second home, he took out a total loan of 1.53 million yuan with a loan interest rate of 5.7%. he has repaid it for 33 months. after the interest rate is adjusted to the level of lpr-30bp, his mortgage interest rate will increase. will directly reduce more than 200bp.

"after the interest rate is lowered, the monthly payment will be reduced by about 1,800 yuan, and the total interest will be reduced by nearly 600,000 yuan." mr. ning told reporters excitedly.

previously, pan gongsheng, governor of the people's bank of china, pointed out that the bank's reduction in existing mortgage interest rates is expected to benefit 50 million households and 150 million people, reducing the total interest expenses of households by about 150 billion yuan per year on average.

wang qing, chief macro analyst of oriental jincheng, analyzed: "this batch adjustment of existing mortgage interest rates has released two signals: first, to boost residents' consumption; second, to promote the real estate market to stop falling and stabilize. this is equivalent to giving the existing households with mortgage loans are given ‘reassurance’.”

yan yuejin, deputy director of shanghai yiju real estate research institute, also told reporters: "this adjustment of existing mortgage interest rates has a very good guiding role. although the situation in each region is different, it generally plays a good role in reducing the burden on home buyers. "the reduction in monthly supply pressure will have a positive effect on boosting consumer confidence."