Central Bank: cut mortgage rates and the down payment ratio of second homes has been documented

China Paint Network
News:
Ministry of Housing and Construction to support the reduction of the provident fund purchase down payment ratio
reporters after multiple sources of evidence was informed that: the Ministry of Housing and Urban-Rural Development (hereinafter referred to as the "Ministry of Housing and Construction") is brewing to release the relevant documents on the stability of housing consumption, including two important comments: First, the use of provident fund to buy the down payment ratio of the first home to 20%; The document has now been supported by the Ministry of Finance and the Central Bank in fact, support for the use of provident funds to reduce the down payment ratio of measures, local governments have been launched, Jinan City, Guangzhou City has implemented the policy. This newspaper exclusively learned that the Ministry of Housing and Construction is preparing to submit to the State Council "Housing Provident Fund Regulations (Revised Version)", the use of the citizen housing provident fund will have a major breakthrough, Jinan City and Guangzhou City is only the first. A person close to the central bank research bureau told reporters: "At the local request, the central bank has previously investigated the basic situation of mortgage interest rates, will appropriately adjust mortgage rates, and now the local government decided that the fundamental financial regulation is the financial mortgage system, so the reduction of the down payment ratio of second home loans to 50% is very high." "Support provident fund purchase down payment down
March 18, Guangzhou announced through the provident fund to buy 90 square meters or less of the first home down payment reduced to 20%. Lowering the down payment on home purchases is becoming a new key word in the property market.
But in August 2014, guangzhou's deposit-to-loan ratio was 82.14 percent, exceeding the 80 percent cordon set by the city's Housing Provident Fund Management Committee, and in October 2014, the Guangzhou Housing Provident Fund Management Committee issued an emergency document confirming that the 2015 provident fund loan limit was 14 billion yuan, 3 billion yuan less than the 17 billion yuan plan in 2014. "Housing provident fund 100 city network has formed a pattern, compared to the previous territory supervision system, to some extent, is the sharing of funds income and expenditure, in addition to mutual recognition and transfer, off-the-go loan business is also a trend." A source close to the Ministry of Housing and Construction said. On March 16, Jinan City issued a notice that the first set of self-contained housing has been cleared purchase loans, in order to improve living conditions to buy two sets of self-contained ordinary commercial housing, apply for the use of housing provident fund loans for families, the implementation of the first housing provident fund loan policy, that is, the purchase of 90 square meters (inclusive) of the down payment ratio of commercial housing below 20%. Chongqing Mayor Huang Qifan in March this year held a meeting on land resources and housing management in Chongqing, discussed the possibility of a reduction in down payment, "the first suite opened 28, 37 open, the second suite opened in half, 6 to 4 open, the third suite is the implementation of the full down payment." "Local governments should get the policy content, the Ministry of Housing and Construction is preparing to submit to the State Council "Housing Provident Fund Management Regulations (Amendment)" to promote the diversification of the use of housing provident fund, the forthcoming document and the Housing Provident Fund Management Regulations (revised version) can support each other, so we see the local government provident fund down payment, the main purpose is to stimulate housing consumption." A source close to the Ministry of Housing and Construction said. The local pressure to stabilize housing consumption is huge
Data from the National Bureau of Statistics show that in January 2015, the average price of newly built commercial housing in 70 large and medium-sized cities fell by 0.46%, and in February the average price of new commercial housing in 70 large and medium-sized cities rose only in Zhangzhou and Shenzhen cities. Previously, the Hangzhou municipal government even personally went to the central bank's Hangzhou central branch, asking them to reduce the down payment ratio of the second set of housing loans, but the central bank's Hangzhou central branch did not give any reply, other provinces have encountered this situation.
" local branch does not have this power, coupled with commercial banks to lend obviously, even if they have this power, local commercial banks in the head bank, limited capacity. "Close to the central bank research bureau related people told reporters.
Economic Observer understands that years ago, Ministry of Housing and Construction officials took the initiative to communicate with the mayors of Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou and Sanya and other cities, exchanged the first-line information on the property market, listened to the local housing system leaders on the direction of the property market, etc. , and reported this information to the top-level system designers, some local governments rescue the market pressure is enormous. "In some places, if the proportion of real estate development investment is higher than 25%, the deputy mayor in charge of urban and rural housing does not approve the control of the current month's detailed regulations and construction design planning; if less than 10%, the deputy mayor can speed up the approval process, etc., they are afraid to increase the housing supply, you think the deputy mayor is so bureaucratic, local government pressure can be imagined." A source close to the Ministry of Housing and Construction said. "The central bank personally investigated the mortgage system and credit policy, so there will be a reduction in the down payment ratio of second home loans to 50 percent, mortgage interest rates, this policy was already documented at the end of January 2015 and supported by the central bank." The central bank's research bureau told the Economic Observer. Industrial and Commercial Bank of China head office a person has reservations about the policy, "mortgage interest rates are based on market choice, the CBRC and we conduct risk testing of the mortgage interest rates, now the interest rate marketization is a trend, interest rate administration will only hurt the economy itself." On March 18, Premier Li Keqiang presided over an executive meeting of the State Council, which made it clear that it would "do a good job in policy reserves and response plans, increase targeted regulation and control efforts, adjust fine-tuning in a timely manner, and maintain steady economic growth." The meeting also called for "tax relief and other new initiatives."