Following the announcement by the central bank of lowering the benchmark interest rates for financial institutions' RMB loans and deposits, on the 11th, Beijing, Shanghai, Tianjin, Hangzhou, Nanchang and other places announced on the same day that they would cut the provident fund loan interest rates by 0.25 percentage points. After the adjustment, the interest rate of loans in these places for more than five years (including five years) has been reduced from the current 4% to 3.75%, which is the lowest in history. The announcement of Beijing Housing Provident Fund Management Center shows that, from May 11, 2015, the Beijing Housing Provident Fund Management Center's housing provident fund deposit and loan interest rates will be adjusted. The specific adjustments of the interest rates of each term are: the loans from 1 to 5 years (including 5 years) are adjusted from the current 3.50% to 3.25%; from 5 to 30 years (including 30 years) are adjusted from the current 4.00% to 3.75%, respectively Down 0.25 percentage point. In addition, the adjustment of the provident fund loan interest rate also involves affordable housing projects. The announcement showed that the loan for the Beijing affordable housing pilot project will be reduced from the current 4.4% to 4.125%, a reduction of 0.275 percentage points, which exceeds the personal provident fund loan interest rate by 0.025 percentage points. Almost in sync with Beijing, Shanghai, Tianjin, Hangzhou, and Nanchang also issued a notice on the 11th to reduce the provident fund loan interest rate by 0.25%. After the adjustment, these cities' personal housing provident fund loan interest rates for more than five years fell from 4% to 3.75%; The personal housing provident fund loan rate below five years (including five years) was reduced from 3.5% to 3.25%. Zhang Dawei, chief analyst of Zhongyuan Real Estate, believes that after the central bank cuts interest rates, the provident fund loan interest rate has been lowered to a record low. "After 5 to 30 years (including 30 years) the loan interest rate has been reduced to 3.75%, it is already lower than the lowest record of 3.87% in 2008."
他 According to his estimation, take the first home loan of 1 million yuan, the term is 30 years, and the equal principal and interest repayment is taken as an example. After the adjustment of the provident fund interest rate, the monthly supply will be reduced from 4,774 yuan to 4,631 yuan, a decrease of 143 yuan. "And if you accumulate the two interest rate cuts this year, you will reduce the total repayment by about 288 yuan per month."
In fact, the moderate easing related to provident funds has become the main strategy for local governments to stimulate the real estate market since this year. According to the incomplete statistics of Zhongyuan Real Estate, since 2015, the number of cities that have released different levels of provident fund loosening policies has exceeded 100, including Beijing, Shanghai, Suzhou, Ganzhou, Haikou and other cities. Relevant policies in these cities include lowering provident fund loan interest rates, relaxing loan application conditions, and increasing loan quotas.
"Overall, the CPF loosening policy at the national level is playing a role." Zhang Dawei said that the adjustment of CPF related policies in various places is mainly to boost the property market. "From the current point of view, this is the most direct means for local governments to regulate the property market, and the provident fund interest rate is equivalent to 60% to 20% off the commercial loan interest rate, which is very attractive to buyers."
Zhang Dawei predicts that in the near future, some cities may introduce similar stimulus policies for the property market. However, he also said that the current real estate market is clearly differentiated, and inventory pressures are different in different places. These policies have a relatively large effect on first-tier and second-tier cities, and have limited impact on third-tier and fourth-tier cities.
