Recently, the housing loan regulation in the first tier cities represented by Shanghai has increased again. Since July 24, some banks in Shanghai have raised mortgage interest rates, and the purchase restriction policy of Shanghai property market has been upgraded. In fact, since this year, the first tier cities represented by Beijing, Shanghai and Guangzhou have had an obvious tightening trend of housing loans, which is mainly reflected in the increase of interest rate, the tightening of credit line and the extension of lending cycle.
Recently, the reporter of Securities Daily called and visited some bank outlets in first tier cities. The general feedback was that the mortgage quota was tight and the lending time was unpredictable. At the same time, some bank staff reminded that “due to the uncertain lending time, property buyers must pay attention to the signing time of the loan contract to avoid the risk of default.”
Why did the mortgage market in some first tier cities tighten frequently?
“The regulation of housing loans in some cities is mainly caused by the insufficient mortgage loan amount of banks and tight market liquidity caused by the hierarchical management measures of housing loan concentration, which reflects the policy intention of strengthening real estate regulation. Subsequently, other domestic cities, especially those with hot real estate, will also raise mortgage interest rates. ” In an interview with the Securities Daily, Bai Wenxi, chief economist of IPG China, said that from the current industry situation, there is a possibility of further tightening housing credit in the second half of the year, and the housing loan interest rate, as a price tool to adjust the total supply, does not rule out the possibility of continuing to rise in the future.
The interest rate of the first house in Shanghai has entered the “5” era
The Shanghai property market, which warmed up in the first half of this year, ushered in regulation in the second half of this year. In early July, the second-hand housing price verification policy was implemented. On July 23, after the Ministry of housing and urban rural development and other eight departments issued the notice on continuously rectifying and standardizing the order of the real estate market, Shanghai “responded” to the real estate market regulation policy and announced an increase in the mortgage interest rate, with the first set of interest rate adjusted to 5% and the second set of interest rate adjusted to 5.7%; The donated housing shall be included in the purchase restriction policy, and the number of housing units owned by the donor shall still be recorded within 5 years. The donee shall comply with the national and Shanghai housing purchase restriction policies. The two new regulations came into force on July 24.
The reporter of Securities Daily sent a telegram to several bank branches in Shanghai. The credit manager of a large state-owned bank said: “recently, our bank raised the mortgage interest rate to 5% for the first set and 5.7% for the second set.” For the reasons for the increase, the manager said that “it is mainly because the house prices in Shanghai are rising rapidly”.
In addition, the speed of mortgage approval is still slow. According to the reporter of Shanghai Securities Daily, many buyers need to review the loan for more than 4 months. For the current mortgage line, the credit manager of a large bank in Shanghai said that since the fourth quarter of last year, the mortgage line has been tight, and the current lending time has been extended to three to four months. Another bank credit manager said: “the acceptance of housing loan business will be suspended in August, mainly because there is no loan limit.”
The significant rise in mortgage pricing in Shanghai has both market factors and regulatory needs. Wang Yifeng, chief financial analyst of Everbright Securities, told the Securities Daily that the contradiction between mortgage supply and demand in Shanghai is more prominent than that in the whole country. In June, the rise of house prices in Shanghai was the highest. This credit policy adjustment can be understood as a “combination fist” of real estate regulation in Shanghai.
Extension of lending time in Beijing
While tightening housing loans in Shanghai, the real estate market in Beijing is becoming more and more tense《 The reporter of Securities Daily recently visited the branches of several banks in Beijing and found that in terms of mortgage interest rate, the mortgage interest rate of banks in Beijing remained unchanged, with the first set floating 55 basis points, or 5.2%, on the basis of LPR; The second set rose 105 basis points, or 5.7%. In terms of the amount, the staff of the bank’s personal loan department said that at present, the amount of housing loan is tight and the lending time is uncertain.
Zhang Dawei, chief analyst of Centaline real estate, said in an interview with the Securities Daily that the tight housing loan quota will be the norm in 2021, especially the year-on-year high trading volume in recent months, the difficulty of new housing loans is relatively low, and there are common difficulties in lending and loans in the second-hand housing market in many hot cities.
“The housing loan quota for the whole year is basically used up. It may have to wait until January next year.” The personal loan manager of a large state-owned bank told reporters. The personal loan manager of a joint-stock bank branch also said that due to the shortage of quota, the current lending time has been extended.