BOC cancels mortgage 70 percent interest rate 89 basis point

Bank of China loans to cancel the 70 percent interest rate of the first set of mortgage recovery 85 percent, equivalent to "be raised rate" 89 basis points, suspended three-room loan April 23, the Chinese bank announced the strict implementation of dynamic, differentiated personal housing loan policy.　　According to the contract with the customer, when the interest rate adjustment method expires, the first set of stock, two sets, three sets and above the floating rate of mortgage interest rates adjusted to the benchmark rate of 0.85 times times, 1.1 times times and 1.2 times times respectively. The Bank of 85 percent Bank said that it would actively support residents to buy the first set of building area under 90 square meters of housing and security housing, continue to give the people's banks to announce the same grade benchmark rate of 0.85 times times the interest rate concessions to meet the basic housing needs of residents.　　For families that have used a loan to buy a house and apply for a loan to buy a second home, the down payment is not less than 50% and the interest rate is no less than 1.1 times times the benchmark rate. In general, a mortgage is a loan that has been mortgaged to a house but has not yet been repaid. 2008, in order to stimulate the financial crisis impact of the depressed housing market, the commercial banks launched the first suite loan rate of 70 percent preferential policy, and then expanded to meet the conditions of the stock of the first set of mortgages.　　Most banks are conditioned to enjoy a 70 percent per cent discount on mortgage loans, as long as the lenders who bought them before October 27 and without bad credit records, compared to 0.85 times times the benchmark rate (85 percent per cent). BOC's paper yesterday means that the first housing loan, which has been in place for more than a year, will return to 85 percent per cent of the 70 percent interest rate, making BOC the first bank to announce a change in interest rates on the stock-house loan.　　However, for the "Stock First suite" and the scope of the definition, the BOC document has not been detailed, to this, BOC related people in the interview, said that all the documents in the statement as prevail.　　　　According to the Bank of BOC, the relevant person, said the adjustment in the contract when the rate adjustment method expires, so it will not immediately affect the lender, and may not all the stock customers will be affected, the specific or to see the headquarters of the rules and the terms of the contract signed at that time. Suspension of three suites loan in addition, BOC said it would strictly limit the various nominal speculation and speculative home purchases, in principle, suspended the issuance of third and above housing loans. Non-local residents who are unable to provide proof of local tax or social insurance payments for more than 1 years are temporarily suspended from buying housing loans.　　BOC said that the strengthening of personal housing inspection, strict "face test, interview and home visit" procedures to prevent false loans, strengthen the use of loans to audit, should not be issued without specific use of personal loans to prevent the illegal flow of credit funds into the stock market, housing.　　For real estate development loans, in addition to the implementation of the State Council on the reluctant to cover the disc of the policy, BOC also requested new loans to be under construction projects as collateral, dynamic adjustment of loans, the total amount of loans should not exceed 50% of the construction work, strict loan closed management, prevent the borrower misappropriation of funds BOC also said it would adjust the land reserve loan quotas in due course. StrictGrid credit access conditions, the implementation of the list-type management, strict control of the county-level land reserve agencies to add credit.　　In addition, according to media reports, China Construction Bank has adjusted the interest rate of mortgage loans in some areas, but it has not been officially confirmed by CCB. -Accounts for the equivalent of "being raised" 89 basis point of Beijing Zhongyuan three market research director Dawei to the reporter calculate a account, to 1 million yuan loan 20 For example, the current 70 percent interest rate is 4.16%, monthly for 6144 yuan, the total interest expenditure of 474666 yuan. If the interest rate is calculated at 85 percent, the executive interest rate is 5.05%, the monthly contribution is 6627 yuan, and the total interest expense is 590530 yuan. The monthly increase of 483 yuan.　　The interest rate of 70 percent and 85 percent is 0.89%, equivalent to "being raised" by 89 basis points. For those who bought the second and third suites under the 2009 policy easing policy, more pressure, because at that time can enjoy the interest rate of 70 percent discount, and after the adjustment, according to the benchmark rate of 1.1 times times and 1.2 times times to calculate, adjusted interest rates are 6.53% and 7.12% respectively, the equivalent of "　　Was raised interest rate "237 basis points and 296 basis points, the monthly supply is also 70 percent when the increase of 1329 yuan and 1681 yuan." Dawei said that the bank's policy for the first time mentioned the increase in the previous purchase of property, will make the former home buyers have been greatly affected, immediately make a lot of former speculators selling houses.　　　　Beijing's central plains are expected to increase the number of second-hand housing in May more than 20%, selling will be obvious, and turnover will be reduced by 50%, the price is expected to fall 30% in the year. -the key to the adjustment of the contract terms long letter fund chief strategy analyst An Shu Analysis pointed out that in the actual operation of housing loans there are three types of mortgage contracts, bank adjustment of the rate of mortgage loans will be marked by the different conditions of the mortgage contract treatment. One of these is the explicit marking of 70 percent in the loan contract, and stressed that the implementation of such contracts will naturally not be affected by the adjustment of the interest rate of the stock mortgage, the second category is only labeled as 70 percent, there is no continuous implementation of the callout, such a contract is very high probability, should not be adjusted interest rates, but also does not exclude individual banks,　　The possibility of individual regional independence; the third type of mortgage contract is marked by a specific interest rate level, but does not indicate a discount, this category may be immediately adjusted. China Yi ' an real Estate Guarantee Co., Ltd. Marketing director Xu Donghua said that if the real adjustment of the interest rate of loans issued, it will inevitably involve the issue of default. Even if the contract is agreed, it is not possible to have an inducement to sign the loan agreement. This would disrupt the financial planning of many households, which would have to be forced to accept high interest costs. If the policy is implemented, there is likely to be a consumer choice of litigation and other means of defending rights, mortgage defaults, mortgage disputes may increase.