Chinese Banks Compete For Dwindling Pool of Homebuyers

iFeng: 楼市新变化！首套房贷利率0加点、当天放款、首付溯源审核简化

Purchasing wealth management products can reduce the interest rate of mortgages, apply for a loan and give legal consulting services... Following the "interest rate cut wave", some banks have launched "fancy" customer solicitation activities.

China Securities Journal • China Securities Taurus reporter recently investigated and found that the mortgage interest rates in Guangzhou, Nanjing, Suzhou and other places have dropped significantly, and Suzhou has even experienced a rise in interest rates. In terms of the lending cycle, the lending review of banks in various regions is relatively optimistic, and some banks even said that the procedures are complete and they can lend on the same day.

In addition, some banks adjusted loan review requirements on a prudent basis, and appropriately simplified the review of down payment sources, social security, and running water.

Guangzhou area "fancy" interest rate cut

The reporter learned from the survey that the interest rate of the first-home commercial loan of the state-owned banks in Guangzhou has remained at around 5.4%, which has remained basically stable after the reduction last month, but there are still many joint-stock banks and city commercial banks that have staged "fancy" interest rate cuts. Strategy.

Zhang Hua (pseudonym), the personal loan manager of a joint-stock bank in Guangzhou, said: "The loan interest rate for the first home has just been adjusted recently, and it is currently 5.35%. However, if you upgrade to a VIP customer, the loan interest rate can be reduced by another 5 basis points; upgrade to a private bank. Customers, you can try to apply for the lowest interest rate of 5.25%.”

The reporter learned that the bank's standard for VIP customers is that the average daily deposit amount reaches 500,000 yuan per year, and to become a private bank customer, the average daily assets need to reach 6 million yuan in the month of applying for a loan. "Banks are more inclined to provide loans to customers with better credit status. Therefore, more interest rate concessions will be given to customers with stable capital flow and better asset quality." Zhang Hua said.

A business employee from another joint-stock bank in Guangzhou revealed: "The current interest rate for the first home loan is 5.3%, and the second home loan interest rate is 5.6%. However, if you can buy new 1 million yuan of funds to purchase the bank's wealth management or deposits and other products, you can apply for a loan interest rate drop. A 10-20 basis point discount.”

In addition to domestic banks, foreign banks have also made great efforts to "cut interest rates".

Credit consultants of many foreign banks in Guangzhou said that the loan interest rate for the first home can even be as low as 4.8%, and the loan interest rate for the second home can be as low as 5.2%. However, some foreign banks said that the housing listings that can apply for the lowest loan interest rate are limited to properties located in some high-quality locations and within 20 years of age.

In addition, a number of banks in Nanjing have launched a "price war". The reporter's survey found that the current first-home loan interest rate has dropped to between 5.4% and 5.6%, a reduction of about 20-30 basis points.

In the Suzhou area, there is a situation where the interest rate is 0 plus points. A personal loan officer from a joint-stock company in Suzhou told reporters: "Currently, the interest rate for the first home and the loan-free second home can be applied for at least 4.6%, and there is no increase on the basis of the 5-year LPR, which is almost the level of three years ago."

The mortgage interest rates in Beijing, Shanghai, Shenzhen and other regions were relatively stable, fluctuating within 5 basis points, and there was no significant reduction.

Disburse as soon as the day

A staff member of the personal loan center of the Beijing branch of a state-owned bank told reporters: "Now the result of the approval can be obtained in about a week, and there is no need to queue up. The loan can be completed within three weeks after the transfer."

A personal loan officer from a joint-stock bank in Beijing said: "The approval is very fast, and it can be completed in two or three working days. At present, the mortgage loan amount is sufficient, and the loan of less than 5 million yuan can be released on the same day as long as the preliminary procedures are complete."

The overall lending speed in Guangzhou has also increased significantly. Many banks have accelerated the lending speed to within one month after the transfer of accounts, and some banks have stated that "the loan will be released in about 3-4 working days after the deposit is issued".

Down payment traceability audit is simplified

In terms of loan review, the Guangzhou region made some adjustments on the basis of prudence.

"Now the review can be completed within two weeks, and the results will be available within 5 working days at the earliest," Zhang Hua revealed to reporters, "The review is still very strict, but some unnecessary links are simplified. For example, parents In the case of transferring money to a child to buy a house, the source of the down payment used to be traced back to the parent’s account review flow, but now it is only necessary to submit the relevant proof that the source of the buyer’s money is the parent.”

A number of banks in Guangzhou said that since February this year, the review policy has been continuously fine-tuned. "When we come back this year, we have simplified the review of social security and account flow, mainly to see if there are bad credit records, or important indicators such as loans and foreign debts." said a loan manager of a joint-stock bank.

A real estate brokerage consultant told reporters that some banks had previously required lenders to have a monthly turnover higher than twice the monthly payment, limiting the amount and duration of loans that homebuyers could borrow. Simplifying the review of social security and bank accounts now is good for homebuyers.

Another Guangzhou joint-stock company said: "At present, there are no restrictions on the customer's work unit, and the income can meet the approval threshold. The requirements for monthly turnover are not high. When the customer handles the transfer, we also provide legal counsel services from professional lawyers."