2022年1月29日

Shanghai property market weather? ICBC emergency stop this kind of “mortgage”, what signal? This kind of real estate is also included in the purchase limit, the property market control tightened again

What signal? Industrial and Commercial Bank of China for Shanghai area housing tax loans just emergency stop! Will more banks follow?

On Jan. 25, brokerage China reporters learned exclusively that ICBC’s installment loan products, which are only available in Shanghai, are being suspended for the payment of taxes and fees on the purchase of first-hand and second-hand homes and private residential properties (except commercial ones), such as French auction houses. Previously, the bank offered loans of up to 10% of a property’s price (up to 500,000 yuan) with an annualized interest rate of about 3.4%, which was used to pay taxes and taxes on the purchase process.

However, the reporter visits the discovery, the Shanghai local bank that another has congener product still can accept. However, the bank’s individual loan manager also reminded reporters, “to do to grasp, now has been tightened at any time may stop.”

Behind the changes in the loan market related to real estate transactions is the comprehensive regulation of the Shanghai property market after experiencing a “hot and dry” and warm winter market in 2020. It is worth noting that, following the New Deal on the property market regulation on the evening of January 21 “Shanghai ten”, today’s Shanghai property market regulation has landed one after another, the French auction house into the purchase limit. In addition, the Shanghai Housing Administration Bureau confirmed once again, the 21st night of the property market regulation of the new policy “Shanghai ten”, a second-hand house is subject to the online signing time.

Industrial and Commercial Bank of China to stop the Shanghai area housing taxes installment loan

“It can’t be done, not just now, but in the future. It’s ten thousand percent certain it can’t be done.” On Jan. 25, an ICBC loan manager in Shanghai confirmed to brokerage China reporters that the bank’s installment loan product for house purchase taxes and fees in Shanghai has been suspended from Jan. 21, and the whole Shanghai region is no longer accepting the product.

Some netizen joked, “ICBC tax loan approval can not, no money to pay taxes, to be anxious bald…”

The so-called “purchase tax on stage”, the earliest known to the market, the industrial and commercial bank Shanghai branch “the escape is borrowed” special installment credit card, by the icbc to satisfy the customers pay the housing transaction taxes and fees, home, decoration, household appliances, property management fees and other large consumer demand, to the issuing credit, meet the household installment, housing tax payment, etc., during the card once in suspension.

Reporter confirmed that the termination is industrial and commercial bank of specifically for Shanghai individual housing in the process of building business pay taxes and fees (including but not limited to, deed tax, individual income tax, business tax, house tax, stamp duty and other relevant taxes and fees) of a large credit installment loans, by bank lending, up to an amount of 10% of a property’s value, the maximum amount of approved loan in 500000 yuan. At the same time, the card is not transfer, cash, can only be used to pay taxes by swiping the card, in order to avoid cash or loans for other scenarios.

“This installment loan and mortgage lending each other conflict, without collateral, often only need personal id, the contract that buy a house (or house property card copy), certificate of income, tax returns (or liabilities) can handle the, line is not low, but the fee level is relatively low, and accumulation fund loan interest rates are about the same, just need to purchase especially gather together a down payment to buy room of the young people that buy a house, is very friendly.” A last month just in Shanghai inner ring of the young homeowner told reporters.

However, with the Shanghai real estate market changes, this product also faces adjustment. “This product is gone.” The above ICBC Shanghai area a loan manager told reporters, before the product line according to the individual credit line is different, the highest can be approved 500 thousand yuan, installment rate level in 3.4% or so (according to different installment will be adjusted). According to him, after the product stop, the bank will launch another large consumption installment products in the near future, but the level of quota, interest rate, etc., is not set for the time being.

Local banks are still available, with quotas of up to 600,000 yuan and fees as low as about 3%

However, the reporter discovered in the visit, another Shanghai local bank that has similar products can still be accepted.

“The line of credit is 15% of the value of the house, the maximum amount of 600,000 yuan can be approved, the longest loan for 8 years, installment rate annual more than 3, in the ICBC, ABC and other banks for mortgage can also apply, meet the conditions generally can do down, from the material to receive the credit card about a month of time. However, the bank’s loan manager also reminded reporters, “to do tight, now has been tightened at any time may stop.”

From the bill calculated by the loan manager, it is assumed that the user has applied for a card and the loan installment amount is 100,000 yuan. According to different loan time limits, it is divided into 12, 24, 36, 48, 60, 72, 84 and 96 phases. The monthly equivalent repayment amount is 8333.33 yuan, 4166.67 yuan, 2777.78 yuan, 2083.33 yuan, 1666.67 yuan, 1388.88 yuan, 1190.48 yuan, 1041.67 yuan. The corresponding annual fees are 3.12%, 3%, 2.88%, 2.88%, 2.76%, 2.76%, 2.76%, 2.76%, 2.76%, and the corresponding total fees are 3.12%, 6%, 8.64%, 11.52%, 13.8%, 16.56%, 19.32% and 22.08%, respectively. Compared with the installment loan products on the market, the rate level is very attractive.

Below the circumstance that is tightening this product in other bank, buy a house user to deal with this product immediately, whether can instalment repayment be affected? The loan manager explained, “If there is a change in the policy, it will affect subsequent users to apply for the business, and those who applied for the product before will not be affected.”

Shanghai property market to welcome regulation, the warm winter market press the pause button?

The changes in the loan market related to real estate transactions are behind the comprehensive regulation of the Shanghai property market a few days ago.

Late January 21, 2021, approved by Shanghai municipal government, the municipal housing and urban and rural construction management committee, the city housing authority, the city planning and natural resource bureau, municipal bureau of finance, municipal taxation bureau, the People’s Bank of China Shanghai branch, Shanghai silver protects inspect bureau, the city market supervision bureau jointly issued by the “about promoting the city’s real estate market stable healthy development opinions” (hereinafter referred to as “opinions”), since January 22, 2021.

The key points of the guideline include that if a couple buys a commercial home within three years of divorce, the number of homes they own is calculated according to the total number of homes owned by the family before the divorce. Adjust the VAT exemption period, individuals will purchase less than 5 years of housing for foreign sales, the full amount of VAT levied. The Opinions emphasized strict management of commercial housing sales. We will strictly put on record plans for the sale of newly built commercial housing. We will strictly implement various management systems for commercial housing sales, such as “one-price clearance” and “real-name system”. We will improve the lottery system for selecting apartments for newly built commercial housing, giving priority to families without a home who want to buy apartments for their own use.

Securities reporter in China also reported on January 22, the Shanghai real estate market in 2020 ushered in a steady increase in volume and price, the turnover has been climbing all the way, especially in November and December Shanghai real estate market “warm winter” hot, hot plate, hot real estate market “hot grab”. According to the statistics of Tongce Real Estate Consulting, in December 2020, there were more than 30 newly opened real estate projects in Shanghai, with the approval rate of more than 20 projects exceeding 100%, and the number of 13 projects exceeding 1,000 groups. A few months ago, one of the most popular projects in Shanghai’s new housing market saw 13 people bidding for a single apartment. The first apartment in the project won 7 million yuan in a lottery, and the second apartment even cost 13 million yuan.

It is worth noting that the media learned from the Shanghai Housing Administration Bureau that following the “Shanghai ten policies” on the night of January 21st, today the Shanghai property market regulation has landed one after another, and the legal auction of houses has been included in the purchase restriction. On the judicial auction page of the public auction network, bidders participating in the bidding should be determined in advance to have the qualification to buy a house in this city, that is, the single limit to buy one set, family limit to buy two sets. After the auction is confirmed, if the buyer is not qualified to buy a house in the city, he or she will bear the legal consequences such as regreting the auction according to law.

“Cyclical forces, the need to avoid risk and improve under the epidemic situation, the need to fight inflation, the old reform, the education reform of citizens, the relaxation of talent settlement, these six forces have formed the current heat of the property market.” Yang Hongxu, vice president of Shanghai E-house Real Estate Research Institute, said Shanghai’s property market is a reasonable release of demand after a three-year slump.

The Shanghai property market to usher in regulation, the Institute of E-house think tank research director Yan Yuejin believes that the policy is timely, but also very comprehensive, involving land, purchase restrictions, credit, taxes and other content, fully reflects the Shanghai stable housing prices, stable expectations of the guidance. By adjusting the VAT exemption period, the transaction tax cost of second-hand houses increases and the phenomenon of preventing some landlords from buying and selling houses quickly helps to promote the stability of second-hand house transactions. Similar policies have a great impact on subsequent second-hand house transactions.

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