2023-02-14 10:58:01

The voice for reducing the interest rate of stock

The wave of early repayment of loans, which began in the second half of last year, has seen a rise again in recent years. Many bank outlets have to wait for at least one month to make an appointment to repay the housing loan in advance. The reasons for this upsurge are various, including the large interest rate difference between the existing housing loan and the new housing loan, and the decline of residents' investment income.

At the same time as the tide of repaying loans ahead of schedule is intensifying, the call for reducing the interest rate of stock housing loans is also rising.

Dong Ximiao, chief researcher of Zhaolian Finance and part-time researcher of Fudan University Financial Research Institute, said in an interview with the reporter of Securities Daily that moderately reducing the interest rate of stock housing loans will help reduce the burden of housing consumption, reduce the prepayment behavior of residents, promote the healthy and stable development of the real estate market, and boost the willingness and ability of residents to expand consumption.

"At present, the stock housing loan faces the contradiction between the bank's maintaining income and the buyer's desire to reduce expenditure. The bank lacks sufficient motivation to reduce the interest rate of the stock housing loan, but in the case of a large number of home buyers repaying the loan in advance, different regions can flexibly adjust the interest rate of the stock housing loan according to the local actual situation, gradually narrow the interest difference between the stock housing loan and the new housing loan, or help ease the phenomenon of repayment in advance." Chen Jingwen, director of market research of the Index Business Division of the China Securities Research Institute, told the Securities Daily.

However, it is not easy to cut the interest rate of stock loans. Ye Yindan, a researcher at the Research Institute of the Bank of China, told the Securities Daily that the interest rates of the stock housing loans of the purchasers at different times in the past were quite different. If the interest rates of the housing loans were cut by the same amount, it would easily bring various arbitrage spaces; If the differentiated downward adjustment policy is formulated, it is easy to bring new inequities and cause new problems at the implementation level.

In Dong Ximiao's view, the financial management department can strengthen the guidance of commercial banks and guide banks to reduce the interest rate of stock housing loans through the self-discipline mechanism of market interest rate pricing. For example, preferential policies such as providing additional discounts or reducing the increase in the interest rate of stock housing loans with high interest rates will gradually narrow the interest margin between stock housing loans and new housing loans.

In terms of specific operation, Dong Ximiao suggested that if the interest rate of the stock housing loan is still higher than 5% on January 1, 2023, it can be divided into three levels, and preferential measures should be taken respectively: if the interest rate is higher than 6%, a discount of 8.5% or a reduction of 100 basis points should be taken; If the interest rate is higher than 5.5%, it will be reduced by 10% or 60 basis points; If the interest rate is higher than 5%, it will be reduced by 9.5% or 30 basis points. In order to facilitate implementation, the stock housing loans are not differentiated between the first and second sets, but only adjusted according to the interest rate. In principle, borrowers with overdue records will not enjoy preferential measures. Banks are allowed to moderately increase the margin of preference on the basis of the above.

It should be noted that the reduction of the interest rate of the stock mortgage will inevitably compress the profit space of the bank.

Dong Ximiao said that in view of the fact that the banks have increased the pressure on the real economy and profit growth in recent years, the implementation period of the above measures can be tentatively set at 3 years, and it will be determined after 3 years as the case may be. At the same time, the financial management department can guide the banks to reduce the deposit interest rate, reduce the cost of liabilities, and delay the pressure of narrowing the interest margin and declining profits through the market interest rate pricing self-discipline mechanism.

Wang Qing, the chief macro analyst of Oriental Prudential, told reporters that from the perspective of easing the "wave of early repayment of loans", it is necessary to moderately reduce the interest rate of stock housing loans at present. After the implementation of the "16 items" of financial support for real estate and the obvious improvement of the financing environment of real estate enterprises, in order to promote the real estate market to achieve a soft landing as soon as possible, the key is to reduce the interest rate of residential housing loans by guiding the moderate reduction of LPR over 5 years.

Source: Securities Daily