Optimizing the provident fund policy is one of the important measures for cities to support housing consumption. Recently, many cities across the country have introduced policies such as "transfer with mortgage" of provident fund loans, supporting "business-to-public" loans, and allowing the withdrawal of provident fund to pay down payment, so as to increase the support of provident fund for buyers. For property buyers, how supportive can these new changes bring? What risks do buyers, sellers and banks need to avoid? What problems should we pay attention to in the process of policy implementation?
There are new changes.
According to the monitoring data of the middle finger, since 2022, more than 100 cities have introduced the policy of "mortgage transfer" of second-hand houses, and some of them support the "mortgage transfer" of provident fund loans. The reporter found that at present, Nanjing, Jiangsu, Ningbo, Zhejiang, Zhangzhou, Fujian, Lu ‘an, Anhui, Xiangyang, Hubei, Zhumadian, Henan and other places have introduced the relevant policies of "transfer with mortgage" for provident fund loans.
The so-called "mortgage transfer" of provident fund loans means that in the process of second-hand housing transactions, after submitting an application to a financial institution, you can directly go through the formalities of real estate transfer and mortgage registration without paying off the loan and canceling the mortgage.
"In the traditional mode, the seller must pay off the original housing loan, release the mortgage, handle the transaction transfer, and the buyer re-establish the mortgage. ‘ Transfer with mortgage ’ Simplify the transaction process, shorten the transaction time, reduce the pressure on the employees to raise funds, help shorten the real estate transaction cycle, and meet the demand for rigid and improved housing. " RealData market analyst Liu Lijie said.
In January this year, the Housing Provident Fund Management Center of Xianyang City, Shaanxi Province issued the "Detailed Rules for the Implementation of Individual Housing Commercial Loans to Housing Provident Fund Loans", and completed the real estate registration of the first "commercial to public" loan on February 22. According to the statistics of 58 Anjuke Research Institute, at present, more than 20 cities such as Shenzhen, Qingdao, Changchun, Fuzhou, Chongqing, Wuhan, Kunming, Dongguan, Guangdong and Luoyang, Henan have launched the policy of "transferring business to public".
"The spread between commercial loans and provident fund loans is relatively large, so ‘ Business to public ’ Business, will effectively reduce the pressure of housing provident fund depositors to repay loans, and effectively play the role of provident fund in housing security. In some cities, the disposable scale of provident fund is relatively large, and it has passed ‘ Business to public ’ Revitalizing the stock provident fund will help buyers reduce the pressure on repayment. " Lu Qilin, research director of 58 Anjuke Research Institute, said.
In addition, many places have also introduced the policy of withdrawing provident fund as the down payment for buying a house. Since 2022, more than 20 cities, including Fuzhou, Zhongshan, Guangdong and Dazhou, Sichuan, have successively introduced policies to allow employees who purchase commercial housing to withdraw housing provident fund to pay the down payment, and the cities that introduced this policy have continued to expand.
Chen Wenjing, director of market research of the Central Finger Research Institute, said that this will reduce the pressure of early capital turnover of buyers and help release the housing demand.
Need multi-party cooperation
Compared with the previous situation that there are some limitations in the withdrawal of housing provident fund, in addition to the above changes, there are also policies such as increasing the amount of provident fund loans and extending the repayment period, and "one person buying a house to help the whole family".
However, in the specific implementation, related businesses need to cooperate with many parties. Liu Lijie told reporters that, for example, the "transfer with mortgage" of the provident fund needs the cooperation of the provident fund center and the bank. At present, the "transfer with mortgage" of the provident fund is mainly carried out between the same banks, that is, the owner’s housing mortgage bank and the housing customer loan bank must be the same bank. "Supporting the provident fund as a down payment requires the consent of the seller. ‘ Business to public ’ It needs the cooperation of banks and provident fund centers, and is limited by the amount of provident fund loans. At present, most city-related businesses are still in the trial operation stage. " Liu Lijie said.
Guan Rongxue, a senior analyst at Zhuge Data Research Center, reminded that "business to public" has a positive effect on reducing the monthly supply cost, but this policy is phased and related to whether the provident fund is sufficient. Buyers should pay close attention to the fund situation of the provident fund.
Long Ye, director of the Research Center of Beijing Real Estate Agency Industry Association, pointed out that although "business to public" has obvious advantages, there are still problems that need to be solved urgently in the operation process. For example, in many cities that have started the policy of "business-to-public" mortgage loans, the conditions for application are set higher, and at present, they only cover local paid workers’ families who purchase the first suite or apply for provident fund loans for the first time. In addition, because the amount of provident fund loans is relatively limited, it is usually lower than the original total commercial loans of buyers, so many buyers after "business to public" still face the problem of self-financing.
In view of the withdrawal of housing provident fund as the down payment, some insiders said that the personal loan ratio of housing provident fund in some cities, that is, the ratio of individual housing loan balance to deposit balance of housing provident fund, is already at a high level, and the government still needs to further strengthen supervision to prevent the risk of insufficient liquidity of housing provident fund.
"In these policies, ‘ Transfer with mortgage ’ Solve the difficulties of second-hand housing transactions and make the mortgage cancellation work smoother; ‘ Business to public ’ The service can be optimized and the cost can be reduced; Paying the down payment from the provident fund will help boost housing consumption. The provident fund supports the real estate market more and more. " Yan Yuejin, research director of Yiju Research Institute, said that it should be noted that using provident fund as down payment may make buyers leverage to buy houses.
How to avoid related risks? Li Yujia, chief researcher of the Housing Policy Research Center of Guangdong Urban Planning Institute, said that for buyers, although the provident fund can pay the down payment, it is also necessary to consider whether their future income cash flow is enough to cover the monthly payment; For banks, it is necessary to verify the monthly payment ability and sustainability of buyers through income certificates and bank running water. "Using the provident fund as the down payment means that the down payment ability of buyers is insufficient, and the monthly supply pressure is also high. Banks need to consider this risk. If necessary, banks can ask for an increase in down payment, or for people who do not have the conditions for leverage, loan approval should be more stringent." Li Yujia said.
The effect is showing.
It is a key task of the real estate industry in 2023 to ensure the stable development of the real estate market and do a good job in ensuring the delivery of buildings, people’s livelihood and stability. Zhao Qingxiang, secretary-general of Beijing Real Estate Agency Industry Association, said that adjusting housing accumulation fund policies in many cities across the country and vigorously supporting rigid and improved housing demand can effectively boost market confidence. At present, the policy effect has initially appeared, and the real estate market in many places has stabilized and rebounded. With the support of a series of policies, the real estate market after the beginning of 2023 showed a recovery and stabilization trend.
According to the latest data from the National Bureau of Statistics, in February, the sales price of commercial housing in 70 large and medium-sized cities increased month-on-month, and the number of cities continued to increase. The sales price of commercial housing in all cities increased month-on-month, while the sales price of commercial housing in first-tier cities increased year-on-year, and the year-on-year decline in second-and third-tier cities narrowed. Chen Wenjing believes that in the short term, all localities will continue to combine the actual situation of their own provident fund use, and optimize the cities related to provident fund policies or continue to expand.
As more and more cities introduce policies to optimize and adjust the provident fund, it will activate the real estate market demand to a certain extent in the short term and accelerate the progress of local real estate destocking.
"However, since the current adjustment of provident fund policies is mainly concentrated in third-and fourth-tier cities, the real estate markets in these cities are facing problems such as insufficient economic development stamina, net outflow of population and oversupply of housing. More methods are needed to resolve risks and boost housing consumption." Zhao Qingxiang suggested that in terms of specific policies, increase the coverage rate of provident fund deposit, optimize the application process of provident fund, and relax restrictions on loans from different places; In terms of macro-policies, we should rationally plan the improvement of housing construction, constantly improve the development of the rental market, enhance the security of medical education services, establish the advantages of urban core industries, and promote the healthy and orderly development of the real estate market through both supply and demand.
Some experts said that the introduction of new provident fund policies in many places is conducive to reducing the pressure on home buyers, boosting the sentiment of home buyers, and constantly promoting the real estate market to stabilize and improve.



























































