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The reason for the developer's refusal of the provident fund loan was revealed: the government's lending is too slow

Time: 2018-01-09         Source: Securities Daily - Capital Securities Network         Author: Securities Daily - Capital Securities

Today, housing prices are high, the use of housing provident fund loans to buy a house has become the first choice for many buyers to save costs, however, this move has repeatedly been rejected and martyrdom by real estate developers. In this regard, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance, the People's Bank of China, and the Ministry of Land and Resources issued the Notice on the Maintenance of Housing Provident Funds to Pay Employees' Loans for Housing Purchases on December 26, 2017, requiring real estate developers not to restrict Obstructing and refusing buyers to use housing provident fund loans.

“At the end of 2017, the United Nations Development and Reform Commission of the Ministry of Housing and Urban-Rural Development conducted a comprehensive inspection of the sales of commercial housing in some key cities. The inspection found that the phenomenon of open vendors refusing provident fund loans is more serious.” Director of the Think Tank Research Center of Shanghai Yiju Research Institute Yuejin recently said in an interview with the "Securities Daily" reporter that the four departments jointly issued a document to maintain the provident fund loan policy, which can be said to be very timely and necessary, and is conducive to safeguarding the legitimate purchase rights of employees who are paid by the provident fund.

It is understood that the housing provident fund as a special fund to solve the housing problem of workers, in accordance with the current relevant regulations, employees continue to pay the housing provident fund for more than 6 months (inclusive), you can apply for personal housing loans to the housing provident fund management center. At present, the housing provident fund personal housing loan interest rate is 3.25%, far lower than the commercial bank personal housing loan interest rate. According to estimates, a housing provident fund personal housing loan with a quota of 1 million yuan and a term of 20 years can save more than 200,000 yuan in interest expenses than commercial bank personal housing loans, which can effectively reduce the burden of housing purchases.

However, for real estate developers, the use of provident fund loans by home buyers is not a "good news." Zhang Bo, chief analyst of the Housing and Housing Research Institute, recently explained in an interview with the Securities Daily that the reason why developers excluded the use of provident fund loans by the buyers was that the return rate was slow. The complexity of the provident fund loan process and the long loan period have directly lengthened the return period of the housing enterprises, resulting in a decline in the capital turnover rate. Therefore, the pursuit of high turnover, rapid expansion of housing enterprises will be a resistance to provident fund loans. In addition, the provident fund loan is a policy loan, and there is no “gray interest relationship”. In the process of housing development, it is often necessary to cooperate with banks. Many banks agree that one of the conditions for lending is that they can obtain a large number of high-quality mortgage customers. Therefore, this has become one of the reasons why openers refused to provide provident fund loans.

Zhang Bo believes that the supervision department issued a document stressing the protection of the equity of the purchaser's provident fund loans, which can be regarded as a continuation of a series of standardized real estate behaviors in the country, and is one of the measures to ensure the stable development of the real estate market. In solving this problem, we should adhere to the concept of "sparse more than blocking". On the one hand, it increases the penalties for developers to refuse to provide provident fund loans. On the other hand, it speeds up the process of simplifying the provident fund loan and shortens the time for providing funds for the provident fund through “grooming”.

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