Mortgage deferment! Several banks in Guangzhou took action

Recently, a number of banking institutions in Guangzhou have launched a deferment service for personal housing loans in the Guangzhou area, and the extension period can reach up to 12 months. It is reported that the people who apply for the deferred repayment of personal housing loans mainly include five categories: staff participating in the epidemic prevention and control, those who need treatment due to infection of the virus; groups with special difficulties. Since 2020, banking institutions in Guangdong have postponed the repayment of housing loans for 46,000 households affected by the epidemic, involving more than 30 billion yuan in loans. | Related reading (Securities Times)

Lu Ce

After the housing loan enters the repayment period, it actually enters the performance period of the contract. The terms of the contract can be changed through negotiation with the bank, so delaying repayment is nothing new.

The epidemic has caused many people to lose their jobs or reduce their income, and mortgages are the biggest debt in China. It is a heart-warming move for banks to grant a certain grace period, but in fact it will not have much impact on the bank’s business . After all, the central bank has lowered the deposit reserve ratio many times, and the demand for loans in the market is not very strong.

In fact, the bank is also saving itself. If the customer really cuts off the loan, the bank will take back the house and put it up for auction after a certain period of time.

China seems to be getting out of the epidemic, and the economic restart will most likely begin in early 2023. Next year is estimated to be a year of rapid economic development. I believe the market will rebuild confidence.

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