Narration: Starting from January 1, 2008, that is, starting from today, major banks will implement new interest rate standards. For home loan borrowers, they will face the question of whether to repay their loans in advance and how to repay them. Reporters have also conducted an investigation for this reason.
Voice-over: Mr. Li works at a large state-owned enterprise in the urban area. He just took out a loan last year to buy a commercial property. According to the initial repayment agreement, the loan repayment pressure on Mr. Li's family was relatively light. However, the bank's multiple interest rate hikes this year have made him worried.
同期声：Citizen Mr. Li: For homebuyers who take out large loans, it is quite a burden because there have been many consecutive interest rate hikes. At the time, I took out a relatively large loan, 300,000 yuan. If repaying the monthly installment according to the new mortgage interest rate standard to be implemented, Mr. Li has already clearly felt unable to cope!
同期声：Citizen Mr. Li: After the house loan interest rate hike, I considered repaying part of the loan first if possible. After this interest rate hike, there may be more hikes later, so after careful consideration, I decided to repay part of it first.
In fact, there are many citizens like Mr. Li who share the same concern. In recent days, reporters have seen quite a number of citizens queuing up at various bank outlets in the urban area to repay their home loans in advance.
同期声：Citizen: After the 2007 interest rate hikes, we ordinary people feel certain pressure when buying houses, so I came here early to handle the housing fund loan repayment business, hoping to alleviate the pressure of buying a house.
It is understood that this latest increase in bank loan interest rates is the central bank's sixth consecutive interest rate hike this year, and the cumulative effect of the interest rate hikes will be reflected all at once starting from January 1, 2008.
同期声：Business Advisor of Yancheng Yingbin Branch of China Construction Bank, Wang Xiaoling: Since 2006, the central bank has raised loan interest rates six times. Although the sixth interest rate hike did not raise the interest rate for loans over five years, from the beginning of the year to now, the loan interest rate has increased from the original 6.84% to 7.83%.
Compared with the six consecutive interest rate hikes by major commercial banks, the increase in housing provident fund loan interest rates is relatively smaller.
同期声：Director of the Fund Management Department of the Housing Provident Fund Management Center, Pan Yue: Taking a 20-year housing provident fund loan as an example, the interest rate has increased from 4.59% at the beginning of the year to 5.22%.
However, whether you buy a house with a housing provident fund loan or a commercial loan, you will now face the issue of higher interest rates, which is tugging at the nerves of millions of people.
同期声：Citizens 1 & 2:
1. Because a house is a necessity for us common people, even though the loan interest rate has increased, we still need to buy a house.
2. If it is within our ability to bear, we can buy a house; if not, we will wait and see.
The impact of these six consecutive interest rate hikes on ordinary people is evident. What effects will it have on the currently hot real estate market? Miss Le, the sales manager of a residential complex in the urban area, gave us an account.
同期声：Sales Manager of a Residential Complex, Ms. Le Hongmei: The total price of a house is 400,000 yuan, and the down payment would need to reach 120,000 yuan, with a loan of 280,000 yuan (for five years). The monthly loan repayment would need to reach more than 5,000 yuan per month, which is difficult for general homeowners to accept. Therefore, relatively speaking, the longer term loans (over five years) seem more suitable.
It is understood that this adjustment of the central bank's loan interest rate mainly targets loans within a 1-5 year cycle, and the interest rate for loans over five years has not been raised. Although the monthly repayment has increased, it does not mean that every citizen needs to rush to repay their loan. Each family's financial situation should be analyzed specifically, and reasonable financial planning should be carried out.
同期声：Business Advisor of Yancheng Yingbin Branch of China Construction Bank, Wang Xiaoling: First, for salaried workers, if the family does not have sufficient funds, it is not necessary to repay the loan in advance. One should follow the original financial plan and include it in the children's education fund plan and pension plan, implementing it step by step without necessarily rushing to repay the loan. For families with relatively better economic conditions and sufficient funds, if there is no better investment opportunity, one can consider repaying the loan in advance.
Tonight's commentary: Financial Planning - Act within Your Means. This series of six consecutive interest rate hikes by the bank, raising loan interest rates, is also a macro-control measure used by the state to guide rational investment by the public. The increase in interest rates will certainly prompt some people to repay their loans in advance. However, repaying the loan in advance is not the only way to reduce interest rate risks. For those with strong bearing capacity and certain investment experience, they can obtain higher returns through relevant financial products, thereby reducing the burden of the mortgage. For ordinary home loan borrowers, when the financial return is lower than the loan interest rate, it is still recommended to repay the loan in advance. In short, act within your means.
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