No, it is not necessary to settle the original bank loan before handling the business-to-public portfolio loan or business-to-provident fund loan. The bank loan must be settled after the loan is approved and signed in person. After the portfolio loan is approved, the funds will be released to settle the mortgage loan of the lender's original commercial bank, and the borrower will repay it monthly.

After all, it is still unknown whether the application for commercial loans to portfolio loans can be passed. In fact, whether it is commercial loans, provident fund loans or portfolio loans, the success of loans is a watershed, and the success of face-to-face signing is the success of loans.

What does it mean to convert commercial loans into portfolio loans?

Refers to the lender's application to convert the housing mortgage loan of a commercial bank into a housing provident fund portfolio loan before the housing mortgage loan is settled. After the application, the provident fund management center and the cooperative bank will review the housing purchase, original mortgage loan, loan qualification and repayment ability of the paid employees, and arrange loans as soon as possible after approval.

Two conditions need to be met when a commercial loan is converted into a portfolio loan: first, there is this business in the place where it is located; The second is to comply with the rules of local commercial loans to portfolio loans. Both are indispensable. Moreover, commercial loans must be more than one year before they can be converted into provident fund loans or portfolio loans.