After the provident fund loan is completed, the provident fund cannot be stopped. Provident fund loan itself is a kind of welfare loan, which is provided to employees who pay provident fund. If the employee stops paying the provident fund after handling the loan, the loan can be adjusted to the general commercial loan interest rate by the provident fund center. If you want to enjoy the low interest rate of provident fund loans, the provident fund cannot stop.
What's the difference between provident fund loans and commercial loans? 1. The loan object is different.
Housing provident fund loans are targeted at employees who pay housing provident fund. Only by paying the provident fund can you choose the housing provident fund loan. Commercial loans are personal housing loans for everyone. As long as they meet the loan conditions of banks, they can generally succeed.
2. There are differences in loan interest rates.
Because the provident fund loan is not a profit-oriented policy loan, the interest rate is relatively low, and the mortgage interest rate for more than five years is 3.25%. Unlike commercial loans, which are for profit, the interest rate is relatively high. The benchmark interest rate for five years or more is 4.9%, and different banks in different regions will make adjustments. With the same mortgage amount, provident fund loans can save more interest.
3. There are differences in the types of loan houses.
Provident fund loans can only be used when buying houses with 70-year property rights, and other types of houses such as commercial houses cannot apply for provident fund loans. The types of houses that can be purchased by commercial loans are relatively loose, except houses and apartments. So before buying a house with a loan, you must know what kind of house you are buying.
4, the proportion is different.
Generally speaking, if commercial loans and provident fund loans buy the same house, then the first suite of commercial loans can only be loaned to 70%, while the first suite of pure provident fund loans can be loaned to 80% at most.
5. There are differences in loan sources.
The main source of funds for housing provident fund loans is the housing provident fund paid by the depositor, and the interest generated by the loans has a specified purpose and can only be used for the construction of affordable housing. Commercial loans are mainly loans made by commercial banks for profit, and the interest belongs to the relevant bank investors.
6. There is a difference between the loan process and the approval time.
Commercial loans are generally reviewed before the property buyers handle the transfer, and the approval time is about 20 working days. The main censorship institution is the bank, that is, the decision is in the bank; Housing provident fund loans are generally reviewed after transfer, and the approval time is about 40 working days, which requires the approval of the housing provident fund management center. The decision is made by the housing provident fund management center, and the bank is only the executing agency.