The latest policy of Changsha mortgage lender's transfer to public in 2023.
According to the Notice of Changsha Provident Fund Management Center on Further Optimizing the Business of Converting Commercial Loans to Public Loans, increasing sequential mortgages means that employees do not need to raise their own funds to settle the original housing loans of commercial banks before transferring them to public loans. Generally speaking, if the house handled by the user is a commercial housing loan, it can be directly converted into a provident fund loan, and the original commercial loan can be settled without going through bridge loan. This policy was officially implemented on May 15, 2023, with a validity period of 5 years.
Certain conditions need to be met for handling commercial transfer to provident fund loans by means of sequential mortgage, as follows:
1 Require the former housing loan commercial bank to sign a cooperation agreement on sequential mortgage business with the provident fund management center, and issue the Agreement on Converting Commercial Housing Loan to Provident Fund Loan of Changsha Housing Provident Fund Management Center;
2 The housing mortgaged by the original commercial loan has been handled with the ownership certificate or the ownership certificate within the administrative area of Changsha;
Except for the original commercial loan, there are no other restrictions on mortgage, attachment, preservation and residence;
4. The employee agrees to repay the difference between the remaining principal and interest of the original commercial loan and the amount of the housing provident fund loan with self-raised funds, and settle the original commercial loan in accordance with the regulations, and go through the mortgage cancellation procedures;
5. Must comply with the current Changsha housing provident fund loan policy.
Please refer to the following official documents for specific loan conditions, required loan information and loan process of transferring commercial loans to provident fund:
The latest policy of changing Changsha's mortgage business to public benefits mortgage users. On the one hand, it saves the process of transferring commercial loans to provident fund loans, on the other hand, it also avoids the inconvenience caused by users' need to raise funds to repay commercial loans themselves, which can save the cost of transferring commercial loans to provident fund loans. After all, before the new policy comes out, if users want to transfer commercial loans to provident fund loans, they need to settle commercial loans first. As a result, users with insufficient funds may need to apply for bridge loan, resulting in interest costs other than mortgage.