Can you borrow money from the provident fund?

You can borrow money from the provident fund. Provident fund loans refer to individual housing provident fund loans, which use the housing provident fund paid by employees who apply for provident fund loans to entrust commercial banks to pay housing provident fund depositors who buy, build, renovate and overhaul their own houses and retired employees who pay housing provident fund during their employment.

Article 11 of the Interim Measures for the Administration of Personal Loans

An application for personal loans shall meet the following conditions: (1) The borrower is a citizen of the People's Republic of China with full civil capacity or an overseas natural person who meets the relevant provisions of the state; (2) The purpose of the loan is clear and legal; (3) The amount, duration and currency of the loan application are reasonable; (4) The borrower has the willingness and ability to repay; (5) The borrower's credit status is good and there is no significant bad credit record; (6) Other conditions required by the lender.

Article 12

The lender shall require the borrower to submit an application for personal loan in writing, and require the borrower to provide relevant information that can prove that it meets the loan conditions.

Can the provident fund be used to buy a house?

You can use the provident fund loan to buy a house, but you need to meet the prescribed conditions. Therefore, it is not certain that you can buy a house with a provident fund loan as long as you have paid the housing provident fund.

Requirements for purchasing a house with provident fund loan:

1. According to the provident fund loan, the buyer must have his own provident fund account number, and pay the housing provident fund in full and on time in the local area for more than half a year or more. In addition, the lender needs to have good credit and the ability to repay the loan principal and interest.

2. Individual urban workers and their units must pay the housing accumulation fund continuously for one year; The borrower needs to buy affordable housing recognized by the lender; Have permanent residence in cities and towns or valid residence status; Have a stable occupation and income, and have the ability to repay the principal and interest of the loan; Having a contract or relevant supporting documents for the purchase of housing;

3. The borrower agrees to mortgage the property listed in the Housing Sales Contract signed with the developer to the lender, giving the lender the priority of mortgage and compensation as a guarantee to repay the principal and interest;

4. The borrower has the ability to pay not less than 3% of the funds required for house purchase;

5. Other conditions stipulated by the lender.

process of housing provident fund loan to buy a house

1. confirm the qualification of provident fund loan

if you want to use provident fund to borrow money to buy a house, you must first confirm with the provident fund center whether you are qualified to use provident fund loan to buy a house. In many places, there are certain requirements for buying a house with provident fund loans, such as the duration of provident fund payment, the amount of provident fund loans, the number of provident fund loans, etc. Only when the requirements for applying for provident fund loans are met can a loan application be initiated.

2. Select the property you want to buy and apply for a loan from the provident fund center.

Once you are sure that you can use the provident fund loan to buy a house, you can choose the property you want to buy. After finding the real estate you want to buy, you can apply for a loan from the provident fund center and provide relevant materials according to the requirements of the provident fund loan.

3. the provident fund center approves the loan

after receiving the loan application, the provident fund center will approve the loan application. Provident fund loans review users' credit information, income and the authenticity of purchasing real estate. If they meet the requirements of provident fund loans, the loans will pass the examination and approval.

4. Go through the formalities of real estate transaction at the real estate transaction center

After the provident fund loan is approved, you need to go through the formalities of real estate transaction at the real estate transaction center, which mainly includes the procedures of paying taxes and fees, and transferring property. The transaction procedure of real estate is a very important link for buying a house with provident fund loan. If the property cannot be transferred, the provident fund loan will be cancelled. If the property can be transferred normally, the provident fund loan will be issued smoothly.

Legal basis: Article 26 of the Regulations on Housing Provident Fund Management

Employees who have paid housing provident fund can apply for housing provident fund loans from the housing provident fund management center when purchasing, building, renovating or overhauling their own houses. The housing provident fund management center shall, within 15 days from the date of accepting the application, make a decision on whether to grant or not to grant loans, and notify the applicant; If the loan is granted, the entrusted bank shall go through the loan formalities. The risk of housing provident fund loans shall be borne by the housing provident fund management center.

can the provident fund be loaned? How much can I borrow

Legal analysis: Provident funds can be loaned. Users can apply for provident fund loans at the housing provident fund management center when applying for mortgages, and they can get loans with low interest rates as long as they meet the conditions. At the same time, users can also apply for credit loans from financial institutions if they are not mortgage applications and have proof of provident fund payment. Depending on the final approval result of the organization, each user is different.

Legal basis: Article 24 of the Regulations on the Management of Housing Provident Fund, employees can withdraw the balance of their housing provident fund accounts under any of the following circumstances:

(1) purchasing, constructing, renovating or overhauling their own houses;

(2) retired;

(3) completely losing the ability to work and terminating the labor relationship with the unit;

(4) leaving the country to settle down;

(5) repaying the principal and interest of the house purchase loan;

(6) the rent exceeds the prescribed proportion of family wage income.

in accordance with the provisions of items (2), (3) and (4) of the preceding paragraph, the employee housing provident fund account shall be cancelled at the same time.

if an employee dies or is declared dead, the employee's heirs and legatee can withdraw the storage balance in the employee's housing provident fund account; If there is no heir or legatee, the storage balance in the employee housing provident fund account will be included in the value-added income of the housing provident fund.

Can housing provident fund be loaned?

Yes.

Lawyer's analysis:

Housing provident fund can be loaned.

employees who have paid housing provident fund can apply for housing provident fund loans from the housing provident fund management center when purchasing, building, renovating or overhauling their own houses.

the housing provident fund management center shall, within 15 days from the date of accepting the application, make a decision on granting or not granting the loan, and notify the applicant;

if the loan is granted, the entrusted bank shall handle the loan formalities.

the risk of housing provident fund loans shall be borne by the housing provident fund management center.

Legal basis:

Article 26 of the Regulations on Housing Provident Fund Management

Employees who have paid housing provident fund can apply for housing provident fund loans from the housing provident fund management center when purchasing, building, renovating or overhauling their own houses. The housing provident fund management center shall, within 15 days from the date of accepting the application, make a decision on whether to grant or not to grant loans, and notify the applicant; If the loan is granted, the entrusted bank shall go through the loan formalities. The risk of housing provident fund loans shall be borne by the housing provident fund management center. Article 27

An applicant who applies for a housing provident fund loan shall provide a guarantee.

that's enough for the introduction of whether you can borrow money from provident fund.