Can I use provident fund loans for portfolio loans?
No, the money in the provident fund can only be used to repay provident fund loans, not commercial loans. The portfolio loan repayment business only supports offsetting the individual housing loan part of the housing provident fund, and the repayment of the commercial loan part is implemented according to the regulations of commercial banks, which is subject to the policy of the loan place.
Repayment with provident fund means that employees who pay in housing provident fund loans can apply to offset the balance in individual housing provident fund accounts against the principal and interest of individual housing provident fund loans. When using the provident fund to repay the loan, the borrower authorizes the housing provident fund management center to automatically deduct the balance of the housing provident fund account on the agreed deduction date to offset the full repayment amount of the current loan.
If the monthly credit amount of the lender's provident fund account is similar to the loan amount repaid by the housing provident fund, it is recommended to handle the offset loan repayment business, and the commercial loan part of the portfolio loan will not be handled. If the monthly deposit amount of housing provident fund is far greater than the monthly repayment amount of housing provident fund loans, it is suggested to apply for repayment of portfolio loan withdrawal business every year so that the money in the provident fund can be used to repay commercial loans.