After applying for a commercial loan, you can apply for a provident fund loan to buy a house. If property buyers use commercial loans to purchase the first suite and meet the conditions of provident fund loans after paying the housing provident fund on time every month, they can apply for provident fund loans to purchase the second suite.

The difference between provident fund loans and commercial loans

1, the interest rate is different.

The benchmark interest rate for commercial loans over five years is 4.9%, and that for provident fund loans over five years is 3.25%.

2. The loan ratio is different.

Under normal circumstances, 70% of the same house can borrow commercial loans, and 80% can borrow pure provident fund loans.

3. Different nuclear processes

Commercial loans are audited before transfer, and provident fund loans are audited after transfer.

4. The approval time is different

It takes about 20 working days to approve commercial loans and 40 working days to approve provident fund loans. Commercial loans are faster than provident fund loans.

5. Different sources of loans

The source of commercial loans is mainly social public funds raised by some mortgage institutions such as commercial banks, while provident fund loans are funds paid by provident fund depositors.

6. Different users

Commercial loans are open to those who meet the loan conditions, while provident fund loans can only be enjoyed by provident fund depositors.

7. Interest is used for different purposes.

The interest of commercial loans is the profit of commercial banks and belongs to relevant investors, while the interest of provident fund loans is used by the government and can only be used for the construction of affordable housing.

8. Different examination and approval agencies

As long as the approval of commercial loans is decided by banks, the decision-making power is in banks, while the approval of provident fund loans is in the provident fund management center, and the decision-making power is in the provident fund center, and banks are only executing agencies.

9. Different years and quotas

The regulations of different banks in different cities are different, but in general, the loan period and amount of commercial loans are generally higher than those of provident fund loans.

10, the second home loan amount is different.

Commercial loans have more restrictions on the second home policy and higher interest rates, while provident fund loans are basically not affected by the second home loan policy and enjoy preferential policies.