How much can be borrowed with a provident fund loan?
1. Positive answer
Although there are about four ways for borrowers to calculate the amount when applying for a provident fund loan, the housing provident fund centers in most areas all calculate the amount based on the loan amount. The loan amount is calculated based on the balance of a person's provident fund account.
2. Specific analysis
The provident fund loan limit is 10-15 times the provident fund account balance. Most cities can reach 15 times. The provident fund account balance can be paid by yourself every month. Provident fund notification SMS inquiries can also be made through Alipay and WeChat city services.
As long as the borrower can check his balance, he can know the maximum loan amount of his provident fund.
Assuming that the borrower's provident fund balance is 50,000 yuan, then according to calculations, the maximum loan that can be made through the provident fund is 750,000 yuan.
Of course, the above is just a theoretical calculation method.
Because according to regulations, if you apply for a provident fund loan in your own name, the maximum cannot exceed 600,000 yuan.
If the borrower is in the name of a couple, the maximum loan amount that can be applied for is 1.2 million yuan.
If the borrower is applying to purchase a second home, the loan amount will be reduced significantly.
For example, when purchasing a first home in Wuhan, the maximum provident fund loan limit is 700,000 yuan, and the maximum loan limit for a second home is 500,000 yuan.
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3. How many years can a provident fund loan be borrowed?
The maximum loan period for provident fund loans is 30 years. Within this range, you can choose the loan length according to your actual situation. If you can bear greater repayment pressure, you can choose a loan with a shorter period. Save yourself some interest payments.
When applying for a provident fund loan, the following conditions also need to be met.
1. The personal credit report is good.
2. Stable personal income.
3. The debt ratio is not high.
4. The provident fund account status is normal.
5. The provident fund account balance is sufficient.
6. The provident fund has been paid continuously for 12 months.
7. There are no outstanding provident fund loans in your name.
8. The down payment was paid in accordance with regulations.
The provident fund loan limit is related to the provident fund account balance. As long as the provident fund loan limit does not exceed the provident fund loan limit, the greater the provident fund account balance, the more provident fund loans you can apply for. Therefore, in normal times, it is still Do not withdraw funds from your provident fund account easily.
There will be some differences in provident fund loan policies in different regions. When applying for a loan, you can first consult the local provident fund center. What is the maximum loan amount that can be borrowed from the housing provident fund?
100,000. Generally, the maximum provident fund loan amount is account balance A loan of 100,000 may or may not be 100,000.
Provident fund loans also have quota limits. The loan amount is generally determined based on the time we pay and the amount of our provident fund account. The total amount of a provident fund loan is generally calculated by multiplying your monthly deposit amount by the total number of months of statutory retirement age, plus twice the balance of your provident fund account.
The housing provident fund refers to the deposits made by state agencies, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, public institutions, private non-enterprise units, social groups and their employees. of long-term housing savings.
The definition of housing provident fund includes the following five aspects:
(1) Housing provident fund is only established in cities and towns, and no housing provident fund system is established in rural areas.
(2) The housing provident fund system is established only for current employees. The housing provident fund system is not applicable to unemployed urban residents and retired employees.
(3) The housing provident fund consists of two parts, one part is paid by the employee's unit, and the other part is paid by the employee personally. After the employee's personal contribution is withheld by the unit, it is deposited into the housing provident fund's personal account together with the unit's contribution.
(4) The long-term nature of housing provident fund deposits. Once the housing provident fund system is established, employees must make uninterrupted contributions in accordance with the regulations while on the job. Except for the employee's retirement or other circumstances stipulated in the "Housing Provident Fund Management Regulations", it shall not be suspended or interrupted. It reflects the stability, uniformity, standardization and mandatory nature of the housing provident fund.
(5) The housing provident fund is a personal housing savings deposited by employees in accordance with regulations and used exclusively for housing consumption expenditures. It has two characteristics:
First, it is cumulative, that is, housing The provident fund is not an integral part of employees' wages and is not paid in cash. It must be deposited into a special account opened by the housing provident fund management center in an entrusted bank for special account management.
The second is the special nature. The housing provident fund is earmarked for special purposes. During the storage period, it can only be used to purchase, build, or overhaul self-occupied housing or pay rent according to regulations. Employees can withdraw the housing provident fund from their accounts only when they resign, retire, die, completely lose their ability to work, terminate the labor relationship with the employer, or move out of their original city of residence.
According to our country's regulations, all enterprises should deposit housing provident funds for their employees, regardless of state-owned enterprises and private enterprises. Upper limit of provident fund loan
The maximum limit of provident fund loan is 400,000 yuan. If you use your spouse’s provident fund to apply for a provident fund loan, the maximum limit is 600,000 yuan.
The provident fund loan limit has the following three calculation methods:
1. The loan limit calculated based on the loan repayment ability
The calculation formula is:
[(the total monthly salary of the borrower and the monthly deposit amount of housing provident fund of the borrower’s unit)×loan repayment ability coefficient-the total monthly repayment of the borrower’s existing loan]×loan term (months).
2. According to the spouse’s quota
The calculation formula is:
[(the total monthly salary of both spouses and the monthly housing provident fund payment amount of the unit where both spouses work) × Loan repayment ability coefficient - the total monthly repayment of the couple's existing loans] × loan term (months).
The loan repayment ability coefficient is 40
Total monthly salary = monthly provident fund payment ÷ (unit contribution ratio individual contribution ratio)
3. According to The loan amount calculated based on the house price
The calculation formula is: loan amount = house price × loan ratio
Extended information:
The provident fund loan limit:
The State-run Provident Fund Center pointed out in the notice that for borrowers who purchase policy housing or their first self-occupied housing with a floor area of ??less than 90 square meters (inclusive), the maximum loan amount will be adjusted to 1.2 million yuan. For non-policy housing or second homes with a building area of ??more than 90 square meters, the maximum loan limit is still 800,000 yuan. The loan limit of the state-managed provident fund will no longer increase based on personal credit rating in the future.