The balance in the provident fund account cannot be directly used to pay the down payment for the purchase of a house.

The benefits and functions of the housing provident fund are:

1. Use the housing provident fund to pay for later mortgage loans;

2. Use the housing provident fund to pay rent and relieve the pressure of renting;

3. Use housing provident funds for house decoration;

4. Use housing provident funds for housing renovation or reconstruction;

5. Use housing provident funds to pay for major illnesses Used to reduce family burdens in addition to treatment.

Required conditions for housing provident fund:

1. The borrower must have a permanent residence in the city or a valid residence status;

2. From the date of application, To apply forward, the housing provident fund must be paid in full for more than 12 months continuously (if a couple both pays the provident fund, only one person is allowed to take out a loan);

3. Have legal requirements for purchasing, building, and overhauling self-occupied housing. contracts (agreements) and related materials;

4. Have a certain proportion of self-raised funds. For purchasing commercial housing or affordable housing, self-raised funds must be no less than 20% of the total housing price (for purchasing second-hand houses or building or overhauling housing, self-raised funds must be no less than 30% of the total housing price);

5. Have stable economic income and the ability to repay the principal and interest of the loan (monthly income certificate issued by the employer);

6. Agree to use the purchased house or self-owned house with full property rights or a third party The person's house can be used as a mortgage, or securities or bank certificates of deposit recognized by the lending bank can be used as a pledge, or a legal person, organization or a third party recognized by the lending bank can provide a guarantee.

Legal basis: Article 16 of the "Housing Provident Fund Management Regulations"

The monthly payment and deposit amount of the employee's housing provident fund is the employee's average monthly salary in the previous year multiplied by the employee's housing provident fund payment. deposit ratio. The monthly payment and deposit amount of the housing provident fund paid by the unit for its employees is the employee's average monthly salary in the previous year multiplied by the unit's housing provident fund payment and deposit ratio.