Generally speaking, if the deduction fails or the deduction balance is insufficient on the repayment date, the system will initiate the second deduction on the repayment date. If there is no money in the provident fund account that day, resulting in unsuccessful deduction, the borrower needs to solve it in time to avoid overdue repayment and affect personal credit.
To apply for provident fund, you need to meet the following conditions:
1, employees and individual industrial and commercial households with China nationality, and eligible retirees;
2./kloc-employees over 0/6 years old;
3. There are stable employment units or individual industrial and commercial households in the local area;
4 units and individuals who pay the provident fund are in compliance with the provisions;
5. Meet other conditions stipulated by the local provident fund management.
To sum up, the provident fund is a social security system established by the state, which is used to support employees in purchasing houses, building houses or repaying loans. Provident funds are paid by both employees and units, and the payment ratio is generally a certain proportion of employees' wages plus a certain proportion of units.
Legal basis:
Regulations of People's Republic of China (PRC) Municipality on the Administration of Housing Provident Fund
Article 24
Workers in any of the following circumstances, you can extract the balance of storage in the employee housing provident fund account:
(a) the purchase, construction, renovation and overhaul of owner-occupied housing;
(2) retirement;
(three) completely lose the ability to work, and terminate the labor relationship with the unit;
(4) Having left the country to settle down;
(5) Repaying the principal and interest of the house purchase loan;
(six) 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 legatees may 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 shall be included in the value-added income of the housing provident fund.