The borrower shall deposit the insufficient deduction amount and overdue penalty interest into the deduction account as soon as possible, so that the center can make deduction. The sooner the arrears are paid off, the smaller the impact of overdue.

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Although loans can help us solve our urgent needs and provide us with a more stable living space, we must ensure timely repayment, not to cause overdue, form a good habit of timely repayment and maintain good personal credit.

Consequences of overdue

First, suspend the withdrawal of provident fund. If the provident fund loan applicant fails to repay the loan in full and on time for two consecutive times or three times or more in the first 12 months, the withdrawal of the provident fund for the current year will be suspended until the loan is repaid normally for 12 months.

Second, increase the penalty fee. If the provident fund loan applicant fails to fulfill the monthly repayment obligation as agreed in the loan contract, the provident fund center may increase the penalty interest on the overdue part of the mortgage according to relevant regulations. The penalty interest rate is 50% higher than the execution interest rate of the loan contract.

Third, it creates a bad credit record. Bad records will be produced in the personal credit report after the deadline, and the credit report of the applicant's spouse will also show the same overdue records, which will have an impact on both husband and wife. Bad records shall be kept for at least 5 years before being deleted by the system.

Fourth, the house was auctioned. If the loan is overdue for more than 3 months (inclusive) in a row and refuses to repay or is unable to repay the loan after repeated collection, the provident fund center may bring a lawsuit to the court, apply to the court for compulsory execution, and repay the loan principal and interest by auction of collateral.

Five, cancel the qualification to apply for provident fund loans. In the past 24 months, the borrower's family in loans overdue for six times or more will not receive loans; Borrowers' families who are overdue for four or more consecutive times or 24 or more times will not get loans.