Secondly, if you meet the above conditions, you can get the application form from the provident fund management center, check the loan balance from the original bank, then go through the formalities at the house purchase guarantee company, then return the loan from the original bank, and then go through the formalities at the bank designated by the provident fund management center.
You can go to the local housing authority for details.
Extending the repayment period of provident fund loans can reduce the monthly repayment amount of provident fund. After you repay the provident fund loan every month, the rest can be used to repay the commercial loan. For example, if your family's monthly provident fund contribution is 1 0,000 yuan, you plan to apply for provident fund loan 1 10,000 yuan and commercial loan 1 10,000 yuan. Considering your repayment ability, you plan to apply for repayment period of 1 year. According to the calculation, the monthly repayment of your provident fund loan is 1023.42 yuan, and the monthly repayment of your commercial loan is 1075.87 yuan. After offsetting the monthly deposit of 1 000 yuan, your monthly repayment amount is 1 099.29 yuan. But what will happen if the repayment period of the provident fund loan is extended? The following table can illustrate this problem.
You can find that the longer the loan term of the provident fund loan, the less the monthly repayment amount, and the more the amount left after the monthly offset. In this way, you can have two choices. One is to keep the term of commercial loans unchanged and reduce the monthly repayment burden. For example, if the repayment period of provident fund loan is 20 years, your monthly repayment burden can be reduced to 7 17.46 yuan. Second, keeping the monthly repayment burden unchanged can shorten the repayment period of commercial loans and save interest expenses. For example, for a 7-year commercial loan, the monthly repayment amount is 1428 yuan. If the repayment period of provident fund loans is extended to 20 years, commercial loans can be paid off in advance without increasing the repayment burden. The calculation results show that the interest expense of 7-year commercial loan is 9 152.42 yuan less than that of 10.
Although the interest payable on a 20-year provident fund loan is much higher than that on a 10 loan, you don't have to pay off the provident fund loan in 20 years. After paying off the commercial loan, you can apply for shortening the repayment period of the provident fund loan or even paying off the provident fund loan in advance according to your own provident fund deposit at that time, so that you can really use up the provident fund.