A commercial loan for buying a house can be changed into a provident fund loan, but some conditions need to be met.

1. Meet the conditions for provident fund loans.

2. The borrower of the converted provident fund loan and the borrower of the original commercial loan must be the same person.

3. The original commercial loan has been repaid normally for more than one year, and there is no overdue repayment record provided by the lending bank.

4. If you withdraw the housing provident fund for purchasing or building a house, you must continue to pay and deposit the housing provident fund normally for more than one year from the date of withdrawal.

How to convert a commercial loan into a provident fund loan

1. Submit an application for converting a commercial loan into a provident fund loan at the Provident Fund Center. The materials that need to be brought are:

The household registration books, ID cards, marriage status certificates, house ownership certificates, real estate appraisal reports, original commercial loan contracts, and stamps of the borrower and his or her spouse, the mortgagor and his or her spouse. Repayment balance statement and other materials and copies stamped by the bank.

2. The provident fund center will have relevant staff to help you calculate the amount of provident fund loans you can get and the balance of the commercial loan that must be paid off in one go over the provident fund loan.

3. Choose provident fund loan method.

The first is to provide another set of houses with property rights as collateral for transfer to provident fund loans;

The second is to apply for the borrower and raise funds by himself after being reviewed and approved by the central office. After repaying the excess balance of the original commercial loan over the provident fund loan, the other ownership certificate of the original house can be obtained, and the house can be used as collateral for the transfer of the provident fund loan.

It is generally recommended to choose the second method. However, no matter which of the above methods is adopted, it is necessary to obtain the consent of the Commercial Loan Bank to repay the entire amount in advance, and it can only be processed after being approved by the office.

4. Bring the materials required for registration procedures and the pre-approval form from the Provident Fund Center to the bank where the loan is issued. If there is no bad repayment record, the loan can be reviewed.

5. After being approved by the bank and paying off the excess balance of the commercial loan compared to the provident fund loan in one go, go to the provident fund center in the area where the house belongs to apply for a provident fund loan.