What are the restrictions on provident fund guarantors?
There are two guarantors for housing provident fund loans at most, and the total provident fund of the borrower and the guarantor is required to reach 5% of the loan amount. In addition, the guarantor must be a person who has no loan at present and has not made a guarantee for others. The age of the guarantor for housing provident fund loans is also limited.
if the property is used as collateral without a guarantor, the property requirement is more than 8 square meters, and the value of the property has reached 7% of the loan amount.
What risks does the provident fund guarantor bear
The guarantor of the provident fund loan for buying a house is jointly and severally liable, that is to say, he can't pay it back. If he reaches a certain amount, he will ask the guarantor to repay it. Because the guarantor is responsible for the consequences of the guarantee. However, general provident fund loans are still outstanding, unless they are resigned. This should not happen. And at the beginning of preparing the loan, you must calculate your repayment ability.
1. Provident fund loans refer to loans enjoyed by employees who have paid housing provident fund. According to national regulations, all employees who have paid housing provident fund can apply for provident fund loans according to the relevant provisions of provident fund loans.
2. The guarantor is the guarantor. According to the provisions of the Guarantee Law, the third party and the creditor agree that when the debtor fails to perform the debt, the guarantor will perform the debt or assume the responsibility according to the agreement. The third party here is the guarantor, including legal persons, other organizations or citizens who have the ability to pay off the debt on their behalf, and the creditor here is both the creditor of the principal debt. Here-performing debts or assuming responsibilities according to the agreement-is called guarantee debt, and some people call it guarantee responsibility.
3. The guarantor shall undertake the guarantee responsibility within the scope of guarantee stipulated in the guarantee contract. Once the debtor fails to undertake his own obligations, the guarantor is obliged to repay the debts to the creditors for the debtor within the scope of his guarantee responsibility.
As for the choice of provident fund guarantor, I suggest you choose experienced people, and pay more attention to specific relevant details to avoid taking relevant legal responsibilities. The above is about what restrictions the provident fund guarantor is subject to and what risks the provident fund guarantor bears. When handling provident fund loans, everyone should pay attention to the relevant processes.