Are the interest rates on provident fund loans and commercial loans the same?

According to the 2022 People's Bank of China provident fund loan interest rate table, the provident fund interest rate is:

1. Personal housing provident fund deposits: The annual interest rate for deposits in the current year and carryover from the previous year is 1.5;

2. Personal housing provident fund loan: the annual interest rate is 2.75 for less than five years (including five years) and 3.25 for more than five years.

Is provident fund interest the same as bank interest?

The money in the housing provident fund account has the same interest as the deposit, but the interest is not very high. It is usually settled once a year, on June 30 of each year. After settlement, the interest will be deposited into the provident fund account. At that time, a corresponding text message will be notified to the user, telling you how much interest accrued in the provident fund account in the previous year.

The money in the housing provident fund is equivalent to a current deposit. It can be withdrawn or deposited. Interest is calculated from the date when the housing provident fund paid by individuals and units is deposited into the individual housing provident fund account. According to the People's Bank of China Interest is calculated at the prescribed interest rate on savings deposits. If you do not use the amount of housing provident fund for a long time, the housing provident fund will also generate corresponding interest like a deposit.

The provident fund balance transferred in the current year will bear interest according to the current savings deposit rate. The housing provident fund balance carried forward from the previous year will bear interest at the interest rate based on the three-month lump sum deposit. If the user withdraws part of the provident fund, Then it is stipulated that the balance transferred first will be withdrawn.

The biggest function of the money in the provident fund account is not to generate interest, but to apply for loans, because the amount of provident fund loans is calculated based on the account balance. The larger the account balance, the more money you can apply for. A high loan amount can also save the lender more interest.

Housing provident fund loan interest rate and commercial loan interest rate

1. Commercial loan:

1. The loan period is within one year (including one year), and the interest rate is 4.35 ;

2. The loan period is one to five years (including five years), and the interest rate is 4.75;

3. The loan period is more than five years, and the interest rate is 4.90.

2. Provident Fund Loans:

1. The loan period is less than five years (including five years), and the interest rate is 2.75;

2. The loan period is more than five years , the interest rate is 3.25.

The above is the relevant content about the first home loan interest rate in 2022.

Are the interest rates of commercial loans and provident fund loans the same?

The interest rates of commercial loans and provident fund loans differ by about 2. The larger the loan amount, the higher the interest difference. For example, the same loan is 1 million yuan, regardless of other factors, if the total interest is simply calculated, then the provident fund loan application will be calculated according to the interest rate of 3.25, and the interest will be 32,500 yuan. If it is a commercial loan applied for, calculated according to the interest rate of 4.90, the interest will be 49,000, and the interest will be 16,500 yuan. Yuan.

:

Business loans are loans used to supplement the working capital of industrial and commercial enterprises. They are generally short-term loans, usually 9 months and no more than one year, but there are also A small amount of medium and long-term loans. This type of loan is the main component of commercial bank loans, generally accounting for more than one-third of total loans.

Commercial loans, also known as personal housing loans, are commercial banks and housing savings banks approved by the People's Bank of China. They provide loans for urban residents to purchase ordinary houses for self-use, and the statutory loan interest rates are enforced. Many commercial banks in Beijing have this business, such as China Construction Bank and Agricultural Bank of China. The procedures for applying for a loan are basically the same.

Personal housing commercial loans are self-operated loans issued by banks using their credit funds. Specifically refers to the housing business that a natural person with full civil capacity applies to the bank as a guarantee for repayment of the loan when purchasing a self-occupied urban home in this city, using the purchased property housing (or other guarantee methods recognized by the bank) as collateral. sex loan. (Mortgage loan is a type of commercial loan).

Personal housing commercial loans are a type of loan that Chinese citizens apply to banks for purchasing commercial housing. According to relevant bank regulations, anyone who meets one of the following two conditions can apply for a loan type: first, residents participating in housing savings; The seller and the lending bank have an agreement that the real estate guarantee company will provide guarantees to the bank for residents' home purchase loans.

The difference between housing provident fund loans and commercial loans is as follows:

1. Loan interest rates are different, and the provident fund loan interest rates will be lower than commercial loan interest rates;

2. Loans The subjects of housing provident fund loans are different. The subjects of housing provident fund loans are employees with provident fund accounts, while commercial loans are for any subject;

3. The risk-bearing subjects are different. The provident fund loan risks are borne by the housing provident fund management center, while the commercial loan risks are borne by the housing provident fund management center. Take it upon yourself.

Legal Basis

Article 26 of the "Housing Provident Fund Management Regulations"

Employees who pay housing provident funds shall not When living in housing, you can apply for a housing provident fund loan from the Housing Provident Fund Management Center.

The Housing Provident Fund Management Center shall make a decision on whether to grant a loan or not within 15 days from the date of accepting the application, and notify the applicant; if the loan is granted, the entrusted bank shall handle the loan procedures.

The risks of housing provident fund loans are borne by the housing provident fund management center.

What is the difference between provident fund and commercial loans?

Loan interest rate:

The base interest rate for commercial loans is 6.15, and the interest rate for provident fund loans over 5 years is 4.25.

Loan share:

For the same house, if a commercial loan is available for the first home, 70% can be obtained, then a pure provident fund loan can be obtained for 80% of the first home.

Loan process:

For commercial loans, the loan must be reviewed before the transfer is processed, while for provident fund loans, the loan must be reviewed after the transfer is processed.

Approval time:

Commercial loans take about 20 working days, provident fund loans take about 40 working days, commercial loans are faster than provident fund loans.

Loan sources:

The source of commercial loans is mainly public funds raised by commercial banks and other lending institutions, while provident fund housing loans are funds paid by provident fund collectors.

Applicable crowd:

Commercial housing loans are open to all eligible members of the public, while provident fund loans are only open to provident fund payers.

Use of interest:

The interest on commercial housing loans is the surplus from commercial activities and belongs to the relevant investors, while the interest on provident funds is used for policy purposes and can only be used for guaranteed housing. construction.

Approval organization:

Commercial housing loans are mainly approved by the bank, and the decision-making power rests with the bank; provident fund housing loans need to be approved by the provident fund management center, and the decision-making power rests with the provident fund management center, and the bank only implements the organization .

What is the Provident Fund used for?

The provident fund is actually a "reservoir" that units and individuals pay together. This large fund pool is a deposit fund that helps everyone buy a house together. You can understand it as the public should allocate part of their money to accumulate as savings, so that everyone can use cheap mortgages when buying a house.

In fact, this is the cheapest loan fund that ordinary people can have access to. You must make good use of your provident fund loan opportunities, this sentence is the key point!

The term of a provident fund loan generally does not exceed 30 years, and the sum of the loan term and the applicant’s age when applying for the loan does not exceed 70 years. In other words, loans before the age of 40 can basically apply for the longest term. . Of course, the final amount and deadline must be approved by the bank counter.

There are two main uses of provident funds. One is provident fund loan business, and the second is withdrawal and use.

Interest rate of provident fund loans:

The interest rate of provident fund loans is about 40% off that of commercial loans. With the same loan, you can save a BMW 5 Series in 30 years.

Even if you have enough cash on hand to buy a house, you can still get a provident fund loan.

If you use cash for financial management, as long as the yield is higher than the loan interest rate of 3.25, it will be a net profit.

So, provident fund loans are a very important hidden benefit. This is why some people would rather have a lower salary and work in a unit that pays provident funds.

What is the difference between commercial loans and provident fund loans?

The interest rate difference between provident fund and commercial loans is 6.55 and 4.5, a difference of 2.05. The benchmark interest rate for commercial loans is 4.9, and generally rises by 10 to 30. The provident fund loan interest rate is 3.25, and generally does not rise.

Relevant content may be added soon

1. The difference between provident fund loans and commercial loan interest rates

In the same period, the benchmark interest rate for provident fund loans was 3.25, and second-hand housing loans were in trouble. Interest rates generally rose by 10%. The second home is defined as the second home where the mortgage loan amount is determined based on the borrower's family (including the borrower, spouse and minor children), and the family that has used provident fund loans or commercial loans to purchase a home applies again for a sliding mortgage loan.

The current benchmark interest rate for commercial loans with a loan term of more than 5 years is 4.90. Due to the impact of the purchase restriction and loan restriction policies, banks in various regions have adjusted the interest rates on first home loans to varying degrees. The latest data from Rong360 shows that the average interest rate for first-time loans nationwide is 5.38, with interest rates generally rising by 5-20. Second-hand housing loan interest rates generally increased by 10-30%.

2. Which one is more cost-effective, provident fund loan or commercial loan?

Different loan interest rates, the interest rate for provident fund loans over 5 years is 3.25, and the total interest generated is lower. For commercial loans, the interest rate is 4.9, there is no discount, and the total interest rate of the loan is relatively high. The interest rate of portfolio loans is between 3.25-4.9, and the total interest rate of the loan is relatively moderate. The loan amount is different, and the provident fund loan amount is limited by the individual provident fund deposit period and balance.

In addition, the policy also stipulates the maximum loan amount of provident funds; the loan amount of commercial loans is higher than that of provident funds. Loan terms vary. The requirements for a business loan are good personal credit, no bad credit record, and strong repayment ability. As long as you buy a house, whether it is an ordinary residence, a commercial building, a villa or an office building, you can use a commercial loan. The use of provident fund loans also requires good personal credit.

In addition, there is a requirement that an individual's savings account must be paid in full and continuously within the first six months from the date of the loan. Provident fund loans are only for families purchasing ordinary houses, villas and other non-ordinary houses, commercial and residential buildings and other non-housing buildings, and cannot be used for provident fund loans.