Although housing provident fund can be said to be the most important function of buying a house, many property buyers still have some misunderstandings about it. For example, many property buyers think that provident fund loans can pay down payment. In fact, this is all wet. Because you can apply for provident fund loans only by paying the down payment, you can't pay the down payment for provident fund loans.
Housing provident fund loan conditions
1. Individual urban workers and their units must pay the housing accumulation fund continuously for one year.
2. If the borrower purchases a commercial house, it must have self-raised funds of not less than 30% of the total house price as the down payment.
3. The borrower has stable economic income, good credit and the ability to repay the principal and interest of the loan.
4. If both husband and wife normally pay the housing provident fund in full, only one party is allowed to apply for a housing provident fund loan.
5, a family can only apply for a housing provident fund loan to buy a house at the same time.
6. The lender must have permanent residence or valid residence status in the town of this province (city).
7. Agree to use the purchased house as collateral.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: Regulations on the Management of Housing Provident Fund
Article 5 The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of self-occupied housing by employees, and no unit or individual may use it for other purposes.
Twenty-sixth workers who have paid housing provident fund can apply for housing provident fund loans to the housing provident fund management center when purchasing, building, renovating or overhauling their own houses. The housing provident fund management center shall make a decision on whether to grant loans within 15 days from the date of accepting the application, and notify the applicant; Where a loan is granted, the entrusted bank shall go through the loan formalities. The risk of housing provident fund loans shall be borne by the housing provident fund management center.