Today, let's discuss how long it will take to repay the housing provident fund before we can use the money to buy a house.
Let's be specific.
Needless to say, the benefits of using provident fund loans to buy a house are limited. Common loan conditions are:
Normal continuous monthly housing provident fund deposit for more than 6 months /5 years.
One of the husband and wife has applied for a housing provident fund loan, and neither of them can get a housing provident fund loan until the principal and interest of the loan are paid off.
There are no other outstanding debts that may affect the repayment ability of housing provident fund loans.
The longest term of provident fund loans shall not exceed 30 years. For portfolio loans, the loan conditions of provident fund loans and commercial housing loans must be the same.
You can borrow as much as you want if you meet the loan conditions. It depends on the loan ceiling of the local city and the balance of your provident fund account. Take Shenzhen as an example. The regulations in Shenzhen are that the maximum personal loan amount is 500,000, and the family loan amount is 900,000. If you want to buy a house in Shenzhen, the maximum amount you can borrow can't exceed these two. How much you can borrow depends on local policies.
Housing accumulation fund refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units, social organizations and their employees.
The definition of housing provident fund includes the following five aspects:
(1) The housing accumulation fund is only established in cities and towns, and the housing accumulation fund system is not established in rural areas.
(2) Only on-the-job employees can establish the housing accumulation fund system. Unemployed urban residents and retired workers do not implement the housing provident fund system.
(3) The housing accumulation fund consists of two parts, one part is paid by the employee's unit, and the other part is paid by the employee. After the employee's individual deposit is withheld by the unit, it will be deposited into the individual account of the housing provident fund together with the unit deposit.