Name
Personal Housing Provident Fund Loan
Introduction
Personal Housing Provident Fund Loan is a home loan, for which a borrower who pays housing provident fund on time in full amount applies to the housing provident fund administration center for the purchase, construction or overhauling of the housing he or she lives in with the housing provident fund as resource, and the purchased (built) housing or other property with ownership as mortgage or pledge item , or the third party as guarantor for both the repayment of loan principal and related interest.
I. Documents you need to provide for loan application:
1. Loan application form;
2. Hukou book, ID card or other legally valid identity documents;
3. Housing purchase contract or letter of intention and other certifications;
4. Letters of agreement for loan from the unit's housing fund administrative organization;
5. For customers who purchase first-hand housing, they should provide copy of the Home Sales Permit of the housing unit. For those who purchase public housing, they should provide copy of reply documents for "the housing scheme" issued by the housing administration center of higher level;
6. For those who adopt mortgage or pledge as guarantee, they should provide written proofs of guarantee credit status of the guarantor;
7. For those who adopt other method of guarantee, they should provide written proofs of guarantee credit status of the guarantor;
8. Original and copy of the receipt for 10% down payment of the housing price;
9. Other documents required by Bank of China.
II. Currency Types
RMB
III. Loan Quota
As for economical housing or commercial housing, the limit for one single loan should be RMB 300,000 and not over 80% of the housing price. As for housing-reformed properties, the limit for one single loan should not be over 90% of the housing price.
IV. Loan Term
The loan term shall not be over 30 years and the borrower shall not be over 65 years old.
V. Loan Guarantee
On applying for Housing Provident Fund Loan, you are required to guarantee with real estate mortgage, pledge of rights, joint responsibility guarantee and other methods of guarantee.
1. Guarantee with real estate mortgage means that your ownership shall not be transferred with the housing as financial claim guarantee.
2. Guarantee with pledge of rights means that you or the pledgor provide legal and valid property rights as guarantee, for example, government bonds or other securities.
3. Guarantee with loint responsibility guarantee means that a third party of legal person with guarantee qualification provide guarantee of joint responsibility.
The guarantor shall be legal person with guarantee qualifications (State organs, schools, hospitals or other welfare-oriented public institutions and social organizations will not act as guarantors)
VI. Loan Issuance
Transfer shall be adopted for loan issuance. That is, Bank of China transfers funds into accounts of the housing sellers according to the loan contract.
VII. Loan Repayment
Monthly repayment shall be adopted. That is, you can repay the principal and interest with money of the same amount each month within the loan term. You can handle the repayment of principal and interest with your or your spouse's housing provident fund.
As for premature repayment, you should notify Bank of China in written form one month before the designated date of repayment. The interest shall be calculated according to that stipulated in the contract and the actual loan term.
Target Customers
Enterprise employees eligible for provident fund loan.
Process
Please contact relevant branches of Bank of China.
Kind Reminder
Since it needs plenty of documents to apply for loans; for more questions, you may feel free to contact any local branch of Bank of China with the brand mark "Ideal Home" for counseling or call 95566.
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