How to apply for Shanghai Provident Fund decoratio

2022-07-22
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We all know that the provident fund can be used to buy a house with a loan, but the provident fund can be used not only to buy a house with a loan, but also to apply for a decoration loan. However, if you want to apply for provident fund decoration loans, you must meet certain conditions. Here's how to apply for Shanghai Provident Fund decoration loan

Shanghai Provident Fund decoration loan meets the following conditions:

1. The lender must have a permanent residence or valid residence status in the city; 2. Push forward from the date of application, and continuously pay the housing provident fund in full for more than 12 months (only one person is allowed to borrow if both husband and wife pay the provident fund); 3. There are contracts (agreements) and relevant materials in line with the law for the purchase, construction and overhaul of self occupied housing; 4. A certain proportion of self raised funds. For the purchase of commercial houses and affordable houses, the self raised funds shall not be less than 20% of the total house price (for the purchase of second-hand houses or houses built or overhauled, the self raised funds shall not be less than 30% of the total house price); 5. Have stable economic income and the ability to repay the principal and interest of the loan (monthly income certificate issued by the unit); 6. Agree to use the purchased housing or self owned housing with full property rights or the housing of a third party as collateral, or pledge with securities and bank certificates of deposit approved by the lending bank, or provide guarantee by legal persons, organizations or third parties approved by the lending bank

Shanghai Provident Fund decoration loan application method:

when applying for a loan, the borrower should prepare the following materials: 1. The identity certificates of the borrower and his spouse (ID card, household register, marriage certificate or divorce certificate, court judgment, ruling, unmarried or divorced certificate of no remarriage issued by the unit, etc.); 2. Stable economic income proof materials (unit wage income proof, etc.); 3. Proof of payment of housing provident fund; 4. The purchase contract and agreement signed with the house selling unit (the approval documents from the land and planning departments are required for self built houses); 5. The loan application approval form completed by me and my spouse; 6. There should be a receipt of the house price (down payment) that is not less than 20% of the total house price (a self raised fund certificate that is not less than 30% of the total house price is required for the purchase of private houses and the construction and overhaul of self occupied houses); 7. The list of pledge rights and ownership certificates issued by the borrower (or the written commitment issued by the guarantor to agree to provide security). The term, interest rate and limit of Shanghai Provident Fund decoration loan the term of personal housing provident fund loan is 1 to 20 years. However, in principle, it shall not exceed the number of years from the date of loan issuance to the national legal retirement age (male 60, female 55). The calculation formula is: the loan term ≤ the borrower's legal retirement age - the borrower's current age (one year old) the interest rate of personal housing provident fund loan is subject to the preferential interest rate stipulated by the state, which is 1 percentage point lower than the bank mortgage loan interest rate on average. The 1-5-year loan interest rate is: the monthly interest rate is 3.0 ‰, and the annual interest rate is 3.6%; The interest rate of loans over 5 years is: the monthly interest rate is 3.375 ‰, and the annual interest rate is 4.05%. In case of statutory interest rate adjustment, the corresponding interest rate level will be implemented at the beginning of next year. The maximum limit of individual housing provident fund loans generally does not exceed 200000 yuan. Those exceeding 200000 yuan shall be approved by the central loan review committee. Generally, the loan amount is determined by the proportion that the borrower's monthly repayment amount does not exceed 50% of his family income (but if the repayment ability is strong, the conditions can be appropriately relaxed)

Shanghai Provident Fund decoration loan guarantee:

the borrower can choose the following forms of guarantee: (1) mortgage with the purchased self occupied housing, self owned housing with full property rights or a third-party housing; (2) Pledge with treasury bonds, bank certificates of deposit and other securities; (3) Provide guarantees with legal persons, other organizations or natural persons recognized by the center. The relevant expenses incurred in mortgage, pledge and guarantee shall be borne by the borrower. As for the repayment of housing provident fund, the borrower can withdraw the funds in his/her (and his/her spouse's) housing provident fund account at the end of each year to repay the housing provident fund loan

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this article is an original reprint of the lending website. Please indicate the source

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