1. Will credit card debt affect provident fund loans?

Having a balance on your credit card will affect the amount of provident fund loan approval. Paying off your credit card balance before taking out a loan will help your housing provident fund loan approval.

Provident fund loan conditions:

1. Have a legal and valid identity document;

2. The payment status is normal and the provident fund has been paid in full for 6 consecutive months. (Inclusive of) the above and good credit;

3. Have stable income and the ability to repay loans;

4. Have a legal and valid housing purchase contract, agreement or real estate administration department The "House Ownership Certificate" issued;

5. If purchasing a house, a down payment of no less than 30% of the total price of the house has been paid;

6. Construction and renovation , If a house is overhauled, it must be able to pay 30% of the upfront cost of all costs required to build, renovate, or overhaul the house;

7. If a house is built or renovated, it must have documents approved by the planning and land management departments;

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8. If the house is being overhauled, it must have documents approved by the planning management department;

9. Be able to provide an effective guarantee recognized by the management center;

10. Relevant laws and regulations and other conditions specified in the policy.

Process for provident fund loans:

1. The borrower applies for a loan at the acceptance outlet;

2. The acceptance outlet handles the inquiry on the status of the property under the family’s name on its behalf;

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3. Acceptance at the acceptance network;

4. Signing a contract;

5. Approval;

6. Handling mortgage registration procedures at the real estate trading center;

7. Bank lending.

2. Will the debt on my credit card affect the housing provident fund loan?

The impact of overdue credit card on the provident fund loan: If you accidentally forget to repay the loan, after making up the payment, it will affect the future. Provident fund loans do not have much impact. The credit report requirements for provident fund loans are:

1. The borrower or his spouse has an overdue loan that has not yet been repaid; that is, you or your wife have an unpaid loan.

2. The borrower’s credit card or credit card overdraft is overdue; that is, the use of the bank card or credit card is overdue.

3. In the past 2 years, the applicant’s loans (excluding student loans) have been overdue for 6 consecutive periods. ?

As long as the overdue personal credit card is not particularly serious, it will generally not affect provident fund loans. Please refer to the above three items.

3. Will two overdue credit cards affect provident fund loan applications?

Two overdue credit cards generally will not affect provident fund loans

It’s not a big problem if you don’t repay the loan for more than one month or it’s currently overdue.

4. Will overdue credit cards affect provident fund loans?

Overdue credit cards will affect provident fund loans, and if the situation is serious, you cannot apply for provident fund loans.

If the credit card is overdue for a short period of time, you can pay off the credit card before the bank reports it to the credit report. Some banks may be more lenient and will not record the overdue payment in the credit report system. If there is indeed an overdue record in the credit report, if the number of overdues is small, the overdue time is short, and it meets the provident fund loan requirements, and there is no problem with the repayment ability, then the overdue will have little impact on the applicant's provident fund loan application. If the overdue situation reflected in the credit report is serious, the Provident Fund Center will conduct a comprehensive review based on the applicant's income and provident fund payment status.

The content of this article comes from: China Law Press "Complete Collection of Financial Laws and Regulations of the People's Republic of China: Including Relevant Policies"