How to convert a commercial loan into a housing provident fund loan

1. Conditions for converting a commercial loan into a provident fund loan

1. A commercial loan must meet the following conditions when converted into a provident fund loan: When the original commercial loan is converted into a provident fund loan, the principal balance must be less than the loanable amount of the applicant's provident fund; a guarantee recognized by the center can be provided; the provident fund has been paid in full for more than 6 months continuously; both the applicant and his wife must not have outstanding provident fund loans. ; The original commercial loan has been repaid normally for more than one year, and the repayment record is good.

2. Legal basis: Article 26 of the "Housing Provident Fund Management Regulations".

Employees who have paid housing provident funds can apply for housing provident fund loans from the Housing Provident Fund Management Center when purchasing, constructing, renovating, or overhauling their own homes. The Housing Provident Fund Management Center shall make a decision on whether to grant a loan within 15 days from the date of accepting the application, and notify the applicant; when granting a loan, the entrusted bank shall handle the loan procedures.

2. What conditions and materials are needed to apply for a commercial loan?

1. Conditions to be met when applying for a commercial loan

The borrower must be over 18 years old, the applicant must be no more than 70 years old for the loan, have a down payment for a house and a stable job, with a monthly salary of More than 2 times the repayment amount. He needs to provide proof of income and no bad credit history.

2. Information required when applying for a commercial loan

How to convert a commercial loan into a provident fund loan

1. Can a commercial loan be converted into a provident fund loan?

Commercial loans can be converted into provident fund loans, but the following conditions must be met:

1. The provident fund is in normal deposit status when the borrower works in the place where the provident fund loan is applied for and applies for the loan;

2. The applicant or the unit where the applicant works together with the applicant has paid housing provident fund for the borrower for a full month or more in accordance with regulations;

3. The applicant has a stable economic income and Ability to repay the loan;

4. The applicant agrees to provide an approved loan guarantee method;

5. The applicant and *** the same applicant including their spouse, except for applying for a loan converted to provident fund There are no loans or other debts that have not been repaid;

6. The "House Ownership Certificate" or "House Notice Registration Certificate" involved in the conversion of commercial loans to provident fund loans has been issued and the mortgage registration procedures can be completed;

7. The normal repayment period for commercial loans includes more than one year and no overdue repayment record;

8. Portfolio loans cannot be applied for converting commercial loans into provident fund loans;

9. To convert a commercial loan into a provident fund loan, you can only apply for a pure provident fund loan;

2. How to convert a commercial loan into a provident fund loan?

1. Consult and accept. Applicants for loan refinancing should go to the original commercial loan bank for consultation. If they meet the conditions for refinancing, bank staff should guide the borrower to correctly and completely fill in the "Personal Housing Provident Fund Refinancing Folder".

2. Submit information. Submit relevant information required by the lending institution.

3. Loan acceptance. For eligible borrowers, the trustee bank will conduct a pre-loan trial calculation in the provident fund system, and based on the trial calculation results and loan repayment ability, negotiate with the borrower to determine the loan amount, term, interest rate and repayment method; the trustee bank will conduct a pre-loan trial calculation in the provident fund system. Conduct a preliminary review. If the application fails the preliminary review, the borrower will be contacted promptly and informed of the reasons.

4. Sign the contract. The loan applicant signs a loan (mortgage) contract with the original commercial loan bank, and at the same time signs a guarantee contract with the guarantee company designated by the management under the guidance of the bank.

5. Pre-deposit funds. The borrower deposits the difference between the balance of the original commercial loan and the re-loan with its own funds into a special deposit account opened by the re-loan bank to settle the original commercial loan in advance.

6. Loan disbursement. The bank that manages the disbursement of loan funds and has on-loan notices the on-loan borrower to simultaneously settle the original commercial loan with provident fund loan funds and the borrower's pre-deposited funds.

3. How to convert commercial loans into provident fund loans (process)

7. Apply for mortgage. The guarantee company will handle the cancellation procedures for the original commercial loan property mortgage, and complete the registration procedures for transferring the provident fund loan mortgage.

How to convert a commercial loan for a house purchase into a provident fund

There are many situations where you get a loan from a commercial bank because you are buying a second-hand house or the developer does not support a provident fund loan. The loan interest rate of a commercial bank It is much higher than the provident fund, and the provident fund itself does not generate any income, which is a double loss for people with provident funds. Therefore, if you buy a house with a commercial loan and have provident fund, it is best to switch to a provident fund loan. For example, if you take a loan of 280,000 from a commercial bank with a term of 20 years and equal principal and interest, then the monthly repayment will be about 1,830 yuan per month, while the provident fund only costs 1,400 yuan. /month, if you have money in your provident fund account, you can also apply for hedging. If you hedge 1,000 per month, the actual monthly loan repayment will only be 400 yuan, which is very cost-effective for salaried workers.

First, go to the provident fund center where the property is located for consultation, and ask for the materials to be prepared and the details that need to be paid attention to.