The Process of Converting Commercial Loans into Provident Fund Guaranteed Loans
Individuals who meet the housing provident fund loan conditions have three ways to choose from:
Customers can first settle the original bank loan through self-raised funds, cancel the mortgage of the original property, and after re-mortgage, the provident fund center will distribute the loan to the customer's deposit account.
The customer paid a deposit and used another house of himself or his spouse or immediate family as collateral. Provident fund center can lend money to customers, and customers will refund the deposit after paying off the original loan.
Customers can find a guarantee company, which pays off the original loan in advance, the customer pays the advance fee and deposit, and the guarantor provides phased guarantee. After the mortgage is implemented, the provident fund center will lend money and refund the customer's deposit.
Conditions for converting commercial loans into provident fund loans
Proof of deposit of housing provident fund of the applicant and spouse; Identity certificates of the applicant and spouse (referring to valid residence certificates such as resident identity card and permanent residence booklet) and proof of marital status; Proof of family income stability and other proof of creditor's rights and debts that have an impact on repayment ability.
Valid documents such as purchase contract and agreement; Collateral, pledge list, certificate of ownership, certificate of consent of the authorized disposition to mortgage and pledge, and certificate of collateral valuation issued by relevant departments; Other information required by the provident fund center.
For loan applications with complete information, the bank will accept and review them in time and submit them to the provident fund center in time.
The provident fund center is responsible for approving loans and informing banks of the approval results in a timely manner.
The bank shall notify the applicant to handle the loan formalities according to the examination and approval results of the provident fund center. The borrower and his wife sign a loan contract and related contracts or agreements with the bank, and send the loan contract and other procedures to the provident fund center for review. After the approval of the provident fund center, the entrusted bank will allocate the loan funds, and the entrusted bank will issue the loan in full and on time according to the loan contract.
If the borrower has a mortgage, he shall go through the mortgage registration formalities with the property right management department where the house is located. If the mortgage contract or agreement is signed by both husband and wife and pledged by securities, the borrower shall hand over the securities to the management department or the joint center for safekeeping. In addition, all copies must be copied on A4 paper, and the originals must be checked at the handling site.