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What does guarantor mean in provident fund?

Housing provident fund loans do not require a guarantor.

Housing provident fund loans refer to housing mortgage loans that are issued by local housing provident fund management centers using the housing provident funds paid by employees and their units and entrusting commercial banks to employees who have paid housing provident funds and retired employees who have paid housing provident funds during their employment.

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Housing provident fund loan process: 1. Lenders applying for housing provident fund loans must submit a written application to the bank, fill in the housing provident fund loan application form and truthfully provide the following information: (1) Housing provident fund payment certificate of the applicant and spouse; (2) Applicant

and spouse’s identity certificate (referring to resident ID card, permanent residence booklet and other valid residence documents), marriage status certificate; (3) Proof of stable economic income of the family and other certificates of claims and debts that have an impact on repayment ability; (4) Purchase

Valid supporting documents such as housing contracts and agreements; (5) Collateral, list of pledges, ownership certificates used for security, and proof that the person with the right to dispose agrees to mortgage and pledge, and collateral valuation certificate issued by the relevant department; (6)

) The Provident Fund Center requires a third-party guarantor to provide guarantee and pay the guarantee fee, and the borrower, lender and third-party guarantor must sign a three-party contract together; (7) Other information required by the Provident Fund Center.

2. For loan applications with complete information, the bank will promptly accept and review them and submit them to the Provident Fund Center in a timely manner.

3. The Provident Fund Center is responsible for approving loans and notifying the bank of the approval results in a timely manner.

4. The bank will notify the applicant to handle the loan procedures based on the approval results of the Provident Fund Center. The borrower and his wife will sign a loan contract and related contracts or agreements with the bank, and submit the loan contract and other procedures to the Provident Fund Center for review. The provident fund center will transfer the money after approval.

For entrusted loan funds, the entrusted bank will issue loans in full and on time as stipulated in the loan contract.

5. If the guarantee is in the form of a housing mortgage, the borrower must go to the housing property rights management department in the area where the house is located to handle the real estate mortgage registration procedures. The mortgage contract or agreement must be signed by both husband and wife. If it is pledged with securities, the borrower must hand over the securities.

The management department or alliance center will take custody and keep it.