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What is the housing provident fund like? What's the use? How to return it?
1 Housing accumulation fund is a long-term housing deposit paid by units and their employees, and it is the main form of monetization, socialization and legalization of housing distribution. The housing accumulation fund system is an important social security system for housing stipulated by national laws, which is mandatory, mutually supportive and guaranteed. Units and individual employees must fulfill their obligations to pay housing provident fund according to law. The housing provident fund paid by individual employees and the housing provident fund paid by the unit shall be stored in special accounts and owned by individual employees.

Housing provident fund shall be used for employees to purchase, build, renovate or overhaul their own houses, and no unit or individual may use it for other purposes. Under any of the following circumstances, employees can withdraw the storage balance in the employee housing provident fund account: (1) purchasing, building, renovating or overhauling their own houses; (2) retirement; (three) completely lose the ability to work, and terminate the labor relationship with the unit; (4) Having left the country to settle down; (5) Repaying the principal and interest of the house purchase loan; (six) the rent exceeds the prescribed proportion of family wage income. In accordance with the provisions of items (2), (3) and (4) of the preceding paragraph, the employee housing provident fund account shall be cancelled at the same time. If an employee dies or is declared dead, the employee's heirs and legatees may withdraw the storage balance in the employee's housing provident fund account; If there is no heir or legatee, the storage balance in the employee housing provident fund account shall be included in the value-added income of the housing provident fund. Workers who have paid housing provident fund can apply for housing provident fund loans to the housing provident fund management center when purchasing, building, renovating or overhauling their own houses. The housing provident fund management center shall make a decision on whether to grant loans within 15 days from the date of accepting the application, and notify the applicant; Where a loan is granted, the entrusted bank shall go through the loan formalities.

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