Can CPF Loan to Renovate a House
Housing CPF cannot be used to loan to renovate a house because renovating a house is not within the scope of use of housing CPF. You need to note that although housing fund can be used to buy, build, renovate and overhaul owner-occupied housing, overhauling and renovation do not mean the same thing.
Major repair refers to the need to pull or remove part of the main body of the housing components, but does not require the full demolition of the housing of a housing reinforcement repair behavior; and renovation refers to the original housing structure on the surface of the decorative behavior and housing interior modification behavior.
In real life, workers applying for provident fund loans are mostly used to buy houses. If you don't have enough money to renovate your home, we recommend that you go directly to the bank to apply for a renovation loan, go to other licensed financial institutions to apply for a consumer loan, or apply for a credit card home renovation installment if you have a credit card with a large amount of special installment services provided by the bank.
And the housing fund can be used to repay the principal and interest of housing loans in addition to purchasing, constructing, renovating, and overhauling the owner-occupied housing, as well as to pay for the rent of the homeless households that exceeds the prescribed percentage of the family's income.
Expanded Information:
Individuals applying for provident fund loan process:
If an individual has the need to buy a house, build renovate and overhaul a house, rent a house, renovate a house and so on, he or she can apply for a provident fund loan, and the specific process is as follows:
1. Borrowers bring all the loan materials, go to the local housing provident fund management center outlets to submit a written application and fill out a Housing Provident Fund Loan Application Form;
2. /p>
2, housing smack housing provident fund is responsible for borrowing qualifications, guarantor qualifications, loan amount, loan period and other reviews;
3, review through the borrower to sign the relevant loan contract, agreement, and insurance;
4, housing provident fund centers to the bank to issue a notice of granting the loan, and entrusted to the bank to organize the materials to the real estate trading department for mortgage pledge formalities
5, mortgage pledge documents out, the bank to organize the borrower's materials sent to the provident fund management agency to review again;
6, through the review of the bank lending.
Note, the following four cases can not apply for provident fund loans:
1, the building structure of brick and wood structure, mixed structure;
2, the use of non-residential housing and low-density commercial housing;
3, has been used twice the housing provident fund loans;
4, do not meet the conditions of other provident fund loans and so on.
Public Provident Fund Loan Application Conditions:
Public Provident Fund Loan is a loan available to employees who have contributed to the Housing Provident Fund by Sail Keys, as long as you have contributed to the Public Provident Fund, then you can apply for an individual Housing Provident Fund Loan in accordance with the relevant provisions of the Public Provident Fund Loan. And the conditions for applying for a CPF loan are as follows:
1. The applicant has a permanent household registration or valid proof of residence in a certain city.
2. The applicant must have contributed to the housing fund in full for at least 12 consecutive months before applying, or have contributed for more than 12 consecutive months after withdrawing the fund.
3. The applicant needs to have a lawful and stable job and income, with a stable financial income and the ability to repay the loan.
4. The applicant needs to have a contract or relevant supporting documents for the purchase, construction, renovation or overhaul of an ordinary housing unit for self-occupation in the city.
5. The applicant's personal credit should be good, and he or she should also meet other conditions stipulated by the CPF Center, and agree to guarantee the loan in accordance with the guarantee method approved by the CPF Center.
6. If the applicant is a husband and wife, both of them must not have outstanding housing fund loans and housing fund policy subsidized interest loans.
Of course, CPF lending policies may vary from place to place, so it's best to check with your local authorities to see what's actually happening.
Can I get a loan to renovate my house?
House renovation can be done with CPF loan, CPF renovation loan is another form of CPF loan in addition to the CPF loan mortgage to buy a house.
For the renovation of the provident fund must meet the following conditions: a general requirement for the renovation of the house area is greater than 70 square meters, the age of the house to within 15 years.
The housing fund refers to the long-term housing savings deposited by state organs and institutions, state-owned enterprises, urban collective enterprises, foreign banquets japanese business investment enterprises, urban private enterprises, and other urban enterprises and institutions, private non-enterprise units, social organizations and their employees, reciprocal deposits.
Housing Provident Fund loans can be renovation loans
Can. Housing provident fund loans include: new home loans, second-hand home loans, self-constructed housing loans, housing renovation loans, commercial housing loans to provident fund loans. So housing provident fund loans can be loaned for renovation. The maximum limit of individual housing provident fund loan is generally not more than 200,000 yuan. Those exceeding 200,000 yuan will be approved by the Center's Loan Review Committee. The loan amount is generally determined by the ratio of the borrower's monthly repayment not exceeding 50% of his family income.
Provident fund renovation loan should pay attention to what problems?1, has applied for a commercial housing mortgage loan has not been settled, housing renovation can also apply for a provident fund renovation loan, but generally apply for a loan amount and the original mortgage loan two can not be more than 70% of the total price of the house, the specific standard according to the actual situation of the implementation of the local. For example, the previous case Miss Ge's situation, the maximum amount of celery Sun Cong should be 45,000 (35 × 70% - 20 = 4.5).
2, the advantages of provident fund renovation loan is not only convenient and fast, and interest rates and provident fund purchase loan interest rate consistent with the commercial loan interest rate is more than 1 percentage point lower than the interest rate to save interest more cost-effective, repayment method free spirit suspected of cherry live.
3, the process of handling CPF renovation loans will have assessment fees, fees and professional guarantee fees and other related costs, so be sure to be prepared before the process.
How is the process of applying for a CPF loan?
1, the applicant brings the information to the management consulting, applying, filling out the application form;
2, after the approval of the applicant issued a notice of entrustment;
3, the applicant receives the notice to the bank to sign the contract with the original at the same time in the notary public notarial formalities;
4, the applicant Kaiyou please hold a good signed contract information to the home seller's office.
5, the applicant holds the guarantee after the loan contract (mortgage contract) and so on Suqian City Real Estate Management Office (Construction Building West Apron Real Estate Transaction Hall) for mortgage registration;
6, the applicant holds the registration after the loan contract (mortgage contract) and the notary public certificate to the Housing Provident Fund Service Hall to get the notice of transfer, and hold the notice to the bank for the transfer procedures. The applicant will go to the bank with the transfer notice to handle the transfer procedure.
The introduction of the provident fund can be loaned to renovate it chat here.