The Provident Fund is deposited into an account as a percentage of the monthly wages of individuals and their employers for a public fund in the administration of the Provident Fund. By drawing on the Provident Fund, we can meet some of the needs for housing purchase, rental and renovation. So, how do we get that

How do you get it out

1. Provident Fund for House Purchase

The purchase of housing is a common method of drawing from the Provident Fund, which is also the main use of the Fund. The acquisition of a dwelling is subject to the conditions laid down in the administration of the Provident Fund, such as the first payment for the acquisition of a house, the purchase of a general dwelling, etc. In particular, eligible pensioners may apply for a partial draw-down of the Provident Fund for the purchaser of a variety of housing types, such as dual-use housing, affordable housing and limited-price housing。

2. Provident Fund for rental housing

Renting is also a way of drawing on the public reserve fund. If an individual rents a dwelling in the city for a period exceeding six months, it is possible to draw a share of the Provident Fund as a rental subsidy in order to ease the pressure on the individual to spend on the rental。

3. Provident Fund for fit-out

IN ADDITION TO HOUSING, THE PROVIDENT FUND CAN BE USED FOR RENOVATION AND EXTRACTION. SUCH WITHDRAWALS ARE USUALLY REQUESTED IN CONJUNCTION WITH OTHER CONDITIONS, SPECIFICALLY, THAT THE WITHDRAWAL OF THE BUILT-UP PROVIDENT FUND BE SUBJECT TO THE FOLLOWING CONDITIONS: ONE YEAR'S PAYOUT, WITHDRAWALS NOT EXCEEDING 301 TP3T OF THE BALANCE OF THE PROVIDENT FUND ACCOUNT, WITHDRAWALS NOT EXCEEDING TWO TIMES, RECOGNITION OF THE BUILT-UP MORTGAGE FUND DEPOSITS AND THE PROVISION OF SUPPORTING MATERIAL, ETC。

4. Provident Fund loans

Provident Fund loans are also a means of drawing on the Provident Fund. Persons are required to provide supporting information, such as housing contracts and housing evaluation reports, before applying to banks for a Provident Fund loan, which can also address the demand for some housing。

It is important to note that the process of drawing from the Provident Fund requires advance processing. Applicants are generally required to move to a bank or municipal Provident Fund centre, with relevant information, identity cards and a collection account number。