Think of using a pool loan to buy a house, renovate it, or rent it? You're probably wondering, I've already taken some of the S.I.F. Don't worry, the answer is yes, but there are conditions behind this。

What are the conditions

First, you have to have enough of the pool balance. The Provident Fund Centre will look into the account balance of your Provident Fund, the amount of the loan you applied for is directly related to your balance. So even if you want to draw on the Provident Fund, you need to make sure the account has enough balance。

Second, you need to be in a normal state. If you leave the service for certain reasons, which results in the interruption of contributions to the Provident Fund, your account number may be sealed, thus affecting the application for a Provident Fund loan。

Besides, you need a stable source of income. The Provident Fund Center expects at least twice as much of your monthly income. Moreover, if you have other outstanding arrears, the Central Provident Fund will require more of your income。

Next, you need a good letter record. Normally, your letters affect all loan applications, including the Provident Fund. Any negative loan record could result in your application being rejected。

Finally, you have to meet the requirement of a continuous payment period. Normally, a Provident Fund loan requires your Provident Fund contribution for more than 12 months. Failure to meet this requirement may result in your application being rejected。

As you can see, with the Provident Fund, it is also possible to apply for a Provident Fund loan, but it is necessary to meet the above conditions. I hope this article helps you. Thank you for reading。