If you're wondering whether to apply for a $600,000 loan from a well-prepared pool fund, you'll be guaranteed a lower interest rate than a commercial loan. Sounds tempting, doesn't it? But there are conditions that you need to meet, especially for a large loan line. Then I'm going to make it clear to you which provisions are required to apply for a $600,000 Provident Fund loan。

What are the conditions for the $600,000 of the Provident Fund

First, you need to open an account at the Provident Fund Management Service for 12 months or more, a condition that can be 6 months or 12 months in some areas and that may vary somewhat from place to place。

Second, your age and the total duration of the loan must be less than 70. This is to guarantee that you have sufficient time and capacity to pay off the loan。

Again, you need full civil capacity, that is to say, you have the ability to repay the loan and you have good credit。

Fourth, you have paid the prescribed down payment for the purchase of the house. This paper property deal needs to be legally valid.

In general, the processing of Provident Fund loans generally takes about one month to approve. After applying for a Provident Fund loan, the Provident Fund Management Centre will decide within 15 working days whether to grant the loan and notify the applicant. Once approved, the bank is responsible for following up on the loan process. All the risks associated with the Provident Fund loans are borne by the Provident Fund Management Centre。