When you intend to lend for a house, it is essential that the paperwork that needs to be prepared is a letter call and a bank run. Especially if you choose to borrow from the Provident Fund at lower interest rates, these two are even more critical. So why review these two materials

What's the duration of the Provident Fund loan

When you submit an application for a Provident Fund loan, the Provident Fund Centre will look closely at your letter of request and that of your spouse to check if you have any other outstanding loans. At the same time, the flow of the bank will reflect your economic income, and the Centre will use this to determine whether you have sufficient capacity to repay the loan。

On the other hand, there are clear requirements for the duration of the Provident Fund loans. The duration of the first-hand SRF loan may not exceed 30 years, while the second-hand loan may not exceed 15 years. If you apply for an individual loan for the construction or renovation of a house, the period may also not exceed 15 years。

In conclusion, the Provident Fund loan requires not only a review of your letter of call and flow, but also a clear term requirement. However, because of their relatively low interest rates and the ease with which loans are made, Provident Fund loans remain the best option for many groups with long-term Provident Fund contribution records。