When you want to buy a house through a loan, a pool loan might be a good option. You know why? Because you can use the Provident Fund loan to reduce interest on your loan. Yeah, you heard right, but first we need to know who fit and can successfully apply for a Provident Fund loan

What are the requirements for a loan from the Provident Fund

First, those applying for a Provident Fund loan need a good credit record. Your credit situation is of concern to the Provident Fund Centre, so they will ask you to provide a letter report to see if you are suitable for the loan。

Secondly, your Provident Fund accounts must be properly operated, that is, you cannot stop paying because of separation or other factors。

Thirdly, you cannot apply for a Provident Fund loan while there are other outstanding Provident Fund loans under your name. So, before you start the application process, you and your spouse can check your loan and avoid repeating your application。

In addition to this, your income is better than twice the monthly contribution to prove that you have sufficient solvency. If you have other outstanding obligations in your name, the Provident Fund Centre may raise this standard. Therefore, your chances of success will be enhanced by making a determination as to whether you meet the income requirements。

Finally, for users who have just started working and have insufficient time to contribute to the Provident Fund, it will normally take more than 12 months to make a continuous contribution before they can apply for a Provident Fund loan。

For the entire application process, it will normally take about a month from the time of submission to the time of the loan, but it will also depend on the individual situation. If you are in urgent need of funds, you can contact the Provident Fund Centre directly, consult them and press for help。