I have recently found that while the term Provident Fund is already well known, there are others who do not know very well what it can do. So I decided to elaborate on the specific application of the Provident Fund today。

What is the use of the Provident Fund

First, there is no doubt that the greatest use is in the purchase of a loan. The interest rate on the Provident Fund loans is very low, and if you're going to buy a house, it's very cost-effective. However, I would like to remind you that this beneficiary does not include all persons who have contributed to the Provident Fund because of the need to meet certain criteria, such as the full and sustained contribution of the Fund to the required period。

Second, you can also use the balance in the Provident Fund account to obtain repayments for mortgages, which include commercial loans, Provident Fund loans and portfolio loans. An employee can withdraw the balance from the account to repay the housing loan by applying to the Provident Fund Centre。

In addition, the Provident Fund can help you when you are suffering from a serious illness and you have to pay for a lot of medical expenses. At this point, you can draw from the Provident Fund to cover the cost of medical treatment for major diseases, and the double guarantee of health insurance and the Provident Fund will greatly ease your medical cost pressure。

It is also possible to apply for a pension if you are under-privileged or in difficult circumstances, but it should be noted that the amount may not exceed the amount you receive in the area of subsistence or special hardship assistance。

Since you can't afford to pay your rent at home, you can also pay your savings fund. Finally, if you are working on it, you can also use the Provident Fund, apply for withdrawal or a loan。

Here again, I would like to mention that the withdrawal of the Provident Fund is conditional. One of the following conditions must be met: purchase, construction, reconstruction or major rehabilitation of the home, repayment of the principal interest of the loan for the purchase of the home, payment of rent by the owner of the home in excess of the established percentage of the family ' s wage income, termination of the labour relationship with the employer or total incapacity for work, economic hardship of the family, settlement outside the country, divorce, retirement or death or death。