Provident Fund loans are the main driving force for many home-buying workers. This is due to lower interest rates on Provident Fund loans. However, a lot of people are wondering — can we clear the Provident Fund in advance? And how? To that end, we offer you the following answers。

Can the Provident Fund loan be paid in advance

First of all, let's get to the point — can the Provident Fund loans be paid in advance

The answer is yes. Provident Fund loans may be repaid in full or in part in advance, the details of which may vary by region and bank. One of its obvious advantages is that there is no need to pay liquidated damages. However, we do not recommend that you pay in advance because this is not cost-effective。

So, if you really want to pay in advance, how do you do that

First, borrowers are required to call the Provident Fund management hotline and enter the amount they want to pay in advance and make an appointment for repayment based on voice tips. You will then have to complete an application for an advance payment of the Provident Fund, flipping over and submitting the required material. Applicants are also required to determine the amount and date of early repayment of the loan and submit it to the bank for approval. After obtaining approval from the Provident Fund Management Centre and the bank, the borrower deposits the repayment to the bank. Finally, you need to submit the early payment form to the Provident Fund Centre for filing. It is particularly important to note that if your original loan guarantee is mortgage insurance, the loan is paid in advance in part and the repayment period is reduced。