An important issue is how to deal with the issue of overdue Provident Fund loans for home buyers. First of all, you have to understand that, like all types of loans, there is a need to pay off all of them on time, and we cannot ignore that responsibility. If you forget to pay back, it's bad. Let's see what happens

What will happen if the Provident Fund is overdue

Now that you're overdue, the first negative effect is that your credit records will be damaged. This will affect your future ability to access credit. On the other hand, the Provident Fund Centre will collect interest on your overdue portion, which means that your debt burden will increase with the overdue period。

If you have more overdue than the prescribed limit of the Provident Fund Centre, the Centre is entitled to terminate the loan contract and request an early repayment of the loan. If the repayment capacity is insufficient, the collateral may be disposed of。

A number of suggestions were made in respect of the overdue payment of the Provident Fund. If you use an equivalent principal or equivalent principal interest rate repayment, it would be preferable to repay the overdue loan on the contractual repayment date. It should be borne in mind that non-contractual repayment dates could not be used for late deductions, which would otherwise have arisen again。

If you do not repay the overdue loan as per the payment date agreed in the contract, on the third day of the week, the Centre submits to the bank data on the overdue loan, requiring the bank to deduct the funds you deposit in the repayment account. It is worth noting, however, that no late deductions are made during the holidays and on the first working day after the festival。

What happens when a delay arises in the form of a free repayment? First, the borrower may repay the overdue individual loan within the contractual repayment date by searching for the minimum amount due on the next repayment date through the bank call centre telephone commissioning system. If the borrower accurately repays the amount at the next repayment date, there is no further delay。

If the borrower is not repaying the overdue individual loan on the contractual repayment date, it is required to carry the original identity card to the loan office for the relevant formalities to be performed。