What if I borrow a pool fund to buy a house? What are the consequences of a delay? In this article, we will discuss it together。

What happens if the loan is overdue

There are a number of solutions to the arrears of the Provident Fund loans:

First of all, you can ask about the services of the Provident Fund Centre to see if it is possible to apply for an extension. For example, if you cannot repay on time due to special circumstances such as hospitalization, the Provident Fund Centre may consider extending the payment. In order to improve the success rate of applications, relevant certificates, such as unemployment certificates, letters of credit reports or asset certificates, are prepared as far in advance as possible。

Secondly, if the Provident Fund Centre does not agree to the request for an extension, then you may need to resolve the overdue issue as soon as possible. One option would be to borrow from relatives and friends so that arrears could be settled quickly and delays avoided。

Furthermore, you can also choose to realize your own assets, such as vehicles, repairs, etc., as a means of repaying the Provident Fund's debt and preventing delays。

Finally, if conditions permit, a good guarantor can be found to guarantee your loan and reduce the risk to the Provident Fund centre, which may facilitate successful consultations。

What are the effects of the delay

1. OVERDUE INTEREST RATE: THE INTEREST RATE IS CALCULATED ON A DAILY BASIS AT THE RATE OF CONTRACT RATE PLUS 501 TP3T UNTIL THE END OF THE REPAYMENT PERIOD。

2. Recovery and psychological pressure: Overdue debt will expose you to collection at the Provident Fund Centre, which will not only put pressure on you, but also make your life and work difficult。

3. Impact on credit operations: Overdue records will be kept on letters of call for five years, which will have a negative impact on your credit operations。

4. Early termination of the loan contract: If the overdue period is too long, the Provident Fund Centre has the right to terminate the loan contract and to compel you to pay your debts in advance。