While there are a number of advantages over commercial loans, there are a number of stringent conditions that need to be met for eligibility. First, the one-year pay history is just the starting point for eligibility. Next, let's look at the conditions that must be met in order to obtain a Provident Fund loan。

Is the Provident Fund available for a year? What conditions should be met

The first condition is that the house you want to buy is not a small property. Only commercial housing, affordable housing, limited-priced housing, etc. Owing to problems with the ownership and market value of small-owned housing, it is not possible to apply for a Provident Fund loan。

Secondly, your credit history cannot be tainted. The Provident Fund Centre attaches great importance to the credit of its clients, which must be kept clean and avoid, to the extent possible, multiple loan records and short-term search records, failing which your application may be affected。

Besides, your pool account must be in normal condition. In other words, the freezing of Provident Fund accounts cannot be caused by unemployment or other reasons. Therefore, if an application for a Provident Fund loan is intended, it is important to ensure that the contributions to the Provident Fund continue to be made in such a way as to avoid any adverse impact on the application as a result of, for example, temporary separation。

You also need a stable source of income, and the Provident Fund Centre will require you to earn at least twice the monthly loan. At the same time, if you have outstanding external debt, the Provident Fund Centre will further enhance its income requirements。

With regard to age, provision was made that the maximum duration of a Provident Fund loan should not exceed five years after the borrower's retirement. If you are older, it may not only be difficult to apply, but even if you are successful, it may not be possible to obtain a sufficiently long loan term。

In addition, you cannot currently have a Provident Fund loan in your current name, and the Provident Fund Centre provides that multiple outstanding Provident Fund loans cannot be held in the same client's name at the same time。

Bearing in mind that the requirements for users may vary from one region to another, it would be preferable to consult well in advance to prepare for work。