Can foreign immigrants pay off their provident fund loans in advance?

The early withdrawal of housing provident fund is divided into two ways: partial early withdrawal and full early withdrawal.

1. The house lender submits an application for prepayment to the municipal housing provident fund center, which is reviewed and signed by the staff of the credit department of the center and stamped with the business seal of the credit department. Lenders go to the bank to handle repayment procedures with an application for prepayment.

2. The prepayment applicant settles the loan at the entrusted bank, and submits the repayment statement issued by the bank to the Credit Department, and the staff of the Credit Department will review and sign the opinions and affix the business seal of the Credit Department; The staff of the Credit Department shall indicate on the stub column of the prepayment application form that the lender has settled the loan and sign it.

3. Repayment in advance shall go through the relevant mortgage cancellation procedures at the guarantee company with the repayment form signed by the credit department. Just apply to the bank one month in advance.

The specific regulations or contracts signed by local banks may be slightly different. For example, some banks still need to pay a certain penalty for repaying loans in advance, while others don't. You can take a closer look at the provident fund loan contract signed with the bank, what is the agreement to repay the loan in advance (most people may not care much about this when signing the contract), and whether there is any penalty for repaying the loan in advance. If not, you don't need it.

If you repay the loan in advance, you may need to sign another loan repayment contract with the bank. You can choose to shorten the loan time or reduce the monthly payment. Generally, it is economical to shorten the loan time.