Second Suite CPF Loan Calculator

Public Provident Fund Loan Calculator Detailed Calculation

Summary:

Public Provident Fund Loan Calculator is to calculate the amount of money that needs to be repaid each month under the Public Provident Fund Loan method as well as the interest rate and so on, and different repayment methods are chosen to have different formulas to calculate the repayment amount, which are mainly Equal Principal Repayment, Equal Principal Interest Repayment, and Freedom of Repayment. These three, let's take a closer look.

Public Provident Fund Loan Calculator - Calculation:

Equal Principal Repayment:

Equal Principal Repayment refers to a repayment method of a loan, which is to divide the total amount of the loan into equal installments during the repayment period, and to pay back an equal amount of the principal and the remaining interest on the loan in the same month each month, so that due to the fixed amount of the principal repayment and the interest rate in that month, the repayment of principal and interest rate in that month are not fixed. In this way, since the monthly repayment of the principal amount is fixed and the interest is getting less and less, the borrower is under more pressure to repay the loan at first, but the number of monthly repayments is getting less and less with the passage of time. Equal principal loan formula: monthly repayment amount = (loan principal / repayment months) (principal - returned principal amount) × monthly interest rate

Equal principal and interest repayment:

Equal principal and interest refers to a kind of repayment of home loans, is in the repayment period, monthly repayment of equal amount of the loan (including principal and interest). The formula for calculating the monthly repayment amount is as follows: [loan principal x monthly interest rate x (1 month interest rate)^number of months of repayment]÷[(1 month interest rate)^number of months of repayment-1]

Freedom of repayment method:

Freedom of repayment is that you apply for a housing provident fund loan, the Housing Provident Fund Management Center, based on the amount of money you borrowed and the period of time, to give a minimum repayment, and later on, you in the monthly repayment amount of If your monthly repayment amount is not less than this minimum repayment amount, you are free to arrange the monthly repayment amount according to your own financial situation.

Public Provident Fund Loan Calculator - Loan Interest Rates:

Public Provident Fund (PPF) loans for the first suite are generally subject to the prime rate, while PPF loans for the second suite are subject to a 10% increase in the prime rate. The following is the latest CPF loan benchmark interest rate (2012-6-8 after the implementation):

5 years and 5 years below the annual interest rate: 4.2%

5 years above the annual interest rate of the loan: 4.7%

has been issued by the Housing Provident Fund personal loan and the loan has not yet expired the borrower can be used to self-funding for the early repayment of the loan principal business. Borrowers must have made normal repayments for more than one year before they can apply for early repayment. Among them, apply for early partial repayment of the loan, each repayment of the minimum limit of 10,000 yuan, and shall not be less than 12 months of the loan principal and interest amount, the annual limit of repayment of the loan once.

In addition, borrowers who have been making normal repayments for more than a year can also withdraw the balance in their housing fund account for partial or full repayment of their loans, but only once.

Summary:

Public Provident Fund Loan Calculator I believe you have understood it, the way of early repayment of the provident fund is divided into early full repayment, early partial repayment of two kinds of loans. It is because of the lower loan interest rate, convenient loan procedures, has been favored by the majority of home buyers. And how to repay the loan in advance after using the CPF loan to buy a house is a knowledge that many people need to know.

(The above answer was posted on 2014-07-18, the current relevant housing policy please prevail in practice)

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10,000 provident fund how much can you lend? It's not really certain whether you can get a loan or not!

These two days, a friend and chat about provident fund loans, said his provident fund has 10,000 dollars, I do not know to apply for a home loan can be loaned how much money? If the amount is enough, it is intended to buy a house. In life, there are not many examples of people like this who have saved up enough CPF balance and are planning to buy a house. But the fact is, not to mention the amount of loan available, whether you can get a loan or not is still uncertain. Here's a look at what's going on.

One, 10,000 provident fund maximum loan how much

Provident fund loan amount is indeed related to the balance of the provident fund, in addition to the ability to pay back the loan, house prices into the number of loan maximum limit of several factors. Its value is taken as the minimum value calculated from these four conditions. Here are some examples:

1, the CPF loanable amount is n times the CPF balance, the multiplier n generally fluctuates between 10-20 times. When n = 20, the balance of 10,000 yuan, the loanable amount = 10,000 20 = 200,000 yuan. Policies vary from place to place, and the floating range of n value is also different.

2, the borrower's monthly repayment as a percentage of monthly income shall not be higher than 50% (monthly repayment includes the existing mortgage monthly repayment and existing debt). If the monthly income of 8,000 yuan, no other debt situation, can repay 4,000 yuan per month, using equal principal and interest repayment method, the loan period of 10 years, the estimated loan amount of 410,000 yuan.

3, the maximum amount of provident fund loan shall not be higher than the total price of the house minus the remaining amount of the down payment. If the total price of the house is $1 million and the down payment is 30%, then the loanable amount must not be higher than $700,000 dollars.

4, many cities have stipulated the maximum amount of loan available to individuals, such as Shanghai, the purchase of the first set of housing, the maximum loan of 600,000 yuan, the purchase of a second suite, the maximum loan of 500,000 yuan.

Combining the above four data, we can learn that 10,000 provident fund maximum loan of 200,000 yuan.

How much is the monthly mortgage repayment? Which is more suitable, Equalized Interest or Equalized Principal? Click to use the CPF loan calculator

Two, CPF loan application conditions

CPF balance is enough, does not mean that you can get a loan to buy a house. Because applying for a housing fund loan must also meet some basic conditions:

1, with full civil capacity;

2, good personal credit;

3, before applying for a continuous contribution to the provident fund for a period of not less than 12 months;

4, if the spouse has applied for a loan from the provident fund, you must first settle the principal and interest of the loan.

PF Early Repayment Calculator

The CPF Loan Calculator, which calculates the amount to be repaid each month (principal and interest), the total **** interest to be paid, etc., under the CPF loan method. It is divided into three calculation methods: Equal Principal Repayment, Equal Principal and Interest Repayment, and Free Repayment Method.

A calculation method

1, equal principal repayment

Equal principal refers to a loan repayment method, is the total number of loans in the repayment period, equal points, monthly repayment of the same amount of principal and the remaining loan in the month of interest, so that as a result of monthly repayment of the amount of the principal is fixed, and the interest is getting less and less, the lender at first repayment of the pressure is greater, but over time the number of monthly repayments is also a good idea. As time goes by, the monthly repayment amount becomes less and less. Equal principal loan formula:

Monthly repayment amount = (loan principal/number of months of repayment) (principal - the cumulative amount of returned principal) x monthly interest rate

2, equal principal and interest repayment

Equal principal and interest refers to a kind of repayment of the home loan, in the repayment period, monthly repayment of an equal amount of the loan (including the principal and interest). interest). The formula for calculating the monthly repayment amount is as follows: [loan principal x monthly interest rate x (1 month interest rate)^number of months of repayment]÷[(1 month interest rate)^number of months of repayment-1]

3. Free Repayment Method

Free repayment means that when you apply for a housing provident fund loan, the Housing Provident Fund Management Center will give you a minimum repayment amount based on the amount of money borrowed and the period of time you want to repay. The amount of repayment is based on the amount you borrowed and the duration of the loan, and then you are free to arrange the monthly repayment amount according to your own financial situation under the premise that the amount of monthly repayment is not less than this minimum repayment amount.

Second, the loan interest rate

The first suite of provident fund loans are generally implemented prime rate, the second suite of provident fund loans more than the implementation of the prime rate floated by 10%. The following is the latest benchmark interest rate for provident fund loans (implemented after 2015-8-26):

Annual interest rate for 5 years and less than 5 years: 2.75%

Annual interest rate for loans of more than 5 years: 3.25%

Three, repayment of loans

Provident fund loans for buying a house with its lower interest rates, convenient loan procedures, has been very popular with the majority of borrowers The first thing you need to do is to get a good deal of money to buy a house with a CPF loan. And how to repay the loan in advance after using the CPF loan to buy a house is the knowledge that many people need to know. The way of early repayment of the provident fund is divided into early repayment of all loans, early partial repayment of two kinds:

Housing provident fund personal loan has been issued and the loan has not yet expired the borrower can use self-financing for early repayment of the loan principal business. Borrowers must have been normal repayment of more than one year before applying for early repayment of loans. Among them, apply for early partial repayment of the loan, each repayment of the minimum limit of 10,000 yuan, and shall not be less than 12 months of the loan principal and interest amount, the annual limit of repayment of the loan once.

In addition, borrowers who have been making normal repayments for more than a year can also withdraw the balance in their housing fund account for partial or full repayment of their loans, but only once.

Personal Provident Fund Loan Amount Calculator

The calculation method is as follows:

Based on the formula of loan repayment capacity, {(borrower's total monthly salary borrower's unit monthly contribution to the Housing Provident Fund) x repayment capacity factor - total monthly repayment amount of the existing loan of the borrower should be repaid} x the term of the loan (in months),

< p>Using the spouse's amount of {(the total monthly salary of both spouses the total monthly contribution to the housing provident fund of the unit in which both spouses are working) × repayment capacity coefficient - the total amount of monthly repayment due for the existing loan of both spouses} × loan period (months).

Wherein the loan repayment capacity coefficient is 40%, the total monthly salary = monthly contribution to the provident fund ÷ (unit contribution ratio individual contribution ratio);

By the formula of housing price, the loan amount = housing price × loan percentage, wherein the loan percentage is based on the purchase of construction and repair of different types of housing and housing loan sets;

By the balance of the account, the employee applies for housing provident fund loan, the loan amount shall not be higher than 10 times the balance of the housing provident fund account when the employee applies for the loan (at the same time using the spouse's housing provident fund to apply for a provident fund loan, for the sum of the balance of the employee's and spouse's housing provident fund accounts), the balance of the housing provident fund account of less than 20,000 according to the calculation of 20,000;

By the maximum limit, the use of their own housing provident fund to apply for housing provident fund loans, the maximum limit of loans 400,000 yuan, while using the spouse's housing provident fund to apply for a housing provident fund loan, the maximum loan limit of 600,000 yuan, using the person's own housing provident fund to apply for a housing provident fund loan,

And applying for a loan when the person himself/herself is normally contributing to the supplementary housing provident fund, the maximum loan limit of 500,000 yuan, while using the spouse's housing provident fund to apply for a housing provident fund loan and applying for a loan when the person himself/herself or his/her spouse is The maximum loan amount is 700,000 yuan for those who normally contribute to the Supplementary Housing Provident Fund at the time of loan application.

The amount of housing fund loan has to be calculated comprehensively before it can be determined.

The calculation of the CPF loan amount is based on four conditions: loan repayment ability, house price percentage, CPF account balance and loan maximum, and the minimum value calculated from the four conditions is the maximum loan amount available to the borrower.

Expanded Information:

Housing Provident Fund Loan Conditions

1, only employees who participate in the housing provident fund system are eligible to apply for a housing provident fund loan, and those who don't participate in the housing provident fund system will not be able to apply for housing fund loans. Those who participate in the housing fund system must also meet the following conditions in order to apply for a housing fund personal home purchase loan: that is, to apply for a loan before the continuous contribution to the housing fund for a period of not less than six months.

Because, if an employee's behavior in contributing to the housing fund is irregular and sporadic, it indicates that his or her income is unstable, which is prone to risk after the loan is granted.

2. If one spouse has applied for a Housing Provident Fund loan, neither spouse can get another Housing Provident Fund loan until he or she has repaid the principal and interest of the loan. Because the housing fund loan is to meet the basic needs of the employee's family housing to provide financial support, is a "housing security" financial support.

3, the loan applicant in the housing fund loan application, in addition to must have a more stable economic income and the ability to repay the loan, there is no outstanding amount of large, may affect the housing fund loan repayment ability of other debts. When the employee has other debts entangled, and then given a housing fund loan, the risk is very high, contrary to the principle of safe operation of the housing fund.

The maximum duration of a PF loan is 30 years. If you apply for a combination loan, the loan period of the CPF loan and the commercial housing loan must be the same. The basic conditions for applying for a housing provident fund home purchase loan include three main aspects: the object of the loan, the purpose of the loan, and the basic conditions of the housing loan.