Zhengzhou provident fund loan amount calculation Changing complexity to simplicity is so easy

In 2017, Zhengzhou City actively adjusted the conditions of housing provident fund withdrawal, at the same time, Zhengzhou's loan policy also appeared a new change, under these changes, Zhengzhou provident fund loan amount must have also changed accordingly, then the loan amount in the end should be how to calculate it? The following to introduce. The main content of this loan policy adjustment in Zhengzhou is the approval criteria for a single loan amount, the loan ceiling, the loan ratio, the loan period of the relevant provisions have not been adjusted. In accordance with the new policy, meet the loan application conditions of the borrower, its Zhengzhou provident fund loan amount at the same time according to three conditions to determine:

(a) the loan amount does not exceed the corresponding maximum limit

Among them, both husband and wife in the Zhengzhou city level housing provident fund more than 6 months, the purchase of housing in Zhengzhou City, first time to apply for a loan, loan amount not exceeding 600,000 yuan; other cases apply for a loan, the loan amount uniformly not exceeding 400,000 yuan;

(2) the loan amount does not exceed the prescribed multiples of the balance of contributions

That is, according to the balance of the housing provident fund contribution account and the time of contribution to determine the amount of a single loan, the specific formula is as follows:

Loan amount contribution account Balance x (14 + number of years have been paid)

(c) Monthly repayment does not exceed 60% of the family income

Among them, the monthly repayment amount is calculated according to the borrower's longest loan period. Family income for the borrower and his spouse (or **** someone) in the last 6 period of the average housing provident fund contribution base sum (including other management institutions contribution base).

In addition to this, the new loan policy also provides that the borrower in Zhengzhou city-level housing provident fund for personal housing loans before the clear, I and my spouse Zhengzhou city-level housing provident fund deposit account balance can only be used to repay the loan principal and interest, can not be processed for withdrawal.

Calculation of Zhengzhou Provident Fund Loan Amount

Zhengzhou employees who are ready to apply for housing provident fund loans can calculate their own Zhengzhou provident fund loan amount against the new policy according to the following steps:

(a) inquire about my and my spouse's contribution information through the housing provident fund website, 12329 customer service phone number, or the window of the hall, and calculate the the total sum of the account balances of both spouses and the number of years I have contributed;

(ii) Calculate the loanable amount using the formula: Loan amount = Contributed account balance x (14 + number of years contributed). If the result of the calculation is greater than the corresponding maximum loan limit ($400,000 or $600,000, depending on contributions,) the maximum loanable amount will be $400,000 or $600,000, and if the result of the calculation is less than or equal to the maximum loan limit, then the maximum loanable amount will be the result of the calculation;

(iii) After the loan amount has been determined, select the repayment method and the maximum number of years of the loan, and utilize the calculator provided by the Housing Provident Fund website to Calculate the monthly payment for the loan. If the monthly payment is less than 60% of the couple's income, the corresponding loan amount is the final loanable amount, otherwise the loan amount should be reduced appropriately. The couple's income must also be the approved monthly income at the time of contribution to the Housing Provident Fund.

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