The longest loan term adjustment for buying second-hand houses with housing provident fund, Shanghai's new policy has arrived
The housing provident fund policy in Shanghai has been adjusted. The Shanghai Municipal Commission of Housing and Urban Rural Development announced today that two documents, the "Notice on Adjusting the Maximum Loan Term for Purchasing Existing Housing with Housing Provident Fund in this City" and the "Notice on Supporting Urban Renewal with Housing Provident Fund in this City", have been reviewed and approved, and will further play the role of housing provident fund in improving the living quality and conditions of residents.
The Notice on Adjusting the Longest Loan Term for Housing Provident Fund Purchase of Existing Housing in this City clearly stipulates that the longest loan term for housing provident fund purchase of existing housing between 6 and 35 years of housing age by borrowers shall be adjusted. Among them, for the purchased stock housing with a housing age between 6 and 20 years, the maximum loan term for housing provident fund has been adjusted from the original calculation rule of not exceeding "35 minus housing age" to not exceeding 30 years; If the purchased stock housing has a housing age between 20 and 35 years, the maximum loan term for housing provident fund will be adjusted from the original no more than 15 years to no more than 50 years of reduced housing age.
The Notice on Policies Related to Housing Provident Fund Support for Urban Renewal in Shanghai clarifies that the implementation of housing provident fund support policies for old housing renovation projects included in the scope of urban renewal in Shanghai mainly includes three aspects:
Firstly, support the withdrawal of housing provident fund after purchasing and renovating houses. Owners who purchase renovated houses with transaction conditions can withdraw housing provident fund to pay the actual purchase price.
Secondly, support the extraction of housing provident fund during the project construction period. Owners who rent transitional housing during the project construction period can withdraw the housing provident fund to pay the rent they bear after deducting the transitional fee subsidy.
Finally, expand the scope of extraction applicants. The scope of applicants for extraction includes the owner themselves, their spouse, parents, and children. If the applicant is a borrower, spouse, or co borrower of the housing provident fund loan in this city, they should meet the current condition of no overdue loan.
This policy adjustment will be officially implemented from October 7, 2023.