I. Scope of Application:
This guide applies to borrowers who want to repay in advance part of the housing provident fund loan accepted after August 1, 2020.
II. Service Conditions:
1. The loan has been repaid normally for one term, and there are no arrears of principal, interest, penalty interest on principal, penalty interest on interest, expenses required for the creditor’s rights, losses caused to the lender due to the borrower’s default, and other fees payable;
2. There are no outstanding housing provident fund loans;
3. The loan term is more than one year;
4. The amount of each early repayment shall not be less than six times the amount payable in the previous term;
5. The loan balance after early repayment shall not be less than RMB 1,000;
6. The scheduled repayment date must not fall on the 20th day of each month, or be later than the next repayment date, or go beyond the year;
7. Weekends and holidays are not deemed as scheduled repayment days;
8. Other conditions stipulated by the Shanghai Housing Provident Fund Management Committee or the Shanghai Provident Fund Management Center.
III. Application Materials:
1. Proof of identity: Original ID card of the borrower. The people from Hong Kong, Macao and Taiwan shall provide the originals of the Mainland Travel Permit for Hong Kong and Macao Residents, the Mainland Travel Permit for Taiwan Residents or the Residence Permit for Hong Kong, Macao and Taiwan Residents; the expatriates and those who have obtained the permanent (long-term) right of residence abroad shall provide the original passport or foreign permanent resident ID card.
2. If the borrower entrusts a spouse or a lineal relative by blood with the application, the original ID cards of both the borrower and the entrusted party, a power of attorney, and a certificate to certify their relationship must be provided. If the entrusted party is a spouse, the original and copy of the marriage certificate must be provided. Married persons from Hong Kong, Macao and Taiwan who have not registered their marriage in Chinese Mainland must provide a marriage certificate notarized by a notary office in the place of residence (Hong Kong, Macao or Taiwan). Married persons from Taiwan can provide their Taiwan ID card (with details of family members on the back). If a marriage is registered overseas, the original and copy of the marriage certificate issued by a notary office or competent authority in the country where the marriage happens and authenticated by the embassy (consulate) of the People’s Republic of China in that country or by the embassy (consulate) of that country in China should be provided. If the marriage certificate is in a foreign language, the original and copy of the translated version issued by a proper translation agency should be provided.
3. In other cases of entrustment, the original notarized power of attorney (which should specify the relevant matter) and the original ID cards of the entrusted party and the entrusting party must be provided.
4. Other materials required by the Shanghai Provident Fund Management Center.
IV. Service Methods:
Offline:
The original loan acceptance outlet.
Online:
Shanghai Housing Provident Fund Website (www.shgjj.com) and Suishenban service platform - Appointment for Early Repayment of the Housing Provident Fund Loan.
Process:
Making an Appointment - Deposit the early repaid principal and repayable interest in the repayment account before the agreed repayment date.
V. Notes:
1. If repayment is not made on the scheduled deduction date that month, the partial early repayment will be invalidated.
2. On the scheduled deduction date, if the balance in the repayment account is insufficient to fully repay the scheduled prepaid principal and repayable interest, the partial early repayment will be invalid.
3. When applying for partial early repayment online, the borrower can choose by themselves how to repay the remaining loan: “The repayment amount remains unchanged and the repayment period is reduced” or “The repayment period remains unchanged and the repayment amount is reduced”; if early repayment is needed due to a change of borrower or reduction in the number of co-borrowers, you should choose “The repayment period remains unchanged and the repayment amount is reduced” (i.e., reduced amount).