I. Scope of Application:
Any employee in Shanghai with regular housing provident fund (HPF) contributions can withdraw the balance of his/her own HPF account opened in Shanghai (including the balance of his/her supplementary HPF account) for the repayment of the individual HPF housing loan (hereinafter referred to as the HPF loan) and the individual commercial housing loan (hereinafter referred to as the commercial loan) disbursed by a cooperative bank in Shanghai’s HPF lending business (hereinafter referred to as the HPF lending bank).
II. Service Conditions:
1. Where the borrower has purchased a self-owned residence in Shanghai through an individual HPF housing loan, a combination housing loan, or a commercial loan disbursed by an HPF cooperating bank, he or she can apply for an HPF withdrawal for housing loan repayment.
2. The person withdrawing HPF for housing loan repayment (hereinafter referred to as the withdrawer) is an employee in Shanghai with regular HPF contributions, including those who make voluntary contributions, and the withdrawer has only one HPF account which is not frozen, sealed up or in any other situation of withdrawal restriction as required by laws or certain provisions of the Shanghai Provident Fund Management Center.
3. The borrower, his/her spouse and the co-withdrawer have no valid HPF loan applications, outstanding HPF debts or unfinished HPF withdrawal agreements (including but not limited to the HPF withdrawal agreements made for loan repayment, rent payment or other types of housing consumption) in their names in Shanghai, except the HPF loan under the submitted withdrawal application.
4. One-term regular repayment for the loan under the submitted withdrawal application has been fulfilled and the loan has not been settled.
5. If the HPF withdrawal application is submitted to repay both an HPF loan and a commercial loan, the two loans must be used for the purchase of the same residence.
6. The funds withdrawn shall be first used for the repayment of the HPF loan.
7. Withdrawal methods for housing loan repayment:
(1) Monthly repayment -- Withdrawing a corresponding amount monthly from the withdrawer’s HPF account for the repayment of that month’s principal and interest of the housing loan.
(2) Lump-sum repayment -- Withdrawing the available balance from the withdrawer’s HPF account once a year for the repayment of the housing loan before resuming the monthly payment according to the recalculated monthly repayment amount. Based on the processing time of the withdrawal application, the lump-sum payment month is automatically determined as April or September. The HPF can only be withdrawn once a year in that month for the housing loan repayment, while the repayment for the other months shall be fulfilled with the applicant’s own funds.
8. The withdrawal operation time for the housing loan repayment is published every month by the Shanghai Provident Fund Management Center on its website and WeChat official account, or you may consult a loan agency.
9. Scope of withdrawers:
(1) The borrower of an HPF/commercial loan, and the borrower’s spouse, parents and children.
(2) Regarding the withdrawal for the repayment of an HPF loan that was borrowed for the purchase of a joint-ownership government-subsidized residence, the borrower’s brothers and sisters may also serve as a co-withdrawer in addition to the persons specified in the preceding item.
10. The sequence of co-withdrawers:
(1) Regarding a withdrawal application for the repayment of a pure HPF loan or a combination loan, the borrower must participate in the withdrawal and serve as the first person in the sequence of co-withdrawers.
(2) The borrower’s spouse shall serve as the second person in the sequence of co-withdrawers.
(3) The borrower’s parents and children shall fall behind the borrower and the borrower’s spouse in the sequence of co-withdrawers.
(4) If the borrower’s brother/sister serves as a co-withdrawer for the repayment of an HPF loan that was borrowed for the purchase of a joint-ownership government-subsidized residence, the brother/sister shall fall behind the borrower, the borrower’s spouse and the borrower’s parent/child in the sequence of co-withdrawers.
(5) Regarding the withdrawal sequence of the same withdrawer’s HPF account and supplementary HPF account (hereinafter referred to as the HPF account collectively), the available balance of the HPF account shall be withdrawn first before that of the supplementary account is withdrawn in case of the former balance being insufficient. If the available balance of the HPF account of the preceding person in the sequence of co-withdrawers is insufficient to repay the loan, the available balance of the HPF account of the following person shall be withdrawn to repay the insufficient amount.
11. Other terms specified by the Shanghai Housing Provident Fund Management Committee and the Shanghai Provident Fund Management Center.
III. Application Materials:
1. Proof of identity: The original identity cards or the Shanghai social security cards of the borrower and the withdrawer; 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 card, and provide their Chinese names confirmed by their signatures; the people from Hong Kong, Macao and Taiwan of China and expatriates shall provide the information (name, ID card number and contact information) and identity documents of their contacts in Chinese Mainland.
2. Proof of marriage: Marriage Certificate. Any married applicant from Hong Kong, Macao and Taiwan who has not registered marriage in Chinese Mainland shall provide the original and a photocopy of his/her marriage certificate notarized by a notary office in the place of his/her residence (Hong Kong, Macao or Taiwan). Any married applicant from Taiwan may provide his/her Taiwan ID card (see the details of family members on the back). Any applicant who has registered marriage in a country other than China shall provide the original and a photocopy of his/her marriage certificate, which was issued by a notary office or a competent department in the country where the marriage occurs and authenticated by the Chinese embassy (consulate) in that country or the embassy (consulate) of that country in China. If the marriage certificate is written in a foreign language, the applicant shall provide the original and a photocopy of the translated version of that marriage certificate issued by a formal translation agency.
3. Proof of relationship: If the borrower’s parent/child applies to serve as a co-withdrawer, the proof of relationship between the borrower and his/her parent/child shall be provided, such as the household register, birth certificate, one-child certificate, adoption registration certificate, court judgment and notary certificate.
4. If a commercial loan is involved, the commercial housing loan contract, the disbursement voucher, the repayment voucher or some other proof of the commercial loan shall be provided.
5. Other papers required by the Shanghai Provident Fund Management Center.
IV. Service Methods:
Offline:
1. Regarding the loans accepted before August 1, 2020:
The withdrawal application for a pure HPF loan or a combination loan shall be processed at the original service outlet of the bank that disbursed the loan.
The withdrawal application for a commercial loan shall be processed at a service outlet designated by the original lending bank.
2. Regarding the loans accepted after August 1, 2020:
The withdrawal application for a pure HPF loan or a combination loan shall be processed at the service outlet where the loan was accepted.
The withdrawal application for a commercial loan shall be processed at a service outlet designated by the original lending bank.
3. Service procedure:
Submitting the application after one-term regular repayment for the housing loan is fulfilled -- signing the Entrusted Withdrawal of the Housing Provident Fund for the Repayment of Housing Loans.
Online:
“Suishenban service platform -- Acceptance of HPF Withdrawal for Housing Loan Repayment (Acceptance of Repayment from HPF)” (only accepting the applications submitted by the borrowers of pure Shanghai HPF loans and the borrowers of combination loans and commercial housing loans disbursed by China Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China, Bank of Shanghai, Bank of Communications and Bank of Beijing for now)
Service procedure: After one-term regular repayment for the housing loan is fulfilled, the borrower shall submit the application on the “Suishenban” service platform. Then all co-withdrawers log on to their own “Suishenban” accounts and confirm the HPF withdrawal for housing loan repayment on the day of application.
V. Required Attendees:
The borrower and the withdrawer shall be present. In case of the absence of the borrower or the withdrawer, a notarized power of attorney (including the specific matters entrusted) issued by a notary office and the original identity document of the entrusted party shall be provided.
VI. Processing Period:
Concluded on the spot if the application materials are complete.
VII. Notes:
1. The Shanghai Provident Fund Management Center reserves the right to unilaterally terminate the withdrawal for housing loan repayment entrusted by the withdrawer in the following circumstances:
(1) The withdrawer’s HPF account has been frozen by a court.
(2) The withdrawer provided false information for the withdrawal application for housing loan repayment.
(3) The withdrawer is subject to other circumstances where his/her withdrawal is restricted by laws, regulations, rules or other competent departments.
2. All co-withdrawers shall log on to their own “Suishenban” accounts and confirm the withdrawal on the day of application, otherwise the service shall be invalidated automatically.