Hangzhou: Housing Provident Fund Can Be Directly Used for Down Payment on Home Purchase

According to Hangzhou Release, to alleviate the pressure on housing provident fund contributors in paying the down payment for home purchases, the Hangzhou Housing Provident Fund Management Center has launched a service allowing contributors to directly use their housing provident fund to pay the down payment for newly-built commercial housing purchases in Hangzhou. The entire process can be completed online! The online service for second-hand housing purchases is currently under development and will be launched soon.

Direct Payment of Down Payment for Newly-Built Commercial Housing with Housing Provident Fund

Online Application Process

1. Employee confirms available provident fund balance and submits application

Contributors first check the available balance in their provident fund account. Before signing the online housing purchase contract, they submit a request to the developer of the commercial housing to use their housing provident fund to directly pay the down payment.

2. Developer enters and selects information

The developer enters the information of the online housing purchase contract and confirms the use of the housing provident fund for the down payment.

3. Employee submits application online

Contributors log in to the "Zheliban" APP or the Zhejiang Government Service Network (hz.zjzwfw.gov.cn/) and navigate to the "Housing Provident Fund Withdrawal - Withdrawal for Purchase of Self-Occupied Housing" service interface. They select "Apply for Direct Payment of Down Payment for Home Purchase with Housing Provident Fund", fill in the requested withdrawal amount as prompted, confirm the housing purchase contract and the designated fund supervision account for the direct payment, and then submit the application.

4. Developer files the online housing purchase contract

The developer submits the online housing purchase contract for filing confirmation.

5. Center reviews and transfers funds

Upon receiving the information of the online housing purchase contract, the center conducts an online review of the contributor's withdrawal application. Within three working days, the requested housing provident fund is directly transferred to the designated fund supervision account.

What is the limit, and is it guaranteed?

Here are the answers to your questions

1. Can the home buyer's parents, spouse, or children also apply to withdraw their housing provident fund to directly pay the down payment for the home purchase?

Currently, the direct payment of down payment service is limited to the home buyer themselves. If the home buyer's spouse, parents, or children are not the home buyers, they may apply to withdraw their respective housing provident fund according to regulations after the online filing of the housing purchase contract and the payment of the down payment are completed, by presenting valid proof of relationship. The total withdrawal amount shall not exceed the down payment for the home purchase.

2. Is the security of funds guaranteed?

The balance in the individual's housing provident fund account is directly transferred to the designated fund supervision account specified in the housing purchase contract. Contributors are required to confirm the account information when applying for withdrawal, and the entire process is supervised by the bank.

3. Are there any regulations on the withdrawal limit for direct payment of down payment?

The withdrawal amount is the individual account balance as of the month when the home purchase contract is signed, and it shall not exceed the amount of the down payment for the home purchase.

4. How is the directly paid housing provident fund handled if the home purchase contract is revoked, terminated, or deemed invalid?

The housing provident fund that has been withdrawn for the down payment of the home purchase shall be fully refunded to the account designated by the housing provident fund center through the original channel (the special account for fund supervision).

Click to view the original link: 》New Housing Provident Fund Business in Hangzhou! Easing Down Payment Pressure