Chapter I General Provisions

  Article 1 These rules are formulated in order to give full play to the role of providing guarantee to commercial housing purchase housing accumulation fund for employees themselves and effectively reduce the repayment stress of employees who had loans.

  Article 2 Housing accumulation fund hedging repayment means that employees who have already had personal housing accumulation fund loans commission entrust Hengyang Housing Accumulation Fund Management Center (hereinafter referred to as HAF Center ) to offset monthly repayment of loan with the housing accumulation fund of himself or herself and his or her spouse.

  Chapter II Objects and Conditions

  Article 3 Employees who have housing accumulation fund loans by the way of mortgage guarantee can apply to HAF Center for hedging repayment.

  Article 4 To apply for hedging repayment, applicants should meet the following conditions:

  1. Applicants deposit normally housing accumulation fund and have no records of stopping depositing over three months at the moment the employee apply for the loan.

  2. The deposit balance of applicants in personal housing accumulation fund account can pay for the monthly required quota over 6 months.

  3. Applicants don’t have late payment and undesirable overdue record more than three times within one year at the moment the employee apply for the loan.

  4. Both husband and wife of the couple should apply to HAF center for hedging repayment as applicants when they apply for loans if both of them have housing accumulation fund loan.

  Chapter III Hedging Repayment Methods

  Article 5 Hedging Repayment is carried out by the method of monthly repayment,   and HAF center withdraw the corresponding amount of housing accumulation fund from applicants’ accounts monthly as the payment of that month.

  Article 6 Hedging Repayment will be suspended when the balance in housing accumulation fund accounts of applicants is less than monthly repayment for four months. Applicants should pay timely and close attention to their status of balance accounts and mortgage payment in housing accumulation fund accounts. If the balance of housing accumulation fund is not enough, they should replenish the bank accounts until the balance of housing accumulation fund accounts is over monthly repayment for four months and the hedging repayment return to normal.

  Chapter IV Application and Termination of Hedging Repayment

  Article 7 If employees who firstly handle housing accumulation fund loan meet the conditions, they can apply for hedging repayment during loan origination. Applicants who have had loans can apply for hedging repayment form the sixth to fifteenth of every month. They should go to HAF center with loan contract, identity card and marriage certificate, etc. and complete "Personal Housing Accumulation Fund Hedging Repayment Application Form" and sign "Hedging Repayment Agreement"

  Article 8 Employees whose repayments are withheld by their work unit from their salary can`t apply for hedging repayment, but can apply for annual withdrawal business according to rules.

  Article 9 Hedging repayment procedure will be started on its own in the month following the month when applicants sign "Hedging Repayment Agreement" with HAF center. If the following situations arise, HAF center will automatically terminate hedging repayment:

  1. The principal and interest of housing accumulation fund loan have been paid off.

  2. Applicants apply for termination.

  3. Applicants have late payment after applying for hedging repayment.

  4. Employees move out of the former work unit after they apply for loans and the unit which they move in is not at the same place to deposit housing accumulation fund with the former work unit.

  5. Other situations that HAF center find it is not suitable to continue to apply to hedging repayment.

  Chapter V Bylaws

  Article 10 Withdrawal and repayment business conducted by HAF center previously isn’t carried out in principle.

  Article 11 HAF center is responsible for the interpretation of this rule.