Notice about relevant policies on adjustment of Hengyang housing accumulation fund loan

  (Promulgated by decree No.2 of Hengyang Housing Accumulation Fund Management Committee on May18, 2010)

  To People’s Governments of county, city, or district level, departments under the city’s direct leadership and country units under province :

  Having approved by the Fifth meeting of the Second Housing Accumulation Fund Management Committee, the relevant policies on housing accumulation fund loan of our city have been adjusted as follows according to the practical situation of our city in order to serve better board workers who have deposited housing accumulation fund:

  1. The maximum loan amount of housing accumulation fund of our city in 2011 is set for 0.4 million Yuan and loan period of changed to 30 years. Based on the actual situation of employees and units. Hengyang Housing Accumulation Fund Management Center can extend the maximum period for loans to 5 years after the legal retirement age under controlled risks and complete applications.

  2. Housing fund mortgage loans was carried out according to Rules on Hengyang Housing Accumulation Fund Mortgage Loan.

  3. Hedging repayment was carried out according to Rules on Hengyang Housing Accumulation Fund Hedging Repayment.

  4. For employees who have already had loans will be allowed to withdraw the loan principal with the housing accumulation fund of himself or herself, his or her spouse or his or her direct relatives with a month normal repayment when the balance of housing accumulation fund of himself or herself, his or her spouse or his or her direct relatives is over 20 thousand. But the housing accumulation fund of himself or herself and his or her spouse cannot be less than monthly repayment of 3 months after they withdraw hedging loan principal.

  5. For employees who firstly purchase owner-occupied home, their first payment ratio can be reduced to a minimum of 20%, and accordingly the loan-to-value ratio also cannot exceed 80% when they mortgage their own homes.

  6. Returning housing accumulation fund loan in advance is allowed. After a year of normal repayment, employees can withdraw the housing accumulation fund of himself or herself, his or her spouse as a one-time settlement of the principal and interest.

  7. Where the previously issued are inconsistent with the notice, this notice shall prevail.

  Please refer to Rules on Hengyang Housing Accumulation Fund Mortgage Loan and Rules on Hengyang Housing Accumulation Fund Hedging Repayment for details.