Shanghai issued the policy of ＂housing provident fund supporting urban renewal＂

　　CCTV News:According to the Shanghai Municipal Commission of Housing and Urban-Rural Development, in order to support the deepening of urban organic renewal and further give play to the institutional role of housing provident fund in improving residents’ living quality and people’s living conditions, the 69th plenary session of the Municipal Commission of Housing and Urban-Rural Development deliberated and adopted the Notice on Adjusting the Maximum Loan Term of Housing Provident Fund to Purchase Existing Housing in this Municipality and the Notice on Relevant Policies of Housing Provident Fund in this Municipality in Supporting Urban Renewal.

　　The Notice on Adjusting the Longest Loan Term of Housing Provident Fund to Purchase Stock Housing in this Municipality clearly stipulates that the longest loan term of housing provident fund for borrowers to purchase stock housing of 6 (inclusive) to 35 years old shall be adjusted. Among them, if the housing age of the purchased stock is between 6 (inclusive) and 20 years, the maximum loan period of the housing provident fund will be adjusted from the original calculation rule of not exceeding "35 minus the housing age" to not exceeding 30 years; If the housing age of the purchased stock is between 20 and 35 years, the maximum loan period of the housing provident fund will be adjusted from 15 years to 50 years.

　　The Notice on Relevant Policies of Housing Provident Fund Support for Urban Renewal in this Municipality clearly states that the implementation of housing provident fund support policies for old housing renovation projects included in the scope of urban renewal in this Municipality mainly includes three aspects:First, support the purchase of housing provident fund after renovation.Owners (property owners or public housing tenants, the same below) can withdraw the housing provident fund to pay the actual purchase price after purchasing the houses (including the increased area) with the transaction conditions after transformation.The second is to support the withdrawal of rental provident fund during the project construction period.If the owner rents a house for transitional resettlement during the construction period of the project, he can withdraw the housing provident fund to pay the rent borne by the individual after deducting the subsidy for transitional expenses.The third is to expand the scope of extracting applicants.The range of applicants is the owner himself, his spouse, parents and children. If the applicant is the borrower, the borrower’s spouse or co-borrower of this Municipality’s housing provident fund loan, it shall meet the conditions that the current loan is not overdue.

　　This policy adjustment has been officially implemented since October 7, 2023.