On October 15, the Beijing Housing Provident Fund Management Center (referred to as the “Housing Fund Center”) announced a new initiative aimed at enhancing the efficiency and quality of personal housing loan services backed by the housing provident fund. This announcement, detailed in a notice titled “Notice on Implementing Pilot Work to Improve the Quality and Efficiency of Housing Provident Fund Personal Housing Loan Services,” outlines a series of measures designed to elevate the service experience for borrowers.
**Introducing Three Convenient Service Models**
The notice introduces three new service models aimed at increasing accessibility for housing loans:
1. **Same-Day Processing at Service Centers**: Borrowers can apply for provident fund loans at designated service counters. If they meet the loan application criteria—such as having a property evaluation completed for second-hand homes or verification that a new property has reached the appropriate construction stage— staff can complete the initial and final review, as well as conduct a face-to-face signing, all on the same day.
2. **Online Application with Home Signing**: Borrowers can apply for loans online, with partnering commercial banks providing on-site signing services under the guidance of the Housing Fund Center. This eliminates the need for borrowers to visit a counter.
3. **Authorized Agency Services**: Bank personnel, upon obtaining a borrower’s authorization, can submit loan applications on their behalf at the Housing Fund Center’s counters, allowing borrowers to avoid unnecessary travel.
**Enhancing Borrower Experience**
The Housing Fund Center is focused on improving service delivery through innovative models, streamlined processes, and efficient online communication:
– **Experience Upgrade 1: Simplified Application Procedures**: Borrowers can now use a commercial loan application form to submit their information. Second-hand home evaluations will be conducted in advance, with results transferred electronically, allowing eligible applicants a “zero-materials” application process.
– **Experience Upgrade 2: Reduced Wait Times**: If applicants meet the necessary criteria at the counter—such as having an evaluation completed—they can sign loan agreements the same day, significantly speeding up the process from application to contract signing.
– **Experience Upgrade 3: Fewer Trips Required**: The variety of service models means that borrowers are no longer limited to visiting a counter once. Depending on their situation, borrowers can either conduct their transactions in-person on the same day or access services remotely, without needing to travel.
– **Experience Upgrade 4: Streamlined Mortgage Processes**: After property transactions are completed, borrowers can use a WeChat mini-program to upload property ownership certificates, allowing them to manage documents without leaving their home.
**Same-Day Service Possible**
According to a spokesperson from the Housing Fund Center, preliminary trials at select loan sites and banks have shown a marked increase in efficiency and convenience. The same-day service for second-hand home loans has been particularly well-received, completing all necessary steps—evaluation, reviews, and face-to-face signing—within one day.
For first-hand combined loans where banks conduct face-to-face signings at the borrower’s location, the process can be wrapped up within three working days. The new service model also facilitates in-home signing for instances where meeting in person poses challenges, ensuring high satisfaction among buyers and sellers alike.
Currently, eleven commercial banks are collaborating with the Housing Fund Center to offer these services, with the initial banks involved being Bank of Communications, China Merchants Bank, Beijing Bank, Industrial and Commercial Bank of China, and China Construction Bank. The Housing Fund Center plans to continue working with additional banks to refine and implement these services further.