BEIJING -- Outstanding loans from a housing provident fund to home buyers stood at 2.43 trillion yuan ($394.5 billion) as of the end of August, the Ministry of Housing and Urban-Rural Development said on Tuesday.

The housing provident fund is a long-term deposit exclusively for home purchase, renovation and rent payment. Both employees and employers are required to pay into the fund, which is owned by employees and managed under a special account.

The ministry said 107 million people paid into the fund as of the end of August. Its total amount reached 7.03 trillion yuan.

Employees can withdraw the money they save in the fund. They can also apply for a loan for purchase of a first or second home after paying into the fund for six consecutive months.

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