Procedure For Applying Loan Against My PF? - CiteHR
Hiten Parekh
Hr - Pharmaceutical Industry
Mail2vksharma
Manager - Hr
Rajesh Borade
Hr & Admin
+3 Others

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Hi Can anyone please let me know the procedure for applying loan against my PF as I am getting married by end of Jan’10. Regards Vikram.B
You ahve to complete 7 yrs of continous service
You have to fill-up Form No. 31 with wedding card as proof of marraige.
If you have completed 7 yrs then you can get 60% fund from your Total PFcontribution.
Regards,
Rajesh Borade.
9765559109

There are provisions for taking 'Advance' from PF accumulation while in service. Details mentioned below will help you. Your tenure and reason for which you need advance need to be looked into.

Regards,

Hiten

Advances from PF Account

The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment etc, subject to the prescribed conditions as mentioned here below. Note that the said advance is totally tax-free and interest-free.

Marriage

- only for self, son, daughter, brother & sister

- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)

- maximum of 3 times in the entire service

- maximum amount is 50% of employee’s share at the time of tendering application.

- the member should apply in Form 31 through employer

- marriage Invitation card should be submitted along with form as proof for marriage through employer.

Education

- only for self, son & daughter

- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)

- maximum of 3 times in the entire service

- maximum amount is 50% of employee share at the time of tendering application

- the member should apply in Form 31 through employer

- Bonafide certificate duly indicating the fees payable from the educational institution.

For Medical Treatment

- only for self, spouse, son, daughter, dependent father & mother

- applicable for major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment.

- For this purpose, no minimum service is required.

- The members should obtain certificate from ESI or from employer that E.S.I. facility are not available for the member.

- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.

- Incase of TB or leprosy etc, a specialist doctor should certify

- Maximum amount given is 6 times of wages or full employee share, whichever is less.

- A certified proof for the said decease has to be submitted along with the application in Form 31 through employer.

For Purchase of Site and Construction there on

- Should have completed 5 years of services

- members contribution with interest should not be less than 1,000

- Site should be free from encumbrances

- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse

- The maximum amount given is least of Basic+DA for 24 months or total contribution & Interest or total cost of site.

Purchase of Flat/House (from agency/promoter)

- Should have completed 5 years of services

- members contribution with interest should not be less than 1,000

- House/Flat should be free from encumbrances

- Flat/house should be in the name of the member or spouse of the member or in the joint names of member & spouse.

- The Agreement with the Flat promoter should be registered under the Indian Registration Act.

- The maximum amount given is least of Basic+DA for 36 months or total contribution & Interest or total cost of site.

Alteration / Modification of House

- Should have completed 5 years of services

- only after 5 years of completion of construction of dwelling house

- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.

Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.

- Should have completed 10 years of services

- Member contribution with interest should be more than 1,000

- The amount will be paid directly to the agency and not to the member

- The maximum amount paid is 36 Months Basic + Members accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.

please go through epfo in google.
Normally after ompletion of 5 years continous service of the same organiztion employee will eligible for epf loan then employee has to fillup form-31 (advance from the fund) that u wil get maximum 50% of ur total fund.

Hi, Thanx for the information. Looking forward for more stuff from you n all members here... Jayshree
Dear Vikram
Many many congradulations for ur forthcoming marriage. May god bless you with joy and happiness in your marriage.
For your PF loan, You have to complete 7 yrs of continous service. In case , you meet the eligiblity criteria, then You have to fill-up Form No. 31 with wedding card as proof of marraige.
Thanks and good luck
Neelima

If vikram fill up from no 31 & submitted marriage invitation then how many days he will get the money? With reg, Gaurang
Dear Gaurang, After submission of Form 31 with epf deptt, amount will be credited with 3-7 working days.
I have worked for 11months from a private company , now i asking you can i able to directly apply my pf or not please clear my doubt.
one of our employee has a married so after married he wanted to get a PF loan hence whether he can get same loan.
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