Hello,
I want to withdraw partial PF amount for purchase of flat in Bangalore.
If i can get partial withdraw it will be helpful.
Do I need to talk to my HR Manager for this .
a) Is it possible?
b) How to get parital amount say upto 1 lac
c) Detail procedure
From India, Bangalore
I want to withdraw partial PF amount for purchase of flat in Bangalore.
If i can get partial withdraw it will be helpful.
Do I need to talk to my HR Manager for this .
a) Is it possible?
b) How to get parital amount say upto 1 lac
c) Detail procedure
From India, Bangalore
Hi Mahesh To buy flat you can take PF loan. But you can’t withdraw part payment. You better discuss with your HR
From India, Bangalore
633From India, Bangalore
Dear mahesh
If you have completed five years of service and has not less than Rs.20000/- as your share of contribution in the P.F account, you can apply in Form 16 aand teh P.F Dept will sanction loan to the xtent not exceeding your share of contribution standing to the credit in the P.F A/C.
B.Saikumar
HR & Labour law advisor
Mumbai
From India, Mumbai
If you have completed five years of service and has not less than Rs.20000/- as your share of contribution in the P.F account, you can apply in Form 16 aand teh P.F Dept will sanction loan to the xtent not exceeding your share of contribution standing to the credit in the P.F A/C.
B.Saikumar
HR & Labour law advisor
Mumbai
From India, Mumbai
please go ahead with the advise of Mr. Mahesh. Congratulation for your would be new address. All the best.
From India, Surat
From India, Surat
Isn’t is FORM 31 for advance/withdrawl from PF pls correct me if m wrong. regards, sanjeev
From India, New Delhi
From India, New Delhi
Mr.Sanjeev
Form 31 appears to be for withdrawal of fund for repaying loans obtained from financial institutuions(even for purchase or construction of house) as per Para 68BB of the EPF Scheme and Form 16 for withdrawalof P.F for purchasing or constructiong a house as per Para 68 B of teh EPF Scheme 1952.Kindly confirm
B.Saikumar
HR& Labour Law advisor
Mumbai
From India, Mumbai
Form 31 appears to be for withdrawal of fund for repaying loans obtained from financial institutuions(even for purchase or construction of house) as per Para 68BB of the EPF Scheme and Form 16 for withdrawalof P.F for purchasing or constructiong a house as per Para 68 B of teh EPF Scheme 1952.Kindly confirm
B.Saikumar
HR& Labour Law advisor
Mumbai
From India, Mumbai
Hi Mr. B. Saikumar, I think Mr. Sajeev is right, as we also use form 31 for whatever the loan is applying from PF authorities and no objection has been received from PF authorities so far. If form 16 is for withdrawal of PF from purchasing or construction a house then i think 31 is also need to be enclosed with it..............pls clarify if i am wrong....Thanks....
From India, New Delhi
From India, New Delhi
I Beleive that currently seven years continuous service is required for applying to loan / advance against PF. Regards
From India, Mumbai
From India, Mumbai
Dear all, Pls ignore my comments if it seems to be incorrect, actually I am pursuing DLL to (completing in May12) thru Annamalai and looking to gain exposure from this forum. regards, sanjeev
From India, New Delhi
From India, New Delhi
Form 31 is the common form for all types of advances/withdrawal for specified purposes from the fund (other than final settlement). Under Para 68B of the EPF Scheme you can avail of advance/withdrawal for the purpose of purchase of flat. You must, however, fulfill the following conditions: 1. Membership – 5 years.
2. Minimum balance in Employees share Rs.1000
3. Property should be free from encumbrances
No second advance is allowed.
The amount of advance/withdrawal will be - 1. 36 months Basic wages + DA or
2. amount available in Provident Fund account (Both shares) or
3. Cost of house/construction –
Whichever is the least.
Documents required is:-
Declaration signed by the member and employer alongwith Form 31.
From India, Madras
2. Minimum balance in Employees share Rs.1000
3. Property should be free from encumbrances
No second advance is allowed.
The amount of advance/withdrawal will be - 1. 36 months Basic wages + DA or
2. amount available in Provident Fund account (Both shares) or
3. Cost of house/construction –
Whichever is the least.
Documents required is:-
Declaration signed by the member and employer alongwith Form 31.
From India, Madras
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