Saswatabanerjee
Partner - Risk Management
Abbasiti
Assistant Engineer, Indian Telephone Industries,
+1 Other

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Hi,
I have taken a personal loan to purchase a Plot 2 years back. Can I apply for EPF Withdrawal now for the prupose of PLOT PURCHASE and close the personal loan taken for that purpose? Any guidance in this topic is appreciated.
Regards,
Rajesh

From India, Bengaluru
Dear Mr. Rajesh,

There are provisions to withdraw fully or partially, subject to the following conditions; provided a minimum employee contribution (with interest) of Rs. 1000 is lying with PF.

1. 68(B) -Towards house consruction/purchace/ plot purchase etc. Minimum service required - 5 years. Amount admiissible - 100% of both employee & employer contribution.

2. 68(H) - Towards 2 months or more lock out (due to other than strike). No minimum service. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.

3. 68(J) - Towards one month hospitalisation, major surgical operation, diseases like leprosy, TB, cancer, mental retardation etc. No minimum service, but for out of ESI coverage members. Amount admissible - 6 times of basic+DA or employee contribution, whichever is less.

4. 68(K) - a) Towards post metric education of children.

b) Towards own/brothers'/sister's/children's marriage. Maximum three times in service. Minimum service required - 7 years. Amount admissible - 50% of employee contribution.

5. 68(N) - Applicable for physically handicapped towards purchase of equipment to reduce handicapness.Amount admissible - 6 times of basic+DA or employee contribution or cost of the equipment, whichever is less.

6. 68(NN) - After attaining an age of 54 years and before one year from the date of superannuation, whichever is later. Amount admiissible - 90% of both employee & employer contribution.

Abbas.P.S

From India, Bangalore
Abbas,
You have not aswered his question
(I also want to know)
He has already purchased the plot.
He tool a bank loan.
How can he (legally without falsifying records) take loan from PF account to pay back the loan ? Or is it necessary that the advance from PF must be taken before buying

From India, Mumbai
Hi, you can apply for partial withdrawal from P.F. account for property purchase which you dont have to return but make sure you are a member of P.F for atleast 5 years as such withdrawal is permissible after 5 years of continuous membership of P.F.
From India, Gurgaon
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