Withdrawal Facility from PF Account
The withdrawal facility from the PF account will be available only to those PF members who fulfill the prescribed conditions.
EPFO Subscribers and Home Purchases
Over four crore subscribers of the retirement fund body EPFO can now make a down payment and pay EMIs from their EPF accounts to buy homes. Subscribers of the Employees' Provident Fund Organisation (EPFO) will be able to withdraw up to 90 percent of their accumulations in their PF account for the purchase of homes.
Amendment to the EPF Scheme
The EPFO has amended the scheme by inserting a new paragraph - 68 BD - to the Employees' Provident Funds (EPF) Scheme, 1952, to enable a subscriber to make a down payment to buy homes and pay EMIs through the EPF account, a senior official said. The official stated, "Since the labor ministry has issued a notification for the purpose, the scheme stands amended." Under the new provision, an EPF subscriber being a member of a cooperative or housing society with at least 10 members can withdraw up to 90 percent from the fund for the purchase of a dwelling house or flat or construction of a dwelling house and acquisition of a site.
Payment of Monthly Installments
It also provides that monthly installments for repayments of any outstanding payment or interest may also be paid from the amount to the government, housing agency, primary lending agency, and banks concerned.
Eligibility Criteria for Withdrawal
However, the withdrawal facility from the PF account will be available only to those PF members who fulfill the conditions prescribed. Firstly, the member applying under this window should have contributed to the fund for at least three years. The facility will be available only once to every member during his or her lifetime. The rule applies to all those who, together with their subscriber spouse, have at least Rs. 20,000 in their accounts.
From India, Suri
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9The withdrawal facility from the PF account will be available only to those PF members who fulfill the prescribed conditions.
EPFO Subscribers and Home Purchases
Over four crore subscribers of the retirement fund body EPFO can now make a down payment and pay EMIs from their EPF accounts to buy homes. Subscribers of the Employees' Provident Fund Organisation (EPFO) will be able to withdraw up to 90 percent of their accumulations in their PF account for the purchase of homes.
Amendment to the EPF Scheme
The EPFO has amended the scheme by inserting a new paragraph - 68 BD - to the Employees' Provident Funds (EPF) Scheme, 1952, to enable a subscriber to make a down payment to buy homes and pay EMIs through the EPF account, a senior official said. The official stated, "Since the labor ministry has issued a notification for the purpose, the scheme stands amended." Under the new provision, an EPF subscriber being a member of a cooperative or housing society with at least 10 members can withdraw up to 90 percent from the fund for the purchase of a dwelling house or flat or construction of a dwelling house and acquisition of a site.
Payment of Monthly Installments
It also provides that monthly installments for repayments of any outstanding payment or interest may also be paid from the amount to the government, housing agency, primary lending agency, and banks concerned.
Eligibility Criteria for Withdrawal
However, the withdrawal facility from the PF account will be available only to those PF members who fulfill the conditions prescribed. Firstly, the member applying under this window should have contributed to the fund for at least three years. The facility will be available only once to every member during his or her lifetime. The rule applies to all those who, together with their subscriber spouse, have at least Rs. 20,000 in their accounts.
From India, Suri
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Dear Friend,
I want to withdraw 90% of my PF contribution as per the new rule in 2017 for a down payment to the builder for flat booking, which is under construction. I checked the current composite withdrawal form, in which it is mentioned: "for the purchase of site/flat indicate cheque to be drawn in favor of and payee's address." In this case, do I have to mention the builder's name and address, or do I need to mention my name and address to withdraw PF in favor?
From India, Madras
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I want to withdraw 90% of my PF contribution as per the new rule in 2017 for a down payment to the builder for flat booking, which is under construction. I checked the current composite withdrawal form, in which it is mentioned: "for the purchase of site/flat indicate cheque to be drawn in favor of and payee's address." In this case, do I have to mention the builder's name and address, or do I need to mention my name and address to withdraw PF in favor?
From India, Madras
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PF WITHDRAWAL RULES.zip
EPF-Circular-da ted-23-May-2011 -Splitting-of-M inimum-Wages-fo r-the-Purpose-o f-PF-Contributi on-Not.pdf