Can I Really Use My EPF to Get a Home Loan 36 Times My Salary? Seeking Advice!

Hi all, Recently, I read on a website that we can take a loan up to 36 times our monthly salary for the purpose of buying a home.

Profile Overview

My profile is as follows: I worked with an MNC for 8 years and then switched to another MNC where I transferred my PF. I have been with the new company for about 3 months now. I am planning to buy an apartment and exploring different loan options.

Loan Scheme Inquiry

My question is: Is there such a scheme available? Would I be able to withdraw up to 36 times my monthly salary now? If so, how does it work? Would I have to pay EMIs, or would they simply deduct that amount when I retire? Any help on this matter would be greatly appreciated.

The link to where I read this information is: http://www.bankbazaar.com/guide/when...your-epf/36952

Thanks,

Gary

Provisions for PF Withdrawal

Regarding PF, 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 construction/purchase/plot purchase, etc. Minimum service required - 5 years. Amount admissible - 100% of both employee & employer contribution.

2. **68(H)** - Towards 2 months or more lockout (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 hospitalization, major surgical operation, diseases like leprosy, TB, cancer, mental retardation, etc. No minimum service required, 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/brother's/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 individuals towards the purchase of equipment to reduce handicap. 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 admissible - 90% of both employee & employer contribution.

Regards,
Abbas.P.S, ITI Ltd, PALAKKAD - 678 623