Can Indian Workers Use Their PF for Housing? Understanding the New EPF Amendments

Government of India Gazette Notification on EPF Scheme Amendments

Government of India, vide gazette notification dated 12th April 2017, has made amendments to the Employees' Provident Funds Scheme. A member may withdraw or finance from the amount standing to his credit in the Fund for the purchase of a dwelling house or a flat or the construction of a dwelling house. The amount of the withdrawal should not exceed ninety percent of the contribution and interest accumulated in his share. The withdrawal can only be made once and is restricted to members who have had membership of the Fund for at least three years.

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Dear Friend,

I want to withdraw 90% of my PF contribution as per the new rule of 2017 for a down payment to the builder for flat booking, which is currently under construction.

I have reviewed the current composite withdrawal form, which states "for the purchase of site/flat indicate cheque to be drawn in favor of and payee's address." In this case, do I need to mention the builder's name and address, or should I mention my own name and address for the PF withdrawal in favor?