I want to withdraw a partial PF amount for the purchase of a flat in Bangalore. If I can get a partial withdrawal, it will be helpful. Do I need to talk to my HR Manager for this?
Questions Regarding Partial PF Withdrawal
a) Is it possible?
b) How to get a partial amount, say up to 1 lakh?
c) Detailed procedure
Regards.
From India, Bangalore
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Questions Regarding Partial PF Withdrawal
a) Is it possible?
b) How to get a partial amount, say up to 1 lakh?
c) Detailed procedure
Regards.
From India, Bangalore
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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
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653From India, Bangalore
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If you have completed five years of service and have not less than Rs. 20,000/- as your share of contribution in the P.F. account, you can apply in Form 16, and the P.F. Department will sanction a loan to the extent not exceeding your share of contribution standing to the credit in the P.F. A/C.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Isn’t is FORM 31 for advance/withdrawl from PF pls correct me if m wrong. regards, sanjeev
From India, New Delhi
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From India, New Delhi
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Clarification on EPF Withdrawal Forms
Form 31 is for the withdrawal of funds to repay loans obtained from financial institutions, including for the purchase or construction of a house, as per Para 68BB of the EPF Scheme. Form 16 is used for withdrawing P.F. for purchasing or constructing a house, as per Para 68B of the EPF Scheme 1952. Kindly confirm.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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Form 31 is for the withdrawal of funds to repay loans obtained from financial institutions, including for the purchase or construction of a house, as per Para 68BB of the EPF Scheme. Form 16 is used for withdrawing P.F. for purchasing or constructing a house, as per Para 68B of the EPF Scheme 1952. Kindly confirm.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai
From India, Mumbai
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I think Mr. Sajeev is right, as we also use Form 31 for whichever loan is being applied for from the PF authorities, and no objection has been received from the PF authorities so far. If Form 16 is for the withdrawal of PF for purchasing or constructing a house, then I think Form 31 also needs to be enclosed with it. Please clarify if I am wrong.
Thanks.
From India, New Delhi
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Thanks.
From India, New Delhi
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I Beleive that currently seven years continuous service is required for applying to loan / advance against PF. Regards
From India, Mumbai
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From India, Mumbai
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Form 31 for Advances/Withdrawals
Form 31 is the common form for all types of advances/withdrawals for specified purposes from the fund (other than final settlement). Under Para 68B of the EPF Scheme, you can avail of an advance/withdrawal for the purpose of purchasing a flat. You must, however, fulfill the following conditions:
1. Membership – 5 years.
2. Minimum balance in the employee's 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 of Basic wages + DA, or
2. Amount available in the Provident Fund account (both shares), or
3. Cost of house/construction –
Whichever is the least.
Documents required are:
- Declaration signed by the member and employer along with Form 31.
From India, Madras
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Form 31 is the common form for all types of advances/withdrawals for specified purposes from the fund (other than final settlement). Under Para 68B of the EPF Scheme, you can avail of an advance/withdrawal for the purpose of purchasing a flat. You must, however, fulfill the following conditions:
1. Membership – 5 years.
2. Minimum balance in the employee's 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 of Basic wages + DA, or
2. Amount available in the Provident Fund account (both shares), or
3. Cost of house/construction –
Whichever is the least.
Documents required are:
- Declaration signed by the member and employer along with Form 31.
From India, Madras
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You can withdraw a partial amount from the PF by applying for a PF Loan in Form-31 for the purpose of purchasing a flat. The requirements to obtain the loan should be fulfilled. Please obtain Form-31 from the P.F. Office and carefully review the instructions provided in the form before taking action accordingly. You can expect to receive the amount within one month.
Regards,
D. Gurumurthy
LL, HR & IR Consultant
Hyderabad.
From India, Hyderabad
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Regards,
D. Gurumurthy
LL, HR & IR Consultant
Hyderabad.
From India, Hyderabad
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As per EPFO Section 68B, a member can get an advance from the fund for house or flat purchasing. The member is going to purchase a flat in his spouse's name. We applied Form 31 as per the procedure. However, a PF official mentioned that the property should be in the member's name or jointly with the spouse or others. I have gone through the website, but I didn't find any clarification. Can you please clarify what exactly the rule states?
Regards,
P. Packiaraj
From India, Bangalore
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Regards,
P. Packiaraj
From India, Bangalore
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Provident Fund - Excluded Employee - Definition.pdf