Dear All, I wish to apply for a non-refundable loan from PF for purchasing a flat. I have worked with three companies; one company maintains an account with EPF, and all the others are trusts. I joined the first company in 2007. I used to transfer my funds from one company to another when I moved. I didn't close my PF account. There will be a break in service of 7 to 8 days if I move from one firm to another. Am I eligible to take a home loan? I am seeking your valuable advice.
Regards, Ajit
From India, Madras
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Regards, Ajit
From India, Madras
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PF Loan Eligibility and Conditions
PF loan is applicable under 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 reasons other than a 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, 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 handicapness. Amount admissible - 6 times of basic + DA or employee contribution or the cost of the equipment, whichever is less.
6. **68(NN)** - After attaining the 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
[Phone Number Removed For Privacy Reasons]
From India, Bangalore
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530PF loan is applicable under 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 reasons other than a 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, 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 handicapness. Amount admissible - 6 times of basic + DA or employee contribution or the cost of the equipment, whichever is less.
6. **68(NN)** - After attaining the 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
[Phone Number Removed For Privacy Reasons]
From India, Bangalore
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Provident Fund - Excluded Employee - Definition.pdf