Hi All, Understand that I can withdraw upto 24 months basic towards purchase of properties, can anyone please help me to understand below; currently I have 8 plus years' service, now how does the 24 months basic wage is calculated. Is it 24 times of basic at the time applying for the withdrawal or 24 times of initial basic or 24 times average basic for the entire service period?
From India, Trivandrum
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From India, Trivandrum
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PF Withdrawal Reason and Limits
For buying a plot: 24 months’ basic salary and DA
For constructing a house: 36 months’ basic salary and DA
For buying a ready-to-move house: 36 months’ basic salary and DA
For home improvement/renovation: 12 months’ basic salary and DA
For repayment of housing loan: 36 months’ basic salary and DA
An employee who has completed at least five years of contribution to their provident fund account can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you, your spouse, or jointly by both. The eligible amount of withdrawal would depend on the purpose for which you are withdrawing the money. For purchasing a plot, the amount available for withdrawal shall be restricted to 24 months’ basic salary and dearness allowance (DA). The amount of withdrawal, however, shall in no circumstances exceed the cost of the plot.
Hope this clarifies.
From India, Pune
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3180For buying a plot: 24 months’ basic salary and DA
For constructing a house: 36 months’ basic salary and DA
For buying a ready-to-move house: 36 months’ basic salary and DA
For home improvement/renovation: 12 months’ basic salary and DA
For repayment of housing loan: 36 months’ basic salary and DA
An employee who has completed at least five years of contribution to their provident fund account can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you, your spouse, or jointly by both. The eligible amount of withdrawal would depend on the purpose for which you are withdrawing the money. For purchasing a plot, the amount available for withdrawal shall be restricted to 24 months’ basic salary and dearness allowance (DA). The amount of withdrawal, however, shall in no circumstances exceed the cost of the plot.
Hope this clarifies.
From India, Pune
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Thank you for your reply, @Nathrao. Could you kindly clarify? For example, I receive 36 times the wages as eligibility for PF withdrawal. So, if I receive 36*52000= 18 Lakhs or above. However, in the early stages of my career, my basic was very low. But now, after completing over 8 years in corporate service, things are different. Could you explain how the basic wage is calculated? What is the exact calculation process? Please kindly clarify.
From India, Trivandrum
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From India, Trivandrum
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As per epfo scheme, para 68 b,
The various loan criteria for house purchae loans etc
Is
For purchase of
site: 24 month's
basic wages and
DA/for purchase of
house/flat/construc
tion: 36 month's
basic wages and DA
OR
Total of employee
and employer share
with interest
OR
Total cost.
Whichever is least
The amounts at actual in accumulation is to be considered.
From India, Vadodara
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The various loan criteria for house purchae loans etc
Is
For purchase of
site: 24 month's
basic wages and
DA/for purchase of
house/flat/construc
tion: 36 month's
basic wages and DA
OR
Total of employee
and employer share
with interest
OR
Total cost.
Whichever is least
The amounts at actual in accumulation is to be considered.
From India, Vadodara
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PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Guide Lines for PF Withdrawal.doc